CoreWeave, Inc.

Sacks oppose ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E296 · 2026-11-07 ▶ 1:22:53

But I think by 2028, I would expect that the pipeline will either be closed or significantly reduced and that will have a big economic impact.

Jason support ×3 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E296 · 2026-11-07 ▶ 1:12:48

So I think there's 500 to 1,000 times the need for this. When that happens, this compute is going to go wherever it needs to go.

Sacks support ×3 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E295 · 2026-10-30 ▶ 56:19

And the net result is that the total demand just keeps going up. And the total revenue and market size keeps growing. Also, just to reiterate a point that you made earlier in the program, the new applications that are coming all consume a lot more tokens than the ones that we started with, right? Like agents use a lot more tokens than prompting.

Chamath support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E295 · 2026-10-30 ▶ 35:47

You're absolutely right, Jason. The problem is the regulatory pushback. The amount of approvals and the ability for utilities to find the staff and the ability to actually turn these things on and then the ability to get the capital equipment you need, it just isn't there right now.

Jason support ×3 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E295 · 2026-10-30 ▶ 34:57

The token usage is 500x. That means we're going to have not enough compute, and everybody's got to build out it completely wrong. There won't be enough.

Friedberg support ×3 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E295 · 2026-10-30 ▶ 12:53

But generally speaking, if AI is delivering value to the customers, I think this shows that there really is true productivity arising from AI, that across the whole value chain, there is such margin to be had, so much value being created, all the way through to the customers

because I think demand is insatiable. There's enough demand, there's more demand than you and I can imagine. So yes, I understand the enterprise diffusion comment, but it's going to get diffused. The question is, if every company in the world today said, I'm in, I'm ready, I'm embracing AI, let's go as fast as we can. There's not enough compute in the world to satisfy us.

Chamath support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E293 · 2026-10-17 ▶ 44:56

I think we're capacity constrained enough through the entire pipeline.

Sacks support ×3 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E293 · 2026-10-17 ▶ 21:36

So we know the demand is off the charts right now. We're seeing other indicators. So, for example, old GPUs, like even the H100s or the A100s, which are several generations old, they're still renting at premium prices right now.

I said, yeah, like, we're out of everything, you know, till 2028 He's like, oh, it's beyond 2028 Like, I don't think we get stuff back. Like, end of 2028, maybe. So everything else is sold out.

Sacks support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E291 · 2026-10-02 ▶ 24:30

Yeah, here's the part I agree with, is it's not just about the capability of the model, it's about how much compute you have to run it. And we want to have more compute than our adversaries.

Jason support ×1 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E291 · 2026-10-02 ▶ 24:04

Yeah, it's an opportunity to sell into the government. Now, Google and Amazon Web Services, Crusoe, whoever, can just sell more servers.

Friedberg support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E291 · 2026-10-02 ▶ 21:18

Therefore, we need to increase our investment in AI to maintain our cyber defense capabilities, both at the enterprise level and at the government level and potentially even at the civilian consumer level. So I think that the cyber defense necessity actually mandates that we continue to build out data centers and support it.

Chamath support ×1 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E290 · 2026-09-26 ▶ 1:21:55

No. I think that Sacks is probably right on the margins. I think the bigger point is what he said before is, man, the entire economy is effectively levered to this AI trade right now.

Sacks support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E290 · 2026-09-26 ▶ 45:21

To the extent that compute gets scarce, and we're in a compute crunch, just the fact that they've made these huge investments, they're building out so much capacity, and they have those economies of scale.

Friedberg support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E289 · 2026-09-11 ▶ 59:12

AI is a tool of leverage that takes tens of thousands of years of work and reduces it down to minutes or seconds.

Sacks support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E288 · 2026-09-04 ▶ 47:23

the reason why it's not going to be stopped is because consumers are adopting it ... Why are the data centers getting built? Why do people want to build them? It's because the demand is there from consumers and businesses. ... the adoption is pulling this whole thing forward

Chamath support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E287 · 2026-08-29 ▶ 41:02

we are supposed to be in the middle of an enormous financial buildout to support AI... thank God, we have companies like Nvidia, and Google, and Microsoft, and Meta, and Amazon who take on that burden... there's so much chirping, by the way, on the internet about the balance sheet of Nvidia, and blah, blah, blah. And I think people completely missed that these guys are putting the entire US economy on their back.

Sacks support ×3 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E287 · 2026-08-29 ▶ 29:34

So, what is the takeaway, I think, for the larger market here? It is that the AI boom is continuing. The other narrative that's getting shredded today is that this AI CapEx is a bubble. It's basically gonna end very soon. And what Nvidia is basically saying with its numbers and forecasts is actually, this AI CapEx is gonna continue well into the future. It's got real legs. And the amazing thing is that after these numbers, even despite the 8% bump, Nvidia is only trading at 12 times earnings.

Chamath oppose ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E286 · 2026-08-21 ▶ 5:29

That causes people to be less likely to invest in all the data centers. Data centers themselves are being shut down. Where does that leave frontier model companies? They're the most at risk. ... we are now in a very precarious situation that we could have frankly avoided.

Jason support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E285 · 2026-08-14 ▶ 1:13:10

There is no world in which I don't see corporations spending five or 10 percent of the salaries of their employees on the equivalent in tokens... you are looking at $8 trillion in AI spend just in the United States. It is obviously going to happen. And if I am wrong and it is half... that is kind of where these companies are trending.

Gavin Baker support ×3 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E285 · 2026-08-14 ▶ 1:11:08

The overwhelming majority of tokens are profitable for everyone in the chain, everyone. Anthropic is generating cash... When I hear these macro and value investors making an assumption that tokens are subsidized and this is all going to collapse in some circular financing bonfire, they're just wrong.

Sacks support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E285 · 2026-08-14 ▶ 1:03:24

The biggest risk is that you get a glut of compute and you get an overbuild. ... In a weird way, all the political headwinds, ... will almost guarantee that there's not an oversupply relative to the exponentially growing demand.

Brad Gerstner support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E284 · 2026-08-08 ▶ 43:40

The demand exists in the world today. I think it will exist in the world for, well, the next 12 to 24 months, ... I suspect this cannot keep up at this pace more than another two years or so. ... Famous last words, I don't see it today over the course of the next 12 to 18 months.

Friedberg support ×2 ▲ on 🤖 AI compute capex supercycle has 12-24 months of runway E284 · 2026-08-08 ▶ 3:42

Capex is high alpha, low beta in data center infrastructure, that capital. And model development theoretically could be high alpha, but it's very high beta. It's a very risky way to deploy capital.