{"id":129410,"date":"2025-05-16T18:15:49","date_gmt":"2025-05-16T18:15:49","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129410"},"modified":"2025-05-16T18:15:49","modified_gmt":"2025-05-16T18:15:49","slug":"crypto-miner-turned-ai-provider-coreweave-adds-billions-in-market-cap","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129410","title":{"rendered":"Crypto miner turned AI provider CoreWeave adds billions in market cap"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsShares of AI cloud computing company CoreWeave (CRWV) surged on May 16 after chip giant Nvidia revealed a large ownership stake, signaling growing corporate and institutional interