CoreWeave’s IPO Will Expose AI’s Dirty Secrets: Dave Lee (1)

I’ve often complained that much of the AI-driven stock price bump enjoyed by big tech companies has come despite the absence of any real data on how this new business is truly performing. The hyperscalers — those companies investing billions of dollars in building out artificial intelligence — have given only the vaguest indications of AI revenues, hiding the numbers within broader segments.

Meanwhile, the key pure-play AI companies, like OpenAI, are still private. Insights into their finances dribble out from time to time, whether intentionally or through leaks, never presenting a full picture. As such, it’s hard for investors to gauge just how real ...