Meta's $21B CoreWeave Deal Reshapes AI Cloud

CoreWeave secured a $21 billion commitment from Meta, expanding a prior $14.2 billion deal and cementing its role as Meta's primary AI cloud infrastructure partner. The move reflects Meta's aggressive AI scaling, with $115-135 billion in projected 2026 capital expenditures and its Superintelligence Labs initiative driving compute demand beyond its own data centers. CoreWeave shares surged 34% in a week to $118.69, backed by a $66.8 billion revenue backlog and 168% year-over-year revenue growth. NVIDIA emerges as the key secondary winner, given CoreWeave's GPU dependency and existing $6.3 billion strategic collaboration with the chipmaker.