Nvidia CEO Says AI Cloud Demand 'Off the Charts' as CoreWeave, Nebius Shares Fall

Nvidia CEO Jensen Huang said Thursday that demand from neoclouds—cloud providers built for AI computing—is "off the charts," but funding constraints are limiting their expansion. His comments came as shares of those providers extended losses on investor concerns over spending and debt. Speaking to CNBC on the sidelines of the GTC conference in Berlin, Huang said neocloud operators have strong demand and capability but lack the working capital to support growth. "The capital required is far greater than the capital available," he said, without specifying a solution or timeline. In premarket trading Thursday, Nebius fell 3.6%, CoreWeave dropped 4%, and IREN and Applied Digital each declined nearly 4%. Investors worry that heavy AI infrastructure spending may take longer to pay off, with CoreWeave's debt-funded data center buildout drawing particular scrutiny. Huang also cited power as a key constraint in Europe, where high electricity prices and tight supply make energy allocation critical for companies such as Nebius and Mistral. Huang said Europe must build its own computing infrastructure to develop an AI economy. Nvidia has committed nearly $10 billion to European companies, universities and research institutions, including over $1 billion for five British startups announced during a London visit last week, and is investing in several French startups.