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CoreWeave CEO Michael Intrator on capital markets vs the media

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  • In today’s CEO Daily: Diane Brady talks to CoreWeave CEO Michael Intrator.
  • The big story: Markets fall worldwide as tariff “Liberation Day” approaches.
  • The markets: It’s grim out there.
  • Analyst notes from UBS, Bank of America, EY, and Apollo on tariffs and the economy.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. The performance of an IPO can reflect broad market sentiment or narrow investor enthusiasm for the company being listed—or a bit of both. There were a lot of eyes on CoreWeave’s Nasdaq debut on Friday, which closed flat at its scaled-back IPO price of $40 a share. Some saw the underwhelming performance of the Nvidia-backed AI cloud-computing provider as a bad sign for tech IPOs and AI, while others, including my colleague Jeremy Kahn, believe the reaction to CoreWeave reflects the challenges of being CoreWeave

Maybe it’s a bit of both. I spoke with CoreWeave CEO Michael Intrator on Friday about the New Jersey-based company’s much-scrutinized debut. He said they had scaled back the price and size of the stock offer because of “broader market headwinds,” describing the IPO as “a means to an end” for the company to grow.

“It puts us on the path towards what we need to accomplish as a business,” he said. “A little bigger, a little smaller, a little higher, a little lower. That’s not going to matter. What’s going to matter is: how do we execute on our business?”

That is a topic of much debate. Being a public company could drive down the cost of accessing debt markets, but CoreWeave’s capital-intensive model and existing debt burden unnerves some investors. The company has borrowed $8 billion to build out data centers that run graphics processing units (GPUs) provided by Nvidia. Servicing that debt is likely to cost at least $1 billion this year, which puts the $1.5 billion it raised through Friday’s IPO in perspective.

CoreWeave also relies heavily on one customer—Microsoft, which accounted for 62% of its revenue last year. Besides that, the company is betting heavily on a class of Nvidia chips that could be disrupted by newer models. And then there’s the question of whether we’re in a data center bubble, which Intrator dismisses.

“There’s a divergence between what the capital markets and what the media is thinking, and what I am feeling down in the trenches. What I am feeling is relentless demand,” he says. “I know what my clients want. I know the type of infrastructure they need. I know the type of scale that they’re requesting, and I build for them. Over time, I will be able to generate enormous value for my investors. I don’t really care where it is today or tomorrow or the day after.”

You can read my full interview with Intrator here

More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This story was originally featured on Fortune.com



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RFK Jr. heads to West Texas, where a second child has died from measles-related causes as outbreak nears 500 cases

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U.S. Health Secretary Robert F. Kennedy, Jr. traveled to West Texas on Sunday after a second unvaccinated school-aged child died from a measles-related illness.

Ahead of a “Make America Healthy Again” tour across southwestern U.S., Kennedy said in a social media post that he was in Gaines County to comfort families who had to bury two young children who have died. Seminole is the epicenter of a measles outbreak that started in late January and continues to swell, with nearly 500 cases in Texas alone.

He said he was also working with Texas health officials to “control the measles outbreak.”

The child did not have underlying health conditions, and died Thursday from “what the child’s doctors described as measles pulmonary failure,” the Texas State Department of State Health Services said Sunday in a news release. Aaron Davis, a spokesperson for UMC Health System in Lubbock, Texas, said that the child was “receiving treatment for complications of measles while hospitalized.”

This is the third known measles-related death tied to this outbreak. One was another school-aged child in Texas and the other was an adult in New Mexico. Neither were vaccinated.

Kennedy, an anti-vaccine advocate before ascending to the role of nation’s top health secretary earlier this year, has resisted urging widespread vaccinations as the measles outbreak has worsened under his watch.

“The most effective way to prevent the spread of measles is the MMR vaccine,” Kennedy said in a lengthy statement posted on X. The measles, mumps and rubella vaccine has been used safely for more than 60 years and is 97% effective against measles after two doses.

U.S. Centers for Disease Control and Prevention teams have been “redeployed,” Kennedy added, although the nation’s public health agency never relayed it had pulled back during the growing crisis. Neither the CDC nor the state health department included the death in their measles reports issued Friday, but added it to their counts Sunday.

Nationwide, the U.S. has more than double the number of measles cases it saw in all of 2024.

More than two months in, the West Texas outbreak is believed to have spread to New Mexico, Oklahoma and Kansas, sickening nearly 570 people. The World Health Organization also reported cases related to Texas in Mexico. The number of cases in Texas shot up by 81 between March 28 and April 4, and 16 more people were hospitalized.

Republican U.S. Sen. Bill Cassidy from Louisiana, a liver doctor whose vote helped cinch Kennedy’s confirmation, called Sunday for stronger messaging from health officials in a post on X.

“Everyone should be vaccinated! There is no treatment for measles. No benefit to getting measles,” he wrote. “Top health officials should say so unequivocally b/4 another child dies.”

A CDC spokesperson noted the efficacy of the measles vaccine Sunday but stopped short of calling on people to get it.

Departing from long-standing public health messaging around vaccination, the spokesperson called the decision a “personal one” and said people should talk to their doctor and “should be informed about the potential risks and benefits associated with vaccines.”

Misinformation about how to prevent and treat measles is hindering a robust public health response, including claims about vitamin A supplements that have been pushed by Kennedy and holistic medicine supporters despite doctors’ warnings that it should be given under a physician’s orders and that too much can be dangerous.

