Anthropic, Google, and OpenAI are discussing building their own AI standards body

The CEOs of Anthropic and OpenAI have issued dire warnings about the potential risks of artificial intelligence (AI), which could negatively impact CoreWeave's business. CoreWeave is estimated to have around 25% of its existing active power and 74% of its contracted power in Tier 3 and Tier 4 markets. The company relies heavily on take-or-pay contracts, meaning it does not expect a threat from a slowdown in demand for contracted, unsold power. However, a reduction in training development could lead to a pullback in demand for such power.

CoreWeave's shares dropped nearly 7% in pre-market trading following the AI warnings, one of the steepest declines among AI stocks. CEO Sam Altman of OpenAI echoed Anthropic CEO Dario Amodei's stance on slowing down AI development to ensure safety and prevent misuse. Both leaders expressed concern that AI could pose a threat to humanity if not properly controlled.

Amodei warned that controlling the future from AI is unacceptable, and a dystopian outcome could arise if an extraordinarily powerful AI is concentrated in the hands of one individual or entity. Altman echoed this sentiment, emphasizing the need to ensure alignment and safety techniques stay ahead of advancements in model capabilities.

The company has taken on substantial debt to fuel its growth, expecting strong demand for years to come. CoreWeave reported a 112% increase in second-quarter sales, with adjusted operating profits more than doubling to $1.5 billion. Despite the recent stock price decline, CoreWeave's management remains optimistic, citing strong enterprise demand for GPU compute and a massive $104 billion total revenue backlog.