The company at the heart of the AI bubble

November 13, 2025·38 min·3 clips

CoreWeave takes on billions in debt, collateralizing NVIDIA chips that may wear out before AI proves profitable.

Nilay Patel interviews Verge senior reporter Liz Lopato about CoreWeave, a data center company at the center of the AI bubble. They explore its origins in crypto mining, dependence on NVIDIA, risky financial deals, and parallels to past financial scandals like Enron.

As heard by us

A clear, skeptical look at CoreWeave as a risk absorber inside the AI infrastructure boom.

CoreWeave gives Decoder a useful way into the AI bubble question: when the industry keeps demanding more compute, who gets stuck holding the risk?

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