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Russian (RU) Shares in CoreWeave (CRWV), a high profile artificial intelligence initial public offering this year, popped on Thursday in the wake of earnings reports from Microsoft (MSFT) and Facebook-parent Meta Platforms (META). With Thursday's gain, CoreWeave stock moved above its IPO offer price.
First quarter earnings for CoreWeave stock are due May 14. A cloud computing software services provider, CoreWeave processes AI workloads on Nvidia (NVDA) chip-equipped servers.
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On the stock market today, CoreWeave stock popped over 15% to 47.74 in morning trading. With Thursday's gain, CoreWeave shares moved above the IPO offering price of 40.
Nvidia stock on Thursday rose 4%.
Meta on Wednesday issued a stronger-than-expected sales forecast and beat first-quarter estimates. The social media giant also increased its 2025 spending forecast for capital expenditures, with a focus on its AI-related growth. Meanwhile, Microsoft crushed Wall Street's targets for its fiscal third quarter.
In 2024, 77% of CoreWeave's revenue came from two customers, with Microsoft accounting for 60%. While some analysts project a big AI market opportunity for CoreWeave, others fret about customer concentration and debt.
Meanwhile, Microsoft is the biggest investor in generative AI startup Open AI, which is the leader in building AI models and launched ChatGPT.
CoreWeave Stock: Technical Ratings
CoreWeave and the other cloud infrastructure startups rent Nvidia-chip equipped computer servers to artificial intelligence app developers.
While there's always a tight supply of Nvidia AI chips, CoreWeave and others stand out by their ability to buy Nvidia devices, including its newest Blackwell accelerators. Nvidia owns a 5% stake in CoreWeave.
CoreWeave was founded as a cryptocurrency miner in 2017 before its move into cloud computing services.
Meanwhile, CoreWeave stock owns a Relative Strength rating of 78 out of a best possible 99. Also, CoreWeave stock has a relatively small float, making it more volatile.
Additionally, CoreWeave is among the top artificial intelligence stocks to watch.
Follow Reinhardt Krause on X, formerly Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
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