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CoreWeave Inc. (NASDAQ:CRWV) CEO Michael Intrator was questioned by CNBC's Jim Cramer on Tuesday regarding data center delays that have impacted the company’s stock, despite reporting a massive $55.6 billion backlog.
The tense “Squawk on the Street” interview followed CoreWeave trimming its 2025 revenue forecast, with Cramer calling out its partner, Core Scientific Inc. (NASDAQ:CORZ).
Cramer challenged Intrator on the guidance cut, saying, “this was not the quarter you wanted.” He linked the delays to Core Scientific, which he described as a “failed Bitcoin miner that came out of bankruptcy,” and listed affected sites in Texas, Oklahoma, North Carolina, and Georgia.
Intrator pushed back, stating, “I am proud of this quarter,” attributing the entire issue to delay “at a singular data center provider.” He assured investors that the impact was temporary and that the company was “not losing any customers.”
The market's sharp sell-off was triggered by CoreWeave lowering its 2025 revenue guidance to a range of $5.05 billion to $5.15 billion, down from a previous forecast of $5.15 billion to $5.35 billion.
The stock declined 16.31% to $88.39 apiece on Tuesday but rose 1.84% in after-hours trading. The stock is up 120.98% since its listing in March 2025.
This news overshadowed an otherwise strong third-quarter report, which saw the company report $1.36 billion in revenue, beating estimates. The company reported a smaller-than-expected loss.
The company's revenue backlog nearly doubled to $55.6 billion, highlighting what Intrator called “insatiable demand” for its AI infrastructure.
During the interview, Intrator also worked to define CoreWeave’s “core competency” as its “proprietary software solution” for managing AI supercomputers.
“We built the software layer that allows us to run the physical infrastructure… better than anyone else,” he said.
It maintains a weaker price trend over the short, medium, and long terms. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.
The futures of the S&P 500, Nasdaq 100, and Dow Jones indices were trading higher on Wednesday after closing in a mixed manner on Tuesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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