Nvidia’s Jensen Huang Backs CoreWeave and Nebius as AI Data Center Race Heats Up

TLDR

• Nvidia CEO Jensen Huang called out CoreWeave and Nebius by name at Goldman Sachs conference, saying both are “doing fantastically”
• CoreWeave posted Q2 revenue of $2.58 billion, up 112% year over year, with a $104 billion backlog
• Nebius grew Q2 revenue 454% year over year to $582 million, with a 50% AI-cloud EBITDA margin
• Nvidia has committed $2 billion to each company, targeting over 5 gigawatts of AI infrastructure by 2030
• CoreWeave carries $33.8 billion in debt and a $626 million Q2 net loss, while Nebius cut its adjusted net loss by 64%

Nvidia CEO Jensen Huang gave a public endorsement of two AI cloud companies at the Goldman Sachs Communacopia + Technology Conference last week. He named CoreWeave and Nebius Group as companies that are solving a key problem in AI infrastructure: finding land, power, and data center space.

Huang said the bottleneck in AI is no longer chips. It is physical infrastructure. Power grids, land, and finished buildings are now the hard part.

“They secure land, power, and shell for us that the CSPs have already exhausted,” Huang said, referring to the two so-called neocloud companies.

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