Nvidia Increases Stake in CoreWeave Amid AI Expansion
Nvidia has nearly doubled its stake in CoreWeave, now owning approximately 11% of the company, equivalent to more than 47.2 million shares worth $4.9 billion, as reported in a recent regulatory filing. This investment comes amid a surge in demand for AI technology, with CoreWeave’s first-quarter revenue skyrocketing 112% year-over-year to $2 billion.
CoreWeave, a neocloud provider specializing in GPU-as-a-Service and AI-as-a-Service, has also reported a backlog increasing by 284% year-over-year, now valued at $99.4 billion. As the company looks to invest between $31 billion and $35 billion in capital expenditures by 2026, Nvidia’s support positions CoreWeave favorably within the rapidly growing AI sector.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
