The cost of the AI race only continues to rise. New this morning, Meta committing to spending an additional $21 billion with Corweave.

Christina Parts Nevelis has more on that deal in today's tech check. Hey, Christina.

Hi, Leslie. Well, Meta just wrote a nearly decade-long check for AI compute, but the bill is coming due.

Meta is committing, like you said, another $21 billion to Corriep.

That's on top of a prior $14 billion agreement, bringing the total to roughly more than $35 billion.

But this new spend actually runs through 2032.

So this is a long-term capital commitment to secure compute years in advance.

And this is all happening while meta is pouring as much as

$135 billion into CAPEX this year and building out its own data centers. But even with that,

it's still going outside. So that tells you everything about where the bottleneck is. There

just isn't enough compute to go around. Corrieve has really positioned itself right in the middle of that.

Its data centers are packed with Nvidia, GPUs exactly what companies need to train and run these large AI models.

And as every tech executive reminds us, demand is only getting tighter.

This deal helps Corweb. Microsoft used to account for the majority of its revenue, but with meta ramping up,

no single customer is expected to be more than 35%. So that helps eliminate the customer concentration

fears, but doesn't eliminate the capital required to build this infrastructure. Almost simultaneously,

Corweave announced it's looking to raise $3 billion in convertible senior senior notes also due in 2032, plus an additional $1.25 billion in senior notes due in 2013.

That's on top of the total debt load of nearly $30 billion already on the books.

Cori's shares, when I started writing the story, were up 9% in pre-market on the meta news.

And then you could

see completely reverse course, barely up right now, very positive, because of the proceeds from

the new debt that are earmarked for general corporate purposes, including repayment of existing

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