In a recent interview with CNBC, CoreWeave (NASDAQ:CRWV) CEO Michael Intrator acknowledged Oracle Corporation (NYSE:ORCL) as a strong rival in the artificial intelligence infrastructure sector.
What Happened: Intrator, in a conversation with CNBC’s Jim Cramer on Monday, emphasized the unique selling point of CoreWeave, differentiating it from Oracle. “Oracle has its own set of products that they’re offering, and they are a formidable competitor,” Intrator said, as reported by CNBC.
The CEO highlighted CoreWeave’s custom-built software stack, which he believes will set the company apart in the long run. He stated, “From our position, we really believe that over time, what’s going to differentiate us from anyone else is the … software stack that drives the performance that we’re able to achieve on our infrastructure.”
Intrator added that CoreWeave’s software stack was developed from scratch, with optimization as the guiding principle. The company has deliberately avoided integrating any “legacy technology” or “history of success or failure.”
SEE ALSO: No Fast Lane For The Rich? Lawyers Say Trump’s $5 Million ‘Gold Card’ Visa Can’t Fly Without New Law – Benzinga
Why It Matters: On Monday, CoreWeave announced its decision to acquire Bitcoin miner, Core Scientific, in a $9 Billion all-stock deal. The news led to a nearly 21% plunge in Core Scientific’s shares, even as the market remained unimpressed by CoreWeave’s move. However, this strategic acquisition was seen as a move that “makes strategic sense” by analysts earlier.
As CoreWeave continues to strengthen its position in the AI infrastructure space, the recognition of Oracle as a formidable competitor underscores the competitive landscape of this rapidly evolving sector. "The market's going to take some time to understand the extent of our business and the differentiation that's associated with how we go about running the software that drives the infrastructure," stated Intrator.
Notably, Jim Cramer had earlier called CoreWeave a ‘meme stock’ on X after it surged more than 200% in a month, however, on Monday he stated, “Coreweave is truly something… Very positive.”
On a year-to-date basis, CoreWeave stock surged 299.25%.
Benzinga's Edge Rankings place CoreWeave in the 92nd percentile for momentum and the 16th percentile for value, reflecting mixed performance. Check the detailed report here.
- READ MORE: CoreWeave, Core Scientific Shares Move Lower On $9 Billion All-Stock Deal
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
