A company that most people have never heard of is among the year's best-performing technology firms'and a symbol of the complex, interconnected, and potentially catastrophic ways in which AI companies do business these days. CoreWeave's IPO in March was the largest of any tech start-up since 2021, and the company's share price has subsequently more than doubled, outperforming even the 'Magnificent Seven' tech stocks. On Wall Street, CoreWeave is regularly referred to as one of the most important companies powering the AI revolution. In the past few months, it has announced a $22 billion partnership with OpenAI, a $14 billion deal with Meta, and a $6 billion arrangement with Nvidia. CoreWeave's business model consists of buying up lots of high-end computer chips, and building or leasing data centers to house those chips. It then rents out those assets to AI companies that need computing power but prefer not to take on the huge up-front costs themselves. If this is straightforward...
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