CoreWeave stock popped to an all-time high in intraday trading on Tuesday. A cloud computing software services provider, Nvidia-backed CoreWeave on Monday signed a long-term data center leasing deal with Applied Digital.
On the stock market today, CoreWeave stock hit an intraday high of 144.80. In midday trading, shares were up nearly 19% at 143.10. With Tuesday's gain, CoreWeave stock has rocketed some 248% in 2025. The company launched an initial public offering in late March with shares priced at 40.
CoreWeave processes artificial intelligence workloads on Nvidia chip-equipped servers. Nvidia owns a 7% stake in CoreWeave and is a strategic partner.
Microsoft Biggest Customer
Nvidia stock on Tuesday gained over 3% to 141.78. Nvidia stock has advanced 6% this year.
CoreWeave's data centers are designed from scratch for crunching AI workloads. CoreWeave and the other cloud infrastructure startups rent Nvidia-chip equipped computer servers mainly to artificial intelligence model builders as well as app developers.
Further, CoreWeave operates 33 AI data centers across the U.S. and Europe. In 2025, CoreWeave expects its capital spending to jump 53% to about $21.5 billion.
Microsoft has been CoreWeave's biggest customer. CoreWeave recently signed a five-year deal with OpenAI, the leading developer of AI models and creator of ChatGPT. OpenAI has committed to $11.9 billion in payments over five years.
At the lower end of the market, CoreWeave competes with many emerging cloud vendors, such as Crusoe, Lambda, Nebius Group, Vultr and DigitalOcean Holdings. Crusoe is heavily involved in OpenAI's "Stargate" project backed by Japan's SoftBank.
CoreWeave Stock: Technical Ratings
In its first quarter as a public company, CoreWeave said revenue rose 420% to $981 million.
Meanwhile, CoreWeave stock owns a Relative Strength rating of 99 out of a best possible 99. Also, CoreWeave stock has a relatively small float, making it more volatile.
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