A large chunk of Silicon Valley’s AI buildout is tied to the success of OpenAI—including CoreWeave, an AI cloud company, which counts the ChatGPT maker as one of its biggest customers.
So with OpenAI CFO Sarah Friar expressing concern that the company may not be able to pay for future computing contracts, it could be especially devastating for CoreWeave.
CoreWeave insists it can ride out turbulence as long as demand continues to exceed supply across the “AI ecosystem”—but that trillion-dollar ecosystem itself is concentrated in very few places.
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The Federal Reserve kept interest rates steady in Jerome Powell’s final meeting as chair, though Powell said he would stay on as a central bank governor amid a “series of legal attacks” facing the institution.
