Nvidia regulatory filings drive CRWV stock higher
The post Nvidia regulatory filings drive CRWV stock higher appeared on BitcoinEthereumNews.com. Shares of AI cloud computing company CoreWeave (CRWV) surged on May 16 after chip giant Nvidia revealed a large ownership stake, signaling growing corporate and institutional interest in the newly public company. CRWV stock climbed as much as 26.3% in New York trading, pushing its market capitalization above $38 billion. Trading volumes were more than double the daily average, according to Yahoo Finance data. The stock was last seen trading around $81, up 23% on the day. CRWV has climbed to $81 a share on May 16. Source: Yahoo Finance CoreWeave’s rally was sparked by regulatory filings from Nvidia showing that the company owned $900 million of CRWV stock at the end of the first quarter. The value of the holdings has more than doubled since March 31, assuming Nvidia hasn’t sold any shares since then. As CNBC reported, Nvidia’s ownership stake at the time of CoreWeave’s initial public offering (IPO) was 17.9 million shares. CoreWeave’s stock has gained more than 100% from its IPO price of $40 in late March. It has vastly outperformed the Nasdaq Composite Index and broader US stock market over that period. The Nvidia revelations overshadowed CoreWeave’s fiscal first-quarter earnings report, which showed a 420% surge in revenue but also a 487% spike in operating expenses. The company’s net loss widened by 143% compared to a year earlier. Its stock declined shortly after the financials were released on May 14. CoreWeave’s fiscal first quarter earnings results. Source: CoreWeave CoreWeave’s complicated history with crypto CoreWeave’s origin story began in 2017 as an Ethereum mining operation called Atlantic Crypto. The company began transitioning away from digital assets the following year after the onset of the bear market. By 2019, it had rebranded to CoreWeave and began leveraging its GPU infrastructure to provide cloud computing services. The company…
The post Nvidia regulatory filings drive CRWV stock higher appeared on BitcoinEthereumNews.com.
Shares of AI cloud computing company CoreWeave (CRWV) surged on May 16 after chip giant Nvidia revealed a large ownership stake, signaling growing corporate and institutional interest in the newly public company. CRWV stock climbed as much as 26.3% in New York trading, pushing its market capitalization above $38 billion. Trading volumes were more than double the daily average, according to Yahoo Finance data. The stock was last seen trading around $81, up 23% on the day. CRWV has climbed to $81 a share on May 16. Source: Yahoo Finance CoreWeave’s rally was sparked by regulatory filings from Nvidia showing that the company owned $900 million of CRWV stock at the end of the first quarter. The value of the holdings has more than doubled since March 31, assuming Nvidia hasn’t sold any shares since then. As CNBC reported, Nvidia’s ownership stake at the time of CoreWeave’s initial public offering (IPO) was 17.9 million shares. CoreWeave’s stock has gained more than 100% from its IPO price of $40 in late March. It has vastly outperformed the Nasdaq Composite Index and broader US stock market over that period. The Nvidia revelations overshadowed CoreWeave’s fiscal first-quarter earnings report, which showed a 420% surge in revenue but also a 487% spike in operating expenses. The company’s net loss widened by 143% compared to a year earlier. Its stock declined shortly after the financials were released on May 14. CoreWeave’s fiscal first quarter earnings results. Source: CoreWeave CoreWeave’s complicated history with crypto CoreWeave’s origin story began in 2017 as an Ethereum mining operation called Atlantic Crypto. The company began transitioning away from digital assets the following year after the onset of the bear market. By 2019, it had rebranded to CoreWeave and began leveraging its GPU infrastructure to provide cloud computing services. The company…
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