Crusoe CEO defends CoreWeave amid selloff

Investing.com -- The head of Crusoe defended the AI computing sector on Tuesday, describing recent market concerns about neocloud providers as excessive and expressing confidence in competitor CoreWeave's business position.

"I do pretty firmly believe that a lot of this angst is overblown and is a bit of an overreaction," Crusoe Chief Executive Officer Chase Lochmiller said at the Bloomberg Invest conference in Dallas.

Lochmiller specifically addressed CoreWeave's situation, stating, "I know CoreWeave has made some very good deals. They're in a pretty good position."

CoreWeave has become a focal point for concerns about AI infrastructure financing. The company's bonds dropped to distressed levels this month, while its shares fell more than 30%.

Crusoe, founded in 2018, develops data center projects and sells AI cloud computing capacity. The company works with Meta Platforms, Oracle Corp, and Alphabet Inc.'s Google. Its projects include OpenAI's flagship site and Oracle's Stargate project in Texas.

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