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Why CoreWeave Stock Is Skyrocketing Today
Shares of CoreWeave (NASDAQ: CRWV) are rising on Thursday. The company's stock is up 12% as of 1:31 p.m. ET, but was up as much as 17.1% earlier in the day. The move comes as the S&P 500 (SNPINDEX: ^GSPC) gained 1.1%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 2.1% on the day.CoreWeave, an artificial intelligence (AI)-first cloud provider, saw its shares rise after Meta Platforms and Microsoft released their Q1 earnings. Both companies reiterated their commitment to AI spending.CoreWeave builds and operates data centers specifically designed to provide its computational power to run generative AI models. The company's client list includes both Microsoft and Meta Platforms, as well as Nvidia and IBM. Microsoft confirmed it's on track to spend $80 billion this year on its AI investments, while Meta raised its expected capital expenditures by as much as $7 billion. It now expects to spend between $64 billion and $72 billion. Continue reading
Shares of CoreWeave (NASDAQ: CRWV) are rising on Thursday. The company's stock is up 12% as of 1:31 p.m. ET, but was up as much as 17.1% earlier in the day. The move comes as the S&P 500 (SNPINDEX: ^GSPC) gained 1.1%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 2.1% on the day.
CoreWeave, an artificial intelligence (AI)-first cloud provider, saw its shares rise after Meta Platforms and Microsoft released their Q1 earnings. Both companies reiterated their commitment to AI spending.
CoreWeave builds and operates data centers specifically designed to provide its computational power to run generative AI models. The company's client list includes both Microsoft and Meta Platforms, as well as Nvidia and IBM. Microsoft confirmed it's on track to spend $80 billion this year on its AI investments, while Meta raised its expected capital expenditures by as much as $7 billion. It now expects to spend between $64 billion and $72 billion.
