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CoreWeave Cuts Revenue Forecast After Data Center Delay, Shares Drop

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CoreWeave (CRWV.O), a cloud infrastructure company backed by Nvidia, trimmed its annual revenue forecast on Monday after delays at a third-party data center partner disrupted operations, overshadowing strong quarterly results driven by soaring demand for AI computing services.

Shares fell more than 6% in extended trading, after Chief Financial Officer Nitin Agrawal forecast 2025 revenue between $5.05 billion and $5.15 billion, down from a previous estimate of $5.15 billion to $5.35 billion. Analysts had expected around $5.29 billion, according to data from LSEG.

CoreWeave said the customer impacted by the delay agreed to extend the contract’s expiration date, ensuring the total deal value remains intact, though the company did not name the client.

Despite the setback, the company posted a strong September quarter, with revenue more than doubling to $1.36 billion, beating Wall Street expectations of $1.29 billion.

CoreWeave has emerged as a major infrastructure provider for AI-driven workloads, securing high-profile contracts such as a $14 billion deal with Meta Platforms and a $6.5 billion partnership with OpenAI, both of which rely on its vast GPU-powered cloud network.

Once focused on Ethereum mining, CoreWeave has successfully repurposed its powerful GPU infrastructure to fuel the global AI cloud boom. However, its rapid growth has also exposed challenges — including rising chip prices, competition for computing capacity, and high expansion costs.

The company now expects to more than double capital spending next year, investing between $12 billion and $14 billion to meet surging demand.

CoreWeave shares have more than doubled since going public earlier this year at $40 per share, giving the firm a market capitalization above $50 billion, though its operating margin slipped to 16% in Q3 from 21% a year earlier.

Intel CEO Lip-Bu Tan Takes Charge of AI Strategy After CTO Departs for OpenAI

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Intel announced that its CEO Lip-Bu Tan will directly oversee the company’s artificial intelligence strategy, following the departure of Chief Technology Officer Sachin Katti to OpenAI, the creator of ChatGPT.

Katti, who had led Intel’s AI division since a major management reshuffle in January, revealed on X (formerly Twitter) that he joined OpenAI, where he will focus on building the company’s compute infrastructure to support artificial general intelligence (AGI) research.

Intel confirmed the move in a statement, saying: “We thank Sachin for his contributions and wish him all the best. Lip-Bu will lead the AI and Advanced Technologies Groups, working closely with the team. AI remains one of Intel’s highest strategic priorities.”

The leadership change comes at a crucial time for Intel, which is working to reposition itself in the AI chip race dominated by Nvidia and TSMC. While Intel’s CPUs are still widely used in AI server systems, the company has struggled to deliver a competitive data center AI chip to match Nvidia’s specialized silicon.

Katti joined Intel four years ago, initially heading its networking group before being promoted by then-CEO Pat Gelsinger. Under Tan, who took over in March 2025, Katti became both Chief Technology Officer and Chief AI Officer in April, part of a broader restructuring to streamline decision-making.

Tan, a seasoned industry leader known for bold turnarounds, has been reshaping Intel’s leadership. He recently expanded Naga Chandrasekaran’s responsibilities to strengthen Intel’s foundry operations and hired Kevork Kechichian, formerly of Arm, to head its data center division.

Intel continues to emphasize AI as central to its recovery strategy amid fierce global competition.

SoftBank Profit More Than Doubles to $16.6 Billion on OpenAI Valuation Gains

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SoftBank Group reported a stunning surge in quarterly profits, more than doubling its net income to 2.5 trillion yen ($16.6 billion) in the July–September period, thanks largely to massive valuation gains from its stake in OpenAI, the creator of ChatGPT.

The figure far exceeded analyst expectations — three LSEG analysts had forecast an average profit of just 207 billion yen — and also dwarfed the 1.18 trillion yen profit recorded during the same period last year.

SoftBank’s Vision Fund unit, which manages the company’s global technology investments, posted a 3.5 trillion yen investment gain, with 2.16 trillion yen attributed directly to its OpenAI holdings.

The result comes amid a surge in AI-related stocks and infrastructure spending, pushing SoftBank’s shares to record highs. The company has emerged as one of the biggest beneficiaries of the AI investment boom, fueled by global demand for computing power and data centers.

In March, SoftBank led a $40 billion funding round valuing OpenAI at $300 billion. By October, it joined a group of investors purchasing $6.6 billion worth of OpenAI shares from employees at a $500 billion valuation, marking one of the largest private valuations in tech history.

Still, some investors are wary of an emerging “AI bubble”, questioning whether such vast capital inflows can sustain their expected returns.

SoftBank is also ramping up other AI and semiconductor bets. It recently sold 32.1 million shares of Nvidia for $5.83 billion, raised more than 620 billion yen in bonds across three currencies, and secured bridge loans totaling over $15 billion to fund its OpenAI and Ampere chip ventures.

Founder and CEO Masayoshi Son, known for high-stakes investments in transformative technologies, remains confident in AI’s potential despite a mixed record that includes triumphs like Alibaba and failures such as WeWork.