CoreWeave struggling to keep up with demand for Nvidia chips, CEO says

CoreWeave CEO Michael Intrator stated at the Goldman Sachs Communacopia & Tech Conference that the specialized cloud infrastructure provider is continuously struggling to satisfy overwhelming customer demand for Nvidia GPUs. Nvidia, which holds an 11.5% equity stake in CoreWeave and supplies 100% of the advanced chips powering its AI data centers, serves as a primary financial guarantor and supplier for the expanding neocloud platform. The sustained demand aligns with Nvidia's long-term forecast projecting approximately 70% revenue growth for fiscal year 2028, a figure Nvidia management indicated would exceed 100% if not constrained by ongoing memory chip shortages. CoreWeave's financial performance reflects this tailwind, with second-quarter sales surging 112% year-over-year and adjusted operating profit doubling to $1.5 billion. Boosted by a $104 billion revenue backlog, CoreWeave raised its full-year 2026 revenue guidance to a range between $12.4 billion and $13.2 billion. Citi analysts reiterated positive sentiment, citing strengthening pricing power across product SKUs and expanding operating margins, reinforcing strong market confidence across the broader AI hardware and cloud ecosystem.