CoreWeave CEO Mike Intrator: AI will continue to pay dividends for the next 100 years
Speakers
Mike Intrator
— CEO, CoreWeave
Summary
CoreWeave CEO Mike Intrator joins Squawk Box to discuss AI and cloud computing demand. He argues AI infrastructure demand is sustained and not circular, expects AI to become embedded across the economy and pay dividends for decades, and says some AI startups will fail without derailing the broader market. He also defends CoreWeave's client diversification and depreciation assumptions against bearish concerns.
- Mike Intrator says AI infrastructure demand is sustained across enterprise, cloud, and retail clients.
- He expects AI to be embedded in everything and pay dividends for 100 years.
- He sees base-load AI infrastructure being built at an unprecedented pace.
- He acknowledges some AI companies will go bankrupt but says the market can absorb failures.
- He says technological step changes like DeepSeek are expected and not fatal to CoreWeave.
- He defends long-term customer contracts and GPU depreciation assumptions.
- He notes clients keep upgrading to newer NVIDIA GPUs like H100 and GB200.
Ideas
Sustained AI infrastructure demand drives long-term buildout
Intrator agrees the AI debate is violent change in violent demand and says it is not circular. He points to sustained demand across CoreWeave's commercial activity, the data center space, silicon providers, and the AI application layer from enterprise, cloud, and retail clients for infrastructure at a scale that does not exist. He expects AI to become embedded in everything and to pay dividends for the next 100 years, driving base-load infrastructure buildout at a pace previously not considered.
CoreWeave benefits from AI infrastructure demand
CoreWeave is positioned as a direct beneficiary of AI infrastructure demand because it serves the entire AI ecosystem, from Microsoft, Meta, and NVIDIA to AI labs and startups, and sells across startups, clouds, and enterprises. Intrator says this diversification lets CoreWeave manage client bankruptcy risk, while long-term contracts with creditworthy counterparties and 5-6 year customer commitments support its depreciation and obsolescence assumptions; technological step changes may change which GPUs clients buy but will not shake the business.
NVIDIA demand persists via continuous GPU upgrades
Intrator says CoreWeave's clients do not simply renew on existing technology; they come back to buy the newest cutting-edge GPUs, moving from NVIDIA's H100 to GB200s, and he expects that upgrade cycle to continue. That supports demand for NVIDIA's latest data-center chips even as older compute is repurposed.
