{
  "docId": "019dd923-622c-750b-8b98-4c28389e5dec",
  "docSlug": "e9969ec8b548",
  "documentTitle": "CoreWeave, Inc. (CRWV)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-09-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 7,
  "pageCount": 30,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "other",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Includes a technical stack diagram of CoreWeave's platform.",
  "elementsJson": [
    "process_diagram",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-4c28389e5dec/7",
  "deckHref": "/decks/019dd923-622c-750b-8b98-4c28389e5dec",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-4c28389e5dec.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-4c28389e5dec#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In essence, neoclouds allow Nvidia to expand its sales reach without relying exclusively on hyperscalers who not only command significant pricing power but are also aggressively developing their own custom AI chips to reduce their dependence on Nvidia.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5375-7572-b866-94a96f915bd3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.31,
        "w": 0.76,
        "x": 0.117,
        "y": 0.09
      },
      "kind": "image",
      "text": "CoreWeave Tech Stack diagram",
      "attrs": null,
      "subkind": "infographic",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f52e0569-3817-4aba-ac6b-fa12946ee105",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.117,
        "y": 0.785
      },
      "kind": "paragraph",
      "text": "From Nvidia's perspective, supporting neoclouds serves a critical strategic function. In essence, neoclouds allow Nvidia to expand its sales reach without relying exclusively on hyperscalers.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "649ed428-ae91-4663-ab89-83ae7b9d91ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.117,
        "y": 0.478
      },
      "kind": "paragraph",
      "text": "A central enabler of CoreWeave's rapid ascent has been its unusually close partnership with Nvidia, which supplies 100% of its GPUs and plays the overlapping roles of investor, supplier, and customer.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a27d2aab-299c-4892-981d-bf3544abb325",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "When I first thought about the reasons why we exist, I thought about the value for our users, but afterwards I understood that it's just: neoclouds exist because Nvidia needs another distribution channel. — Former Nebius project manager",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5375-7572-b866-985299d45431",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.117,
        "y": 0.395
      },
      "kind": "source-note",
      "text": "Source: CoreWeave.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7f3784a-45dd-4efd-87c6-e84be2d50d35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.117,
        "y": 0.438
      },
      "kind": "title",
      "text": "Nvidia Relationship",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d2e24a7-91f7-4102-bdfc-9ef302d74b81",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Argument from Analogy",
      "slug": "argument-from-analogy",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "6e05cd98-99c3-4771-931a-55bd042dafe1",
      "evidence": "The slide explains Nvidia's strategic function in supporting neoclouds, using an analogy to help the audience understand the relationship between Nvidia and CoreWeave.",
      "confidence": 0.6
    },
    {
      "name": "Authority citation",
      "slug": "authority-citation",
      "agent": null,
      "layer": "slide",
      "matchId": "26b40e4a-08d7-4d7b-ab59-fcccb85c6531",
      "evidence": "The slide includes a quote from a former executive, providing authority and credibility to the narrative about Nvidia's relationship with CoreWeave.",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}