While tech giants usually brush off their critics, Jeffrey Emanuel isn’t your typical skeptic. The tech investor and blogger made waves when he correctly predicted Nvidia’s market tumble in early 2025, sparked by DeepSeek’s emergence. His bearish call triggered a staggering $600 billion collapse in Nvidia’s stock value – and he didn’t even hold a short position.
Now Emanuel has set his sights on CoreWeave, the AI infrastructure company eyeing a $25 billion IPO. His verdict? It’s wildly overvalued. Emanuel argues that CoreWeave, despite its flashy GPU-accelerated cloud services and AI-focused offerings, lacks any real competitive edge in an increasingly crowded market. OpenAI’s impressive achievement of reaching 100 million weekly active users with ChatGPT demonstrates the massive scale potential in AI.
The tech world is listening. When prominent venture capitalist Chamath Palihapitiya shared Emanuel’s analysis, it sent ripples through Wall Street. The mounting evidence supports Emanuel’s skepticism, as Nvidia is set to consume 77% of AI wafers by 2025, leaving minimal market share for new players. Markets have been particularly unstable during the opening hour of trading, amplifying concerns about CoreWeave’s valuation. It’s not just CoreWeave feeling the heat – Emanuel’s critique has sparked broader discussions about inflated valuations across the AI sector.
Emanuel’s approach isn’t complicated. He digs into technical specs, scrutinizes financial projections, and cuts through the AI hype with surgical precision. His analysis of CoreWeave is particularly brutal: unrealistic growth projections, questionable business model sustainability, and a market position that’s far from unique.
The timing couldn’t be more relevant. The AI infrastructure space is getting cramped, with everyone from tech giants to startups fighting for a piece of the GPU-powered pie.
CoreWeave’s pitch – providing high-performance computing solutions for AI workloads – sounds impressive until you realize every major cloud provider is doing the same thing.
Emanuel’s track record with Nvidia has given his warnings extra weight. Investors are getting nervous, and the broader AI sector is feeling the scrutiny. The days of throwing money at anything with “AI” in its pitch deck might be numbered.
For CoreWeave, Emanuel’s criticism poses an uncomfortable question: Is their $25 billion dream built on solid ground, or is it just another AI bubble waiting to pop?
