Tim Stenovec

It's not just spending by CoreWeave's customers.

It's spending by CoreWeave itself and sort of the debt financing, the debt that they're taking on to do that.

You know, across the board on some of these companies, investors are sort of betwixt in between.

On the one hand, they want to see spending because it's a solid demand signal.

If companies are spending to expand data centers, it means that they think that they're getting more AI business in the door.

When they stop spending, investors are going to worry that that's slowing down.

On the other hand, investors are also worried that all of that spending just costs a lot of money.

And what's the return?

When do you start making that back?

And so I think for CoreWeave, there's going to be a look at what they're saying about demand signals, what they're saying about deals that they've signed, about...

you know remaining performance obligations so deals they've already booked and haven't been able to fulfill as well as what's going on on the the profit or in the case of core we the the loss side uh you know in terms of what they're spending to get to fulfill those uh those customer obligations can coreweave actually get everything it needs to build the capacity or invest in the capacity that it thinks its customers will need can it get the chips can it get the electricity can it get the infrastructure

Nobody is getting as much power as they think they need.

You know, it's all coming online rapidly, but not rapidly enough based on what these companies think the demand picture looks like.

Bloomberg's Dina Bass joins us now.

And Dina, thanks so much for that update.

A reminder, we will have those numbers for you as soon as they break after the bell on Bloomberg TV and radio as well.

Well, let's put all of this spending into context of the broader markets as well with Hilary Frisch, Senior Research Analyst for Software and IT Services at ClearBridge Investments.

Hilary, good to have you on the program.

Thanks for having me.

The existential question that Dina was just talking about, when is this going to pay off?