Nvidia-Backed CoreWeave Extends Record Rally Into Wednesday
In This Article:
Yuki Iwamura / Bloomberg / Getty Images
CoreWeave stock set a new record on Tuesday, and kept rallying into WednesdayKey Takeaways
-
CoreWeave shares extended a recent rally into Wednesday morning, after gaining 25% in Tuesday's session.
-
The AI cloud provider announced an agreement to lease data center space from Applied Digital earlier this week.
-
CoreWeave shares have roughly tripled in value over the last month.
Shares of CoreWeave (CRWV) extended their recent rally into Wednesday morning after closing at a record $150.48 on Tuesday.
The stock surged 25% Tuesday, a day after the announcement of an agreement to lease data center space from Applied Digital (APLD). The companies, both backed by AI giant Nvidia (NVDA), said Monday that CoreWeave has signed a pair of 15-year deals to lease the space at Applied Digital's North Dakota facility for about $7 billion in total.
CoreWeave debuted on the market near the end of March, trading around its IPO price until its first earnings report in mid-May, when the AI cloud provider started to rally. Shares have roughly tripled in value over the last month, going from a May 2 close of $51.57 ending Tuesday's session over $150.
CoreWeave shares were up 1% in early trading Wednesday to $153.
Read the original article on Investopedia