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   DealBook: The CoreWeave question
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   Also, the markets’ inflation conundrum.
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             March 28, 2025
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          Good morning. Wall Street had been holding its breath for the initial public offering of CoreWeave, the most notable A.I. company to list since the onset of the recent artificial intelligence boom. Do its struggles portend a tough road ahead for future A.I. offerings? (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             A new test for the moribund I.P.O. market comes today when CoreWeave begins trading.
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             Michael M. Santiago/Getty Images
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          The canary in the coal mine
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        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          CoreWeave just pulled off the first big initial public offering this year — and the results were far from heartening.
         </span>
        </p>
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          The company, which rents computing power to the artificial intelligence industry,
         </span>
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          shrank its I.P.O
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          . far below initial expectations before today’s anticipated trading debut. That’s even after Nvidia, which owns a stake in the company, committed to buy more shares as part of the offering.
         </span>
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          The big question is whether CoreWeave’s troubles speak to only one company — or to broader economic conditions, which would portend trouble for the embattled I.P.O. landscape as a whole.
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        </p>
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          How far short did CoreWeave’s I.P.O. fall?
         </span>
         <span>
          The company priced its offering at $40 a share, compared with an initial range of $47 to $55. It also sold 37.5 million shares, about 23 percent less than expected. Overall, it raised $1.5 billion at a roughly $23 billion valuation, down from its initial hopes of $4 billion at a $35 billion valuation.
         </span>
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          The company was battling tough I.P.O. conditions.
         </span>
         <span>
          The stock market
         </span>
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          has been weighed down
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          by uncertainty around President Trump’s tariffs and inflation.
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          “It has been a brutal time for markets in general,” Samuel Kerr, the head equity capital market analyst at the financial insights firm Mergermarket, told The Times. “It shows you that there is very little appetite to put forward this kind of risk transaction at the moment.”
         </span>
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          CoreWeave was seen as a vanguard for A.I. initial offerings.
         </span>
         <span>
          It was founded as a cryptocurrency mining start-up in 2017, relying on Nvidia graphics processors that can analyze enormous amounts of data.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When crypto prices crashed in 2019, CoreWeave rushed to stockpile the powerful chips, buying them from distressed crypto companies. After OpenAI
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          released ChatGPT
         </a>
         <span>
          in 2022, the company pivoted to renting its chips via the cloud to A.I. developers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          CoreWeave has raised $2.3 billion in venture capital funding and last year was valued
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at $19 billion
         </a>
         <span>
          in private markets. Its three founders, Michael Intrator, Brian Venturo and Brannin McBee, who still run the company, own around 30 percent of it. A special class of shares gives them around 80 percent of the voting power.
         </span>
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        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But its financials in some ways underscore the challenges facing the A.I. industry
         </span>
         <span>
          . While CoreWeave’s revenue jumped to $1.9 billion last year, up from $229 million a year earlier, it has yet to turn a profit — and spent nearly $1 billion last year to finance its debt.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While the so-called Magnificent Seven of tech giants has enjoyed soaring stock valuations over the past few years, driven by Wall Street enthusiasm for A.I., investors have grown warier about the amount companies are spending on the technology. Shares in Nvidia, the core member of that group, are down 7 percent alone since Wednesday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Then again, how much of a litmus test is CoreWeave’s I.P.O.?
         </span>
         <span>
          While the company is the first major A.I. business to go public, it doesn’t represent the true titans of the field, makers of large language models like OpenAI and Anthropic.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          CoreWeave also “has a lot of idiosyncrasies that make it a difficult I.P.O. candidate,” Kerr told The Times, including the huge amount of debt it took on to build new data centers and its unusual background as a cryptocurrency mining firm. (It also depends heavily on a small group of customers, including Microsoft, Meta and OpenAI.)
         </span>
        </p>
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           <td height="20">
           </td>
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         </tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, at a time companies are already skittish about going public amid market volatility, the downbeat offering doesn’t give much assurance.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Another giant law firm seeks to cut a deal with President Trump.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Skadden, Arps, Slate, Meagher &amp; Flom
         </a>
         <span>
          has held discussions with Trump advisers over how to avert a potentially devastating executive order targeting the firm after the president imposed similar moves on some of its rivals, The Times reports. That group
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          now includes WilmerHale
         </a>
         <span>
          , a major Washington firm that once employed as a partner Robert Mueller III, who served as special counsel on the Trump-Russia investigation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A federal judge orders some Trump officials to preserve messages in the Signal leak.
         </span>
         <span>
          Judge James Boasberg, who has drawn impeachment threats over his efforts to check parts of the Trump agenda, ordered several participants in the group text about attacks on Yemen
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          not to delete their texts
         </a>
         <span>
          . The move drew criticism from Republicans including Attorney General Pam Bondi, who suggested that the Justice Department
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wouldn’t investigate the episode
         </a>
         <span>
          . Still, some Republican lawmakers have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          openly criticized Defense Secretary Pete Hegseth
         </a>
         <span>
          for disclosing operational details in a nonsecure channel.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump warns carmakers not to raise prices in response to auto tariffs.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The president’s demand
         </a>
         <span>
          , delivered to C.E.O.s this month, leaves manufacturers in a bind, according to The Wall Street Journal: Absorb higher costs and accept leaner profits, or potentially face the wrath of the White House. It’s a sign of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tough choices being imposed
         </a>
         <span>
          on carmakers, especially as fulfilling Trump’s goal of increasing domestic auto manufacturing would take years.
