CoreWeave beats quarterly revenue estimates as AI cloud demand surges

Aug 11 : CoreWeave topped Wall Street estimates for quarterly revenue on Tuesday and posted a smaller-than-expected loss, driven by strong demand for its AI cloud computing services, sending its shares nearly 10 per cent higher in extended trading. So-called neoclouds such as CoreWeave and peer Nebius, which offer hardware and cloud capacity to other technology companies, have seen demand skyrocket as a result of relentless enterprise spending on AI. CoreWeave, whose close ties with Nvidia have made it a key supplier of Nvidia's AI chips, has attracted several high-profile customers so far this year. It has signed cloud capacity agreements with Meta and Claude creator Anthropic. The company reported revenue backlog of $104.2 billion as of June 30, up from $99.4 billion at the end of the fi