This interview with the CoreWeave CEO blew my mind

I’m just a silly financial advisor that doesn’t understand the techincal layers of AI, but I do know that outsized risk-adjusted investment returns are to be found in pockets where supply/demand dynamics are out of whack.

And this AI infrastructure buildout might be one of the most pronounced supply/demand imbalances of all time.

I get bits and pieces of it with conversations that I have with folks.

A recent one was with the largest data center developer in the world that said their pipeline doubled quarter-over-quarter. That kind of acceleration is hard to wrap your head around.

Meanwhile, I still hear people argue that AI is a bubble and that the space is overfunded.
There may very well be excess at the application layer.

But at the infrastructure layer: power, chips, data centers, and GPU financing
The story looks very different.

That’s the #1 thematic exposure we have in client portfolios today.

Here’s a snip from part of the interview:

“We are trying to build an infrastructure at a pace the world has never seen before and we are systemically pinned on demand.

I cannot deliver enough compute and it’s not just that I can’t, the neo clouds can’t, the hyperscalers can’t, the chip manufacturers can’t, nobody can get enough infrastructure delivered into the market.

In an environment like that, what you’re doing is, you’re working together to try and accelerate the business to deliver this infrastructure, this computing ultimately, that the world is desperate for.

You’re going to see it everywhere, you see it in power, you see it in chips, everyone is redlined trying to get enough of this infrastructure that the world wants to market so that they can build and develop and serve their clients.”