The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 34 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Leasing compute to Anthropic signals xAI surrender in foundation model race
“This is effectively giving up. It's saying, you know, it doesn't know how to effectively use this compute capacity to train models, or if it did, it wouldn't be worth the expense because it would still be behind OpenAI. And anthropic, and so therefore it's now…”
Luria: CoreWeave is the poster child for unhealthy AI debt financing
“CoreWeave, which is the poster child for the bad behavior that I'm talking about. We're talking about a startup that is borrowing money to build data centers for another startup. They're both losing tremendous amounts of cash, and yet they're somehow being abl…”
Luria: Three-year GPU depreciation would drastically cut Oracle and CoreWeave profits
“If you told Amazon and Microsoft, and certainly if you told companies like Oracle and CoreWeave, no, no, no, no. These chips will only generate meaningful revenue for three years. Their profitability would decline very dramatically. So again, from Microsoft, A…”
Goode: NVIDIA Invested in CoreWeave, Which Used the Capital to Buy Chips
“They have become a major investor in CoreWeave, and then CoreWeave is using that money to buy NVIDIA chips.”
Goode: CoreWeave uses Nvidia investment money to buy Nvidia chips
“They're at the point where they have become a major investor in CoreWeave, and then CoreWeave is using that money to buy NVIDIA chips.”
Kantrowitz: Neo-Cloud Providers Face Severe Risk Relying on OpenAI's Infrastructure Commitments
“The weakness in the whole story is your whole business is based off of OpenAI keeping this promise of building out the infrastructure. And last week in particular, when there was that Wall Street Journal report, which OpenAI pushed back on very strongly that l…”
Venturo: No difference between training and inference infrastructure for modern AI
“So there's really no difference between training infrastructure we deployed to build those capabilities and what our customers are ultimately using to serve them.”
Venturo: Construction labor, not power, is currently limiting AI data center builds
“And right now I don't think that power itself, meaning grid connections and the generation capacity is the limiting factor. Right now it's the construction and trades. So it's human labor and supply chain that are the limiting factor is that you went from a ma…”
Intrator: NVIDIA invested $350M across two rounds while CoreWeave raised $25B
“NVIDIA has made two investments in CoreWeave. They made an investment of a hundred million dollars. And then they made an investment of and that was early, that was in the B round, I believe. .
Brian Venturo: At a two billion dollar valuation.
Michael Intrator…”
Intrator: CoreWeave's deployed GPU fleet exceeds all other neoclouds combined
“If you took all of the other neoclouds and added their GPU fleets up, we would still be a multiple of all of them combined in terms of the number of GPUs that are up and running and delivered to clients.”
Venturo: CoreWeave re-contracted 5-year-old NVIDIA A100s at 95% of original pricing
“In addition to the H 100, which came out in 2023, right, we signed a term contract for the A 100, like within like the 95% of an original price range for on, like on term last week or two weeks ago. Like, that's crazy. Those GPUs are already five years old and…”
Intrator: CoreWeave signed a $14 billion contract with Meta
“Meta that we signed a fourteen billion dollar contract with”
Intrator: CoreWeave fully amortizes debt and profits within 5-year contracts
“Within the five years of the contracted period with Microsoft, we pay for the infrastructure, we pay for the OPEX, we pay for the interest, and we earn an enormous margin on the infrastructure.”
Venturo: CoreWeave owns the largest dataset on AI infrastructure failures
“We have the world's largest data set of how these things run, how they fail, and we've built all the recovery mechanisms and the software intelligence to help our customers run these things.”
Luria: OpenAI promised $1.4 trillion across Oracle, Microsoft, Amazon, CoreWeave
“OpenAI promised me three hundred billion. They also promised Microsoft two hundred billion, Amazon thirty eight billion, CoreWeave twenty five billion. In total, 1.4 trillion dollars.”
OpenAI's contractual payments to CoreWeave escalate in October 2025
“OpenAI starts paying Corweave in October, twenty-twenty-five, just as Corweave's second loan, DDT-L-II, starts requiring them to pay probably more than OpenAI will be paying them.”
Kantrowitz: The unquestioned money spigot and investor euphoria for AI is over
“But talking on timing, I do think what this is also showing is that the euphoria and the unquestioned money spigot for AI is over.”
Intrator: No single customer accounts for over 30% of CoreWeave backlog
“There's no customer that represents more than 30% of our backlog, and so we've done an incredible job.”
Venturo: CoreWeave GPUs deployed in 2019 remain running with active customers
“The idea that these things burn out in two or three years, like, it's kind of bunk, right? And from a physical perspective, Right. Within three years, these things are all still under warranty. So if they break, they get replaced. Right. But from a, like, this…”
Venturo: Liquid cooling differentiation is in software control, not physical plumbing
“Everybody believes that this, that there's some differentiation in the plumbing of the liquid cooled data center, right? That's not where the differentiation lies. It's all the same pipe and valves and fittings. Like everyone's using the same things there. The…”
Intrator: CoreWeave borrowing spread dropped from SOFR+1350 to SOFR+400
“No, it was SOFR plus 13 50 down to SOFR plus 400, right?”
Intrator: CoreWeave secures 85% of infrastructure exposure with long-term contracts
“What we are doing Is we are making the majority of our investments by taking Long-term contracts from credit-worthy entities using those contracts as a way of raising money to build the infrastructure where the demand and the credit and the capital has already…”
Intrator: CoreWeave is worth $40 billion
“From the perspective of, you know, the company is worth forty billion dollars.”
Venturo: CoreWeave compute demand has shifted to roughly 50-50 training and inference
“Six months ago, I would have said it was two-thirds training and one-third inference. It's probably close to fifty-fifty now.”
Kantrowitz: CoreWeave Is in Better Shape Than Critics Claim
“My hot take on them, it's in better shape than the haters say.”
Google is quietly routing OpenAI's cloud compute contracts through CoreWeave
“OpenAI is contracting Google for Cloud Compute. Google is contracting CoreWeave to serve that compute.”
Kantrowitz: CoreWeave was renting Nvidia H100s at higher rates
“So I was speaking with CoreWeave at the end of the year last year, beginning of the year this year, you know, around New Year time and they said they were actually renting out H-one hundreds for higher prices than they had previously.”
Albergati: Generic Data Center Hosting Is Not a Viable Long-Term Business
“You know, just having a data center and being a dumb, you know, essentially, like, rack provider is not actually, like, a great long-term business. It's pretty good now, but that's why, like, these companies, like CoreWeave, they want to offer services on top …”
Intrator: Google is building $50B in infrastructure while buying external capacity
“Google went out and just You know, released a press release where they're building fifty billion dollars worth of infrastructure while they're still buying from everyone else they can. Microsoft is building internally, and they're buying from lots of other pla…”
Intrator: Power availability will become an issue for AI in three years
“In three years, power is going to be an issue.”
CoreWeave will raise another $10 billion in stock sales, Zitron predicts
“CoreWeave will probably raise another ten billion dollars by selling another share sale.”
Kantrowitz: CoreWeave grew 2024 revenue 700 percent despite 863 million loss
“Its revenue soared more than 700 last year to almost two billion, but the company recorded a net loss of eight hundred and sixty three million.”