• According to TheFly, CoreWeave told Bloomberg that OpenAI is not its only customer.
• CoreWeave stated that it continues to see demand exceed supply across the AI ecosystem, particularly as inference scales.
• OpenAI also reportedly said it is “firing on all cylinders,” and its enterprise business is “in the best place it has ever been.”

CoreWeave (CRWV) on Tuesday tried to reassure investors as the company’s stock takes a beating in the wake of The Wall Street Journal’s report that OpenAI missed internal performance targets and issued a warning about its sales momentum.

CRWV stock fell almost 8% but pared losses to trade down more than 6%.

According to TheFly, the company told Bloomberg that OpenAI is not its only customer, while still calling the Sam Altman-led company “a terrific partner,” and added that it continues to see demand for AI outpacing supply.

“As more companies build and deploy AI, demand for compute continues to grow. We continue to see demand exceed supply across the AI ecosystem, particularly as inference scales," CoreWeave stated.

The company said Meta (META), Anthropic, Microsoft (MSFT), Alphabet Inc.’s (GOOG, GOOGL) Google, IBM (IBM), Perplexity AI, Jane Street, and others are among its “diverse and expanding set of customers."

As of September last year, CoreWeave had contracts worth up to $22.4 billion with OpenAI.

The OpenAI Effect

Following WSJ’s late Monday report that the owner of ChatGPT missed crucial internal targets and its CFO flagged that it would be unable to fund future computing requirements if sales don’t ramp up, a panic selloff in technology sector stocks was triggered, dragging U.S. markets lower.

Bearing the brunt, along with CoreWeave, were top chipmakers NVIDIA (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO), as well as its main cloud computing rival, Oracle (ORCL), all of whom have pared only some losses.

In a statement to Forbes, OpenAI called the Journal report “clickbait,” saying that the company is “firing on all cylinders,” while highlighting that its enterprise business is “in the best place it has ever been.”

How Did Retail Traders React?

On Stocktwits, retail sentiment about CRWV remained ‘bullish,’ while message volumes nearly quadrupled over the last 24 hours.

One user on the platform expects the stock to rise threefold by the end of the year.

Another user believes CoreWeave will continue to benefit as long as companies continue to spend on AI.

CRWV has outperformed the S&P 500 so far this year and over the last 12 months.

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