CoreWeave Inc. (NASDAQ:CRWV) CEO Michael Intrator has forcefully rejected allegations that his company is engaged in “circular financing” with Nvidia Corp.(NASDAQ:NVDA), describing the narrative as “ridiculous” and mathematically unsound.

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‘Ridiculous’ Narrative

In a recent appearance on the Big Technology Podcast, Intrator argued that Nvidia's minority stake in the specialized cloud provider is “de minimis” compared to CoreWeave’s massive capital scale, dismissing the concerns as a distraction akin to a “fly on the b*** of the elephant.”

The controversy centers on claims that Nvidia invested in CoreWeave to artificially boost demand for its own chips—effectively paying CoreWeave to buy its products. Intrator dismantled this theory by highlighting the sheer scale of CoreWeave's operations versus Nvidia’s investment.

While acknowledging Nvidia has invested approximately $300 million across two rounds, Intrator noted that CoreWeave has raised over $25 billion in total capital and holds a valuation ...