Bloomberg Tech – "CoreWeave Tumbles on Data Center Delay"

Date: November 11, 2025
Hosts: Caroline Hyde (New York), Ed Ludlow (San Francisco)
Episode Theme: The episode centers on supply chain challenges and risk aversion in the tech sector, focusing on CoreWeave’s steep share drop after a delayed data center project, SoftBank’s complete sell-off of its Nvidia stake, and ripples felt across AI infrastructure providers, markets, hyperscalers, and retail innovation in China.

Episode Overview

This Bloomberg Tech episode dissects the current wave of investor anxiety sweeping the tech sector, triggered by CoreWeave’s revenue forecast trim after a key data center delay, compounded by SoftBank’s $6 billion exit from Nvidia. The show features an in-depth interview with CoreWeave CEO Michael Intrator, expert commentary from Bloomberg’s Peter Elstrom, and analysis on the larger implications for AI infrastructure, the tech supply chain, and adjacent sectors, including new retail dynamics in China.

Key Topics & Insights

1. Market Volatility: CoreWeave and Nvidia Sell-Off (01:47 – 03:22)

• Context: Tech stocks are under pressure. CoreWeave falls ~13% (its biggest drop since August), Nvidia down 3% after SoftBank sells its entire stake.
• Ed Ludlow: "CoreWeave is where we start. The stock down about 13%. On track for its biggest drop since mid August." (02:32)
• General risk aversion as investors react to infrastructure delays and capital reallocations.

2. SoftBank’s Nvidia Sale and AI Investment Outlook

(03:22 – 05:36)

• Guest: Peter Elstrom, Executive Global Tech Editor
• Reason for Sale: SoftBank reported blowout earnings and is redirecting $6B from Nvidia shares into US-based AI data center projects (Stargate) that will still use Nvidia chips.
• Market Perception: Some read the sale as a negative sign for Nvidia/AI, but the capital is being reinvested into AI infrastructure.
• AI Bubble Debate: SoftBank’s CFO, Yoshimitsu Goto, responded to concerns:
  • “He said it's not that they don't believe in Nvidia anymore...Are we in an AI bubble? And he said it's hard to tell at this point.” (04:50)

3. CoreWeave’s Data Center Delay, Supply Chain, and Risk Management

Interview with Michael Intrator, CEO of CoreWeave

(06:04 – 17:01)

• Dependence on Third Parties:
  • "Nobody controls the entire supply chain. And that's just the nature of doing business at this scale..." – Michael Intrator, CEO (06:04)
  • Delays are to be expected as part of “working with an ecosystem of good partners,” not a sign of systemic failure.
• On the Delayed Project:
  • Long-term client relationship; delay is “a delay of revenue, not a loss of revenue.” (07:01)
  • Refuses to name the affected customer, stating: “We don't speak to specific customers within the data centers…” (07:55)
• Risk Mitigation Strategies:
  • Rapid client diversification: “Started the year with 85% of revenue from a single client...now no specific client is more than 35%.” (09:05)
  • Data center supply diversification: “No single provider...represents in excess of 20% of our 2.9 gigawatts of power.” (09:05)
  • Building internal data center capabilities to "future proof" against third-party delays (Lancaster, PA & Kenilworth, NJ projects).
  • “Scale solves that. Time solves that.” (11:54)
• Need for Government Support:
  • Government’s role in improving infrastructure permitting and expediting grid access:
    "We...have been quite forceful in making the case that there is a role for government in helping us with some of the permitting issues..." (13:06)
• Nvidia Capacity Contract:
  • Flexible compute delivery deal with Nvidia allows CoreWeave to redirect compute resources to startups if Nvidia has spare capacity.
  • “It's just a great contract for us to be able to position ourselves...to work with the new amazing companies that are coming into existence...” (14:16)
• GPU Demand & Market Constraints:
  • “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…” (15:44)
  • Confirms persistent, systemic shortage of AI computing infrastructure.

