Bernstein identifies CoreWeave as the company most exposed to a potential slowdown in AI model development. This warning follows calls from executives at firms like Anthropic for a more deliberate pace in AI advancement, sparking broader investor concern.
The analysis highlights CoreWeave's strategic focus on rural data centers built for high-powered, latency-insensitive AI training. Bernstein estimates a significant portion of CoreWeave's existing and contracted power capacity sits in these remote markets.
While take-or-pay contracts provide some protection, a slowdown threatens demand for future, yet-to-be-sold capacity.