Doctors at Covenant Children’s Hospital in Lubbock, where the first measles death occurred, say they’ve treated fewer than 10 children for liver issues from vitamin A toxicity, which they found when running routine lab tests on undervaccinated children who have measles. Dr. Lara Johnson, chief medical officer, said the patients reported using vitamin A to treat and prevent the virus.

Dr. Peter Marks, the Food and Drug Administration’s former vaccine chief, said responsibility for the death rests with Kennedy and his staff. Marks was forced out of the FDA after disagreements with Kennedy over vaccine safety.

“This is the epitome of an absolute needless death,” Marks told The Associated Press in an interview Sunday. “These kids should get vaccinated — that’s how you prevent people from dying of measles.”

Marks also said he recently warned U.S. senators that more deaths would occur if the administration didn’t mount a more aggressive response to the outbreak. Kennedy has been called to testify before the Senate health committee on Thursday.

Experts and local health officials expect the outbreak to go on for several more months if not a year. In West Texas, the vast majority of cases are in unvaccinated people and children younger than 17.

With several states facing outbreaks of the vaccine-preventable disease — and declining childhood vaccination rates nationwide — some worry that measles may cost the U.S. its status as having eliminated the disease.

Measles is a respiratory virus that can survive in the air for up to two hours. Up to 9 out of 10 people who are susceptible will get the virus if exposed, according to the CDC. The first shot is recommended for children ages 12 to 15 months, and the second for ages 4 to 6 years.

This story was originally featured on Fortune.com



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Trump advisers say 50-plus countries have reached out for tariff talks

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CEOs had said they’d speak out against Trump if stocks sink 20%. After the latest meltdown, they’re still silent but may be ready to act 

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  • Corporate executives who gathered at last month’s Yale CEO Caucus were surveyed on when they should collectively voice their concerns about President Donald Trump, and most said it would take a 20% drop in the stock market. The Nasdaq and Russell 2000 have already entered bear market territory, while the S&P 500 is getting closer.

CEOs have largely avoided public criticism of President Donald Trump as he rolled out his tariffs, but the recent stock market carnage may trigger a change.

Dozens of top corporate executives who gathered at last month’s Yale CEO Caucus were surveyed in an impromptu poll on when the stock market should cause them to collectively voice their concerns about Trump.

According to the Wall Street Journal, 44% of CEOs said a 20% drop, 22% said a 30% decline, 10% said a 50% crash, and 24% said it’s not their role.

The question didn’t specify the starting point for measuring the market loss. By some measures, stocks have crossed or are near the 20% threshold.

The Nasdaq and Russell 2000 have tumbled more than 20% from their 52-week highs, entering bear market territory. The S&P 500 is down 17%, and the Dow Jones Industrial Average is off 15%.

The losses are less steep, however, if you start from Trump’s inauguration or when the poll was conducted in mid-March. Still, the two-day stock rout after “Liberation Day” wiped out $6 trillion in market cap and marked the worst meltdown since the early days of the COVID-19 pandemic in 2020.

To be sure, some executives have reportedly voiced concerns about tariffs behind closed doors in earlier meetings with the president and his staff. But in public, they have remained reticent to avoid angering Trump.

Yale School of Management professor Jeffrey Sonnenfeld, who organized the March summit, told the Journal on Saturday that top CEOs have expressed frustration to him, but think trade groups should more forcefully oppose the tariffs or make collective statements.

“They don’t want to be the lightning rod,” he said. “Then it becomes personalized to them.”

Similarly, an unnamed board member of a US company told the Financial Times on Friday, “You don’t want to be the barking dog for everyone else because you’re going to be the one who will get shot.”

Another corporate board member told the FT the best approach is to lobby Trump and his advisers privately and say that tariffs would hit his core constituents with higher prices and unemployment.

For its part, the Business Roundtable said in a statement on Wednesday that it supports Trump’s goal of securing fairer trade deals but warned “universal tariffs ranging from 10-50% run the risk of causing major harm to American manufacturers, workers, families and exporters.”

But there may be signs of more opposition from Corporate America.

Trump adviser Elon Musk appeared to break with the White House’s trade war on Saturday, when the Tesla CEO expressed hope for a “zero-tariff” system between the US and Europe that would create “a free-trade zone.”

And earlier on Saturday, Musk belittled White House official Peter Navarro, who was reportedly a key figure on the tariff policy, suggesting on X that his Harvard degree is “a bad thing” and that he has never built anything.

Meanwhile, tech journalist Kara Swisher posted on Threads on Friday that “a passel of high profile tech and also finance leaders is making a trip to Mar-a-Lago to read Trump the riot act — um talk common sense — to him on the tariffs.”

She added that Musk was also in their crosshairs for “his ‘idiotic chainsaw’ antics and more,” alluding to the drastic cuts to federal agencies this his Department of Government Efficiency is spearheading.

The White House and Tesla didn’t immediately respond to requests for comment.

On Sunday, Treasury Secretary Scott Bessent gave no indication that Trump will back off from this aggressive tariffs and said there doesn’t have to be a recession, despite Wall Street pricing in greater odds of a downturn this year.

In an interview with NBC’s Meet the Press, he also downplayed the massive stock selloff as a short-term reaction.

“One thing that I can tell you, as the Treasury secretary, what I’ve been very impressed with is the market infrastructure, that we had record volume on Friday. And everything is working very smoothly so the American people, they can take great comfort in that,” he said.

This story was originally featured on Fortune.com



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