         </span>
        </p>
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           </td>
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           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Inflation watch
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The American consumer is looking shakier by the day. The latest data point: Shares in Lululemon this morning sank sharply in premarket trading after the apparel maker, whose sales zoomed during the coronavirus pandemic, reported a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          downbeat outlook for this year
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It adds to a list of consumer brands and retailers who have warned that customers are spending less. Calvin McDonald, Lululemon’s C.E.O., cited “considerable uncertainty driven by macro and geopolitical circumstances.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That dismal take puts additional focus on the Personal Consumption Expenditures report, the Fed’s favored inflation measure. It’s set for release at 8:30 a.m. Eastern.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What to know about the report:
         </span>
         <span>
          While the full effects of Trump’s tariffs are expected to show up in the coming months, economists will be closely watching for signs of whether businesses are adjusting prices in anticipation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Two big questions are underlying the data.
         </span>
         <span>
          Could a hot reading today have any implications on the Trump agenda, especially as economists warn that his immigration crackdown and the trade war could accelerate inflation? On the flip side, would a tame number persuade the Fed to resume cutting rates more quickly?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Here’s what to watch for today:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Core inflation for February, which strips out volatile food and fuel prices, most likely
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ticked up slightly
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from the January reading, to 2.7 percent, according to estimates from FactSet. That would be above the Fed’s 2 percent target.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The month-on-month figure is expected to show a 0.3 percent rise, though economists at Vanguard and Goldman Sachs see it going a touch higher.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The culprits are rising prices on clothing, furniture and household goods, Vanguard estimates.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The good news: Shelter prices, last year’s bugaboo, appear to be heading down, economists note.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Consumer sentiment data will also be on the radar.
         </span>
         <span>
          The revised March reading from the University of Michigan is set for release this morning, offering another gauge on households’ mood. A similar survey by The Conference Board on Tuesday showed that consumer confidence had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          plunged to a 12-year low
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among Americans’ chief concerns: inflation and tariffs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Downturn and trade war worries are weighing on markets.
         </span>
         <span>
          The S&amp;P 500 is on track for its first losing quarter since 2023.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Workers dressed in cherry-red uniforms work on a gleaming assembly line at a Ferrari factory." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F28%252Fmultimedia%252F28db-ferrari-whpv%252F28db-ferrari-whpv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDMxNjMzNzMuMDI1MjE2OH0:1ty8QH:x9BMuyjE2gLKH14MwEusH1Hj-C-fJVBr8ZoFu4B3keQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Can Ferrari outmaneuver President Trump’s tariffs?
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Maurizio Fiorino for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          One automaker that’s not sweating a trade war
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s auto tariffs may not have come as a complete surprise, but they still sent much of the industry and international leaders reeling.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump’s vow to hit carmakers with levies on imported cars and auto parts prompted especially loud protests from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          leaders in France and Germany
         </a>
         <span>
          , who urged the European Union to respond. But one European manufacturer doesn’t seem to be sweating the move: Ferrari.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ferrari announced yesterday that it would raise prices by as much as 10 percent for most models,
         </span>
         <span>
          which would mean an additional 40 grand for a $400,000 Purosangue, Italian for “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          thoroughbred
         </a>
         <span>
          .” It explicitly cited “the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          introduction of import tariffs
         </a>
         <span>
          on E.U. cars into the U.S.A.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in the Italian luxury carmaker were up nearly 3 percent this morning — after two analyst
         </span>
         <span style="font-style:italic">
          upgrades
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Why Trump’s tariffs are unlikely to dent Ferrari:
         </span>
         <span>
          “We are hard-pressed to think of any customer cohort in the U.S. that is better placed than Ferrari’s to absorb higher prices,” Stephen Reitman, an auto analyst at Bernstein, wrote in a research note yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The waiting list for a new Ferrari is already long,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as much as three years
         </a>
         <span>
          for some Purosangue models.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Another data point:
         </span>
         <span>
          “The majority of Ferraris sold in the U.S. go to owners who already own more than one Ferrari (the global average is 49 percent),” Reitman wrote.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He added that “any increase in new prices will be somewhat cushioned by the knowledge that the customer’s other Ferraris in their garage have seen their values rise as well.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          And there’s a potential Trump tax break.
         </span>
         <span>
          “If the president makes good on his promise of tax cuts for higher earners and allowing the deduction of car interest payments from income tax,” Reitman wrote, “that certainly does not hurt Ferrari customers.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The rest of the industry, and its customers, may not fare so well.
         </span>
         <span>
          Arthur Laffer, the influential conservative economist whom Trump awarded the Presidential Medal of Freedom in 2019,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote in a recent analysis
         </a>
         <span>
          that the tariff policy needed serious work to avoid battering the auto sector, according to The Associated Press.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Especially important, according to Laffer, is keeping a temporary exemption for cars and parts from that fall under the current the United States-Mexico-Canada Agreement. “Without this exemption, the proposed tariff risks causing irreparable damage to the industry, contradicting the administration’s goals of strengthening U.S. manufacturing and economic stability,” he wrote.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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          Deals
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                Demand for Industrial Real Estate Soars
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                ” (NYT)
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