Episode summary
Nvidia Invests $2 Billion More in CoreWeave, Offers New Chip | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Scarlet Fu · Guests: Anurag Rana, Sam Fazeli, David Woo
Summary
Nvidia added another $2 billion stake in CoreWeave, which the host and a guest framed as part of a broader effort to deepen the Nvidia ecosystem rather than simply a cash infusion. The guest said CoreWeave has a massive backlog, including $50 billion in remaining performance obligations, but still needs land, power and financing to convert that demand into data centers and AI capacity. He also said Microsoft’s new Maia 200 chip reflects a wider push by hyperscalers to reduce dependence on Nvidia for some workloads, while still using Nvidia for the most demanding training jobs.
Looking ahead to earnings, the guest said investors will focus on where real AI use cases are emerging beyond infrastructure spending, especially in 2026. He argued that Microsoft, Google and Amazon are best positioned because they combine cloud businesses with growing AI infrastructure offerings.
On healthcare, the guest said biotech investors want reassurance that MFN pricing pressure is fading, and that M&A remains a key outlet for pharma growth concerns. He said Merck and Revolution Medicines appear to have failed to bridge a price gap, and he expects M&A and IPO activity to stay active in 2026.
The final segment turned to David Woo’s book on globalization, where he argued that the old rule-based international order is fading and that the U.S. is now repositioning for competition rather than defending the system it once led.
Key takeaways
- The guest said Nvidia’s extra $2 billion in CoreWeave looks like ecosystem support that could help CoreWeave raise outside capital, not just a direct funding round.
- CoreWeave’s $50 billion in remaining performance obligations only matter if it can secure land, power and financing to build data centers.
- The guest said Microsoft’s Maia 200 is meant to cut costs on inference-type workloads, while Nvidia still dominates training.
- The guest said investors will watch for evidence of real AI adoption in non-LLM use cases during 2026 earnings season.
- In biotech, the guest said M&A is still a major escape valve for patent and pipeline pressure, even after Merck and Revolution Medicines missed a price agreement.
- David Woo argued that globalization is effectively over and that the U.S. is now trying to reshape the international order for strategic competition.
Notable quotes
“Nvidia Corporation, today and announced it's invested an additional $2 billion in Coreavee, a cloud computing firm and key customer”
“Microsoft has said, you know what, I'm good for 10 10 out of that”
“The biggest thing we want to know is where are the use cases? What kind of AI adoption we are seeing across different sectors”
How the episode opens
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All right. In what could be, I guess, another one of these circular financing deals, Nvidia Corporation, today and announced it's invested an additional $2 billion in Coreavee, a cloud computing firm and key customer to speed up an effort to add more than 5 gawatts of AI computing capacity by 2030. Uh there's a lot going on there.
Let's check in with Honor Ragana. He's a technology analyst at Bloomberg Intelligence. Uh Honor, thanks so much for joining us here.
What's your reaction to this uh additional investment by in Nvidia into Cororeweave?
Yeah, if you go back in history and see when Cororeweave was going public, it was having a hard time getting a good pricing and then Nvidia kicked in and said, you know, we're going to be a part of this particular IPO and I think what's happening here is this. Nvidia is creating the chips and core is helping them sell the computing using those chips to different uh public that's out there. Now at the at this time Corv has a massive backlog of orders but it you know needs to get funding done in order to convert that into data centers and then capacity.
Now you know Nvidia isn't giving them money straight away but it's basically saying you know we have confidence in this in this company and it would help then core go out and raise capital from outside. So I I think it's a little bit more like spreading the Nvidia ecosystem is what's that's happening right now.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- nvidia coreweave investment
- ai chip rollout
- biotech acquisition talks
- ai infrastructure cloud computing
- market action and analyst outlook
Companies and tickers mentioned
- NVDA
- MSFT
- MRK
- Nvidia
- CoreWeave
- Microsoft
- Merck & Co.
- Revolution Medicines
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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