CoreWeave (CRWV) UBS’s 2025 Global Technology and AI Conference summary

Demand trends and drivers

• Revenue growth reached 134% last quarter, with a $55 billion backlog, indicating robust demand.

• Demand has experienced multiple step-ups this year, driven by both existing and new customers.

• Compute needs are rising due to scaling laws, more intensive training, and inference workloads, especially with new AI models.

• Frontier AI labs drive the most urgent demand, while enterprise adoption is still in early stages.

• Acquisition of Monolith aims to accelerate AI adoption in compute-intensive industries like industrials and autos.

Supply chain and infrastructure scaling

• Building gigawatt-scale AI campuses faces complex supply chain challenges, including labor and equipment shortages.

• Delays in project timelines have occurred, but most delayed capacity is expected to come online in Q1.

• Self-build projects and expanded data center teams are improving control and transparency over site development.

Market outlook and risk perspectives

• Current infrastructure build-out is not speculative; capacity is backed by long-term, take-or-pay contracts.

• Demand is seen as real and monetizable, with hyperscalers and AI labs struggling to keep up.

• Comparisons to the dot-com bubble are rejected, as current growth is driven by tangible customer commitments.