CoreWeave’s CEO says data center backlash isn't scaring off AI giants

CoreWeave CEO Michael Intrator said data center moratoriums won't reduce demand. Bloomberg/Getty Images CoreWeave CEO Michael Intrator isn't concerned about the data center backlash. Intrator said the moratoriums and regulations ultimately mean the facilities will be built elsewhere. "It's just a question of where you put it," Intrator said. CoreWeave CEO Michael Intrator is shrugging off the data center backlash. "There has absolutely not been any reduction in orders," Intrator said Wednesday morning during an interview on CNBC's "Squawk On The Street." Intrator, who leads an AI cloud provider that started as a crypto mining company, said that any regulatory crackdown on data center buildouts will simply result in companies focusing on communities that welcome the construction. "The regulations that are being brought out around data centers, all they are going to do is they're going to relocate the infrastructure," he said. "They're not going to in any way reduce the demand." The market, Intrator said, is looking for more data centers. "It's just a question of where you put it," he said. "Nothing more than that." CoreWeave is among a handful of AI infrastructure companies that would be affected if a broader AI backlash leads to significant nationwide restrictions. In July, New York Gov. Kathy Hochul signed the nation's first statewide moratorium on large-scale data centers. Other governors, including Republicans, have moved to cut back on tax incentives and other benefits data centers have historically received. It remains to be seen what will happen after November's midterm elections, where candidates from both parties have raced to portray their opponents as too friendly to the AI industry. On Tuesday, President Donald Trump told reporters that data centers "are gonna be very popular" based on how the AI and tech industry will work with local communities. Trump made those comments alongside leaders from Anthropic, OpenAI, Microsoft, Meta, Google, Nvidia, and other companies, which he welcomed to the White House for a private lunch to discuss the future of the technology. "This is a group that loves local communities," Trump told reporters. "They love our country, and they are going to work with local communities for the data centers, in particular. And they're going to make the community happy." Polling shows voters continue to oppose data center construction in their communities. A NPR/PBS News/Marist Poll national survey found that more than 6 in 10 registered voters (65%) opposed "the construction of a data center in your community." Companies like CoreWeave have cited data center moratoriums as a potential risk in quarterly filings with the Securities and Exchange Commission. CoreWeave's latest 10-Q, covering the second quarter, added a mention of New York's moratorium. During the company's earnings call, Intrator expressed a similar outlook. "Ultimately, at the end of the day, it is in our interest, and it is in their interest for us to be good neighbors of their community," he said. Read the original article on Business Insider