But a cottage industry of financial analysts and strategists that sell their research to hedge funds and VC firms, as well as publishing online via subscription sites like Substack, fills some of the void.
One of them is Raphaëlle D’Ornano, an independent analyst and artificial intelligence strategist who wrote reports earlier this month raising some red flags about CoreWeave and fintech Klarna, which has also filed to go public.
She is trying to add a dose of sober financial analysis to the hyped-up world of AI, without pouring much cold water on the technology itself. “You need to have hedge fund rigor and analysis applied to a fast-moving market,” she said.
She doesn’t think CoreWeave is a “doomed asset” but has concerns about whether the chips it buys from Nvidia will continue to generate revenue as long as it thinks. That would be a recipe for disaster given how much debt the startup has to raise.
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