CoreWeave CEO defends capex plans, says company is meeting 'demand signals' from major hyperscalers

Michael Intrator, founder and CEO of CoreWeave Inc., Nvidia-backed cloud services provider, attends his company's IPO at the Nasdaq Market in New York City on March 28, 2025. CoreWeave shares jumped more than 5% Thursday as the renter of artificial intelligence servers posted strong revenues and CEO Michael Intrator reinforced the company's plans to spend on growth. In its first earnings report since its market debut in March, CoreWeave said it expects capex of $20 billion to $23 billion for the year, topping a $4.61 billion estimate for the year from analysts surveyed by LSEG. The range included the impact of a recent OpenAI deal and other factors. Intrator further explained the heightened capital expenditures during an interview with CNBC's "Squawk on the Street" on Thursday, saying that the company is meeting "demand signals" from critical clients asking for infrastructure quicker. "The increase in the capex budget is driven by success within the company," he said. Shares of C ... Read full article.