Nvidia regulatory filings drive CRWV stock higher
CoreWeave (CRWV) shares rose 26.3% on May 16 after Nvidia disclosed a $900 million stake in the company, increasing its market cap to over $38 billion. Trading volumes exceeded double the daily average, with CRWV stock trading around $81, up 23% for the day. Nvidia's stake, totaling 17.9 million shares at CoreWeave's IPO, has more than doubled in value since March 31. CoreWeave's stock has increased over 100% from its IPO price of $40, significantly outperforming the Nasdaq Composite Index. Despite a 420% revenue surge in its fiscal first quarter, the company reported a 487% rise in operating expenses and a 143% increase in net loss. CoreWeave originated as an Ethereum mining operation in 2017 and transitioned to cloud computing by 2019. The cloud computing industry is projected to reach $2 trillion by 2030, with the global cloud AI market potentially nearing $600 billion by 2032.
