Source: Cointelegraph Original: "{title}"

CoreWeave announced on March 11 that it has reached a five-year deal worth up to $11.9 billion with the nonprofit research company OpenAI, which created ChatGPT. Through this deal, OpenAI will become an investor in CoreWeave by purchasing $350 million in stock, while CoreWeave will provide artificial intelligence infrastructure.

This deal was made ahead of CoreWeave's anticipated initial public offering (IPO). According to its prospectus, the company, founded in 2017 in Livingston, New Jersey, is projected to generate $1.9 billion in revenue in 2024, with a net loss of $863 million. CoreWeave offers cloud-based graphics processing unit (GPU) infrastructure for AI developers.

This new deal could bolster CoreWeave, as about two-thirds of its revenue comes from Microsoft, which originally planned to invest $10 billion in CoreWeave by 2030. According to a report by the Financial Times, Microsoft has canceled some contracts with the AI company due to delays in meeting deadlines, although CoreWeave has denied this claim.

CoreWeave's main competitors include Amazon, Oracle, and Google, as well as smaller companies like DataCrunch, Lambda, and Foundry.

The compound annual growth rate of the cloud AI market is expected to reach 30.9% by 2030.

According to analysis from Fortune Business Insights, the cloud AI market is expected to see significant growth in the coming years. In 2022, the market size was estimated at $46.7 billion. By 2030, it is expected to reach $398 billion, with a compound annual growth rate of 30.9% during this period.

Cloud AI integrates cloud computing and AI services, theoretically allowing businesses to leverage these services to increase revenue. These services touch on various aspects of businesses, including scalability, predictive analytics, and cost savings from not having to build their own AI models.

There is also an initial integration between cloud AI and blockchain. As reported by Cointelegraph, one of the challenges facing the integration of AI and blockchain is scalability and processing power, which cloud computing platforms aim to help address. These integrations may also impact Web3 gaming.

However, despite the promising prospects of these technological integrations, there are also obstacles, including the centralization issues within the cloud computing industry.

Related: Hong Kong invests $125 million to develop AI and expand the supercomputing capabilities of Cyberport.

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