Core Viewpoint - Nvidia holds equity stakes in several public companies, including CoreWeave, which has seen significant stock price growth since going public [2][3] Company Overview - CoreWeave operates as a neocloud, building data centers equipped with GPU clusters and renting access through a cloud-based platform [4][5] - The company has a market capitalization of $44 billion and a gross margin of 49.23% [4] Business Performance - CoreWeave's backlog reached $55.6 billion, reflecting a 271% year-over-year increase [9] - Major customers include OpenAI, which has committed $22.4 billion, and Meta Platforms, with a multiyear deal worth $14.2 billion [10] Market Position - CoreWeave's revenue is projected to rise nearly fourfold over the next two years, with an implied price-to-sales ratio of 2.2 based on expected 2027 revenue [12] - The company's valuation is lower than competitors like Iren and Nebius Group, which trade at 3.3x projected 2027 sales [13] Financial Considerations - CoreWeave has taken on over $13 billion in debt to finance infrastructure buildouts [15] - Nvidia's $6.3 billion deal with CoreWeave provides a safeguard by agreeing to purchase unused capacity, mitigating risks associated with overbuilding [16][17] Investment Thesis - CoreWeave is positioned for long-term success in the AI infrastructure era, supported by a strong backlog, customer acquisition, and strategic alliances [18]