Investment firm Seawolf Capital said it is shorting cloud-computing company CoreWeave. According to Odaily, the firm was founded by three traders known for the book and film “The Big Short,” and co-founder Vincent Daniel said the position followed an analysis of CoreWeave’s business model.

Seawolf said CoreWeave leases AI computing capacity powered by high-end GPUs, a model it compared with buying specialized assets and renting them out. The firm said GPUs may have shorter economic lives than oil-drilling, aircraft or shipping equipment, while computing capacity from competing chips is increasing rapidly.

Daniel said CoreWeave must continue spending heavily on expensive AI chips. Based on its assessment of the company’s projected 2027 free-cash-flow shortfall and balance-sheet leverage, Seawolf said CoreWeave may need to raise hundreds of billions of dollars in new funding on favorable terms. The firm said its short thesis concerns the availability and cost of capital, not the broader AI trade.