- CoreWeave shares rocketed higher on Friday after the artificial intelligence cloud provider disclosed that Nvidia owns about 7% of the company.
- Earlier this week, CoreWeave reported 420% revenue growth, surpassing analysts' estimates.
investors are having a big week.
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WATCH HEREShares of the artificial intelligence infrastructure provider rose 56% over the past five trading days, lifting the company's market cap to over $37 billion. CoreWeave has more than doubled in value since its in late March.
The company got a big boost after reporting 420% revenue growth in its first earnings report as a public company on Wednesday. Guidance as well.
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SIGN UP A day later, CoreWeave revealed that major supplier holds a , up from its pre-IPO holdings. Nvidia's holdings are now worth about $2 billion after this week's pop.
The outperformance makes CoreWeave a standout in a market that has seen few IPOs of late, though there are signs that more companies are poised to debut. CoreWeave was the first pure-play AI IPO, and provides investors with a way to bet on the promise of generative AI, which has boomed in popularity since the launch of OpenAI's ChatGPT in late 2022.
CoreWeave this week that OpenAI had agreed to a four-year deal worth up to $4 billion, on top of a commitment announced in March. OpenAI on Friday a research preview of Codex, an AI agent that can perform several software engineering tasks at once.
Money Report
Last week, CoreWeave CEO Mike Intrator testified at a Senate hearing in Washington, D.C., alongside OpenAI CEO Sam Altman; CEO Lisa Su; and Brad Smith, president and vice chair.
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