CoreWeave in recent years found itself in something of an enviable position. Starting out in 2017, it bought GPUs to supply to the cryptocurrency mining industry, only to pivot to AI when that became the hot new trend. CoreWeave is fundamentally a picks and shovels business: It supplies GPUs to an industry that has desperately sought them. The most immediate concern, though, is that the industry does not need them as much today. CoreWeave is going public just as its biggest customer, Microsof
