Bloomberg Talks | Michael Intrator Talks Data-Center Delay, Supply Chain

Date: November 11, 2025
Host: Bloomberg Tech
Guest: Michael Intrator, CEO of CoreWeave

Episode Overview

This episode features an in-depth conversation with Michael Intrator, CEO of CoreWeave, focusing on their recent data center delay, supply chain complexities in the AI compute sector, and strategies for mitigating operational risk. Michael discusses CoreWeave’s response to supply chain bottlenecks, client and supplier diversification, the role of government, and evolving partnerships with tech giants like Nvidia. The dialogue provides insight into the intersection of technology infrastructure, market demand, and ecosystem resilience.

Key Discussion Points & Insights

1. Data Center Delay and Supply Chain Challenges

• CoreWeave’s Revenue Forecast Revision
  • CoreWeave shares dropped after the company reduced its annual revenue forecast due to a third-party data center delay, despite strong growth in orders.
  • Michael Intrator explains:
    • No single company can control the entire supply chain due to the complexity and interdependency of the ecosystem—covering everything from chip design to construction materials.
    • Emphasized the inevitability of working with partners and encountering "bumps in the road" as part of large, complex projects.
    • Quote:
      • "Nobody controls the entire supply chain. And that’s just the nature of doing business at this scale." (Michael Intrator, 00:53)

2. Partner Relationships & Impact of Delay

• Partner Evaluation and Ongoing Collaboration
  • The delayed data center is managed by a longtime partner.
  • Michael maintains they remain a good partner despite this setback.
    • The issue is a temporary revenue delay rather than a permanent loss.
    • Quote:
      • "What we're talking about here is a contract that gets pushed back by, you know, one quarter, let's say, and that the impact of that on our revenue is a delay of revenue, not a loss of revenue." (Michael Intrator, 02:15)

3. Managing Third-Party Risk & Diversification Strategy

• Reducing Client and Supplier Concentration
  • Previously, 85% of revenue came from one client; now, no client exceeds 35% of backlog and no data center provider is over 20% of capacity.
  • Focus on diversifying both customer base and supplier networks to mitigate risk as supply and backlog grow.
  • Quote:
    • "There is no single provider of data centers that represents in excess of 20% of our 2.9 gigawatts of power that we will be delivering to the market over the next 24 months." (Michael Intrator, 04:49)

4. Mitigating Future Delays & In-House Capabilities

• Self-Build Initiatives
  • CoreWeave has created an internal team for developing and delivering its own data centers (e.g., projects in New Jersey and Pennsylvania).
  • This in-house capability allows them to troubleshoot or step in if third-party projects falter, further reducing risk.
  • As the company scales, delays at individual sites have less overall business impact.
  • Quote:
    • "As we get larger, as our delivered power gets larger, the relative impact of a delay at any one given site becomes less and less meaningful… Time solves that. Scale solves that." (Michael Intrator, 06:46)

5. The Role of Government in Infrastructure

• Advocacy for Regulatory Support
  • Michael advocates for a stronger role for government to help expedite permitting, grid connections, and other regulatory hurdles that slow industry growth.
  • Quote:
    • "There is a role for government in helping us with some of the permitting issues, speed to which we can get our infrastructure… attached to the grid." (Michael Intrator, 07:55)

6. Flexible Partnerships & Supporting the AI Ecosystem

• Innovative Nvidia Agreement
  • CoreWeave’s contract with Nvidia includes options to redirect capacity to new startups if there’s unused compute, supporting ecosystem innovation and resilience.
  • Michael is enthusiastic about this arrangement, viewing it as supporting smaller AI labs and broadening CoreWeave’s customer portfolio.
  • Quote:
    • "It also provides this wonderful on ramp for us to be able to work with the new amazing companies that are coming into existence…" (Michael Intrator, 09:47)

7. Continuing Demand for Nvidia and Market-Wide Constraints

• Nvidia Remains the Gold Standard
  • According to Michael, customer demand for Nvidia GPUs and high-performance compute overwhelms the market’s supply capacity.
  • CoreWeave remains “client led,” adapting to specific customer requirements but faces a systemic shortage in available AI infrastructure.
  • Quote:
    • "The buy signals from our clients overwhelm our capacity to deliver infrastructure to the market. Matter of fact, they overwhelm the entire market's capacity to deliver infrastructure to the market." (Michael Intrator, 10:40)

Notable Quotes & Memorable Moments (with Timestamps)

• On Supply Chain Reality:
  • "Nobody controls the entire supply chain…it's just really hard to even contemplate a world in which you have true control over every aspect of it." (Michael Intrator, 00:54)
• On Partner Setbacks:
  • "There's an issue. The issue is going to be cleaned up rapidly. But I wouldn't say that they're not a good partner." (Michael Intrator, 01:49)
• On Revenue Impact:
  • "The impact of that on our revenue is a delay of revenue, not a loss of revenue." (Michael Intrator, 02:20)
• On Diversification:
  • "No specific client is more than 35% of [backlog]...no single provider of data centers...in excess of 20% of our 2.9 gigawatts of power..." (Michael Intrator, 04:03–04:49)
• On In-House Data Center Development:
  • "We have a self build organization to be able to deliver our own data centers…" (Michael Intrator, 05:46)
• On Scaling to Mitigate Delays:
  • "As we get larger, the relative impact of a delay at any one given site becomes less and less meaningful…" (Michael Intrator, 06:46)
• On Government’s Role:
  • "There is a role for government in helping us with some of the permitting issues, speed…to attach to the grid." (Michael Intrator, 07:55)
• On Nvidia Agreement & Supporting Startups:
  • "It's a contract...where we will deliver them compute for the next six years…allow us to repurpose that computer to new companies…" (Michael Intrator, 09:03–09:21)
• On Unrelenting Demand:
  • "The totality of [demand] overwhelms the capacity of the market to deliver that. And we'll continue to do that for quite a while." (Michael Intrator, 10:53)

Key Timestamps

• 00:24 — Introduction and framing of the data center delay
• 00:50 — Intrator on the impossibility of total supply chain control
• 01:47 — Discussion of the partner, revenue delay clarification
• 03:51 — CoreWeave’s risk management and diversification
• 05:37 — Steps to avoid future delays; building in-house capability
• 07:52 — Regulatory/govt. role in infrastructure buildout
• 09:02 — Nvidia agreement and flexibility for startups
• 10:29 — Persistent AI infrastructure demand, Nvidia’s role

Summary

This episode offers a candid look at the operational realities and strategic responses of a top AI infrastructure provider, from navigating supply chain vulnerabilities to advocating for regulatory reform and fostering innovation within the AI ecosystem. Michael Intrator’s comments underscore a philosophy of resilience through diversification, proactive risk management, and ecosystem partnership, all while emphasizing the relentless growth in demand for AI compute.