4. Post-interview Analysis: Investor Jitters and Supply vs. Demand Dynamics

(18:00 – 29:28)

• Market Sentiment:

  • CoreWeave shares down 14%, worst day since August.
  • Continued debate over supply constraints (CoreWeave), demand concerns (Nvidia) and AI bubble speculation.
  • "It's really interesting how this has shifted really from the dip buying...Now we're seeing really any concern on either side...weighing on these shares." (27:22)
  • Many long-term investors remain “mega bullish” on AI, but concerns over “very stretched” valuations and a possible bubble drive short-term volatility. (28:45)

• Depreciation Tsunami Warning:

  • Columnist Chris Bryant flags risk regarding rapid obsolescence of AI chips and investors ignoring this depreciation risk.

5. Broader Tech Supply Chain and Policy News

(29:28 – 33:39)

• Europe’s Ongoing Huawei/ZTE Dilemma:

  • European Commission redoubles efforts to phase out Huawei/ZTE from EU telecoms (despite political, financial, and infrastructural headaches).
  • “The previous commission tried to do this and they did not have the political backing…delayed 5G roll by up to two years.” (30:04)

• Crypto Corner:

  • Gemini (Winklevoss twins’ exchange) drops 15% after lackluster earnings and persisting losses.
  • Olga Kara, Senior Crypto Reporter: “The company Gemini is unprofitable and some analysts basically don't expect it to become profitable until two or three years from now.” (33:39)

6. China’s Singles Day: E-commerce, AI, and Consumer Trends

(39:15 – 46:35)

• Stephen Engle (Bloomberg TV):

  • Online shopping now ~40% of retail; Singles Day becoming a weeks-long event.
  • Influencer selling, fierce price wars, global traders on the ground in China.
  • Tariffs, economic uncertainty, and ongoing US-China trade frictions affect consumption patterns.

• Interview: Deborah Weinswig, CEO of Coresight Research

  • Emphasizes AI-driven personalization as key to e-commerce success.
  • "Winners going forward are brands investing in AI driven personalization. The retail playbook now blends tech trust and instant gratification commerce." (42:21)
  • Notable surge in 'AI toys' and higher-end consumer activity.
  • Western brands learning from Chinese consumer tech trends.
  • Real-time digital “couponing” and rapid, data-led promotional agility differentiate the market (46:35).

Notable Quotes & Timestamps

• Peter Elstrom on SoftBank’s strategy:
  “They're going to buy Nvidia chips to put into those data centers. So partly Masayoshi Son is getting this cash so it can make investments in AI.” (03:38)
• Michael Intrator on supply chain:
  "Nobody controls the entire supply chain. And that's just the nature of doing business at this scale..." (06:04)
• On client and supplier diversification:
  “No specific client is more than 35% of [our] backlog…and no single provider of data centers represents in excess of 20% of our 2.9 gigawatts...” (09:05)
• On market demand:
  “The buy signals from our clients overwhelm our capacity to deliver infrastructure to the market.” (15:44)
• On AI-driven personalization:
  “Winners going forward are brands investing in AI driven personalization. The retail playbook now blends tech trust and instant gratification commerce.” – Deborah Weinswig (42:21)

Segment Timestamps

• Market Overview & CoreWeave Focus: 01:47 – 03:22
• SoftBank, Nvidia, and AI Investment: 03:22 – 05:36
• CoreWeave CEO Interview: 06:04 – 17:01
• Market & Investor Sentiment: 18:00 – 29:28
• EU/China Tech Policy News & Crypto: 29:28 – 33:39
• Singles Day / China Retail & AI: 39:15 – 46:35

Tone and Language

The episode retains a brisk, analytical, and mildly urgent tone—reflecting the nervousness in the markets and the persistent optimism of sector insiders. Discussions are data-driven yet accessible, with clear attributions and granular insight into the intersection of tech, business, and global policy.

Summary for New Listeners

This packed episode covers why CoreWeave’s delayed data center project rattled markets, how SoftBank’s Nvidia stake sale isn’t necessarily a negative for AI, and why the real bottleneck for growth lies with infrastructure deployment rather than consumer demand. The conversation with CoreWeave’s CEO, Michael Intrator, highlights how supply chain complexity, client and supplier diversification, and government policy interplay to shape the prospects of next-gen cloud and AI businesses. Additional segments explore the evolving e-commerce landscape in China, crypto market volatility, and geopolitical tech challenges, arming listeners with a holistic perspective on where technology and business are converging in late 2025.