CoreWeave struggles to meet Nvidia chip demand

CoreWeave faces intense customer interest that exceeds its current hardware supply. On 9 September 2026, CEO Michael Intrator stated at the Goldman Sachs Communacopia & Tech Conference that the firm struggles daily to meet demand. He noted that every graphics processing unit available could be sold to multiple clients.

Nvidia provides 100% of the advanced graphics processing units for CoreWeave data centers and holds an 11.5% equity stake in the cloud company. Following its fiscal second quarter results, Nvidia projected 70% revenue growth for fiscal year 2028. This outlook topped analyst forecasts of 45%. Nvidia CEO Jensen Huang noted that sales growth could exceed 100% without memory chip shortages.

In its own second quarter, CoreWeave reported revenue growth of 112% year over year. Adjusted operating profit more than doubled to $1.5 billion. Supported by a $104 billion total revenue backlog, management raised its full-year 2026 revenue guidance to between $12.4 billion and $13.2 billion. Citi analyst Tyler Radke highlighted 25% price increases across product units and improving margins.

CoreWeave shares have gained about 40% year to date amid strong artificial intelligence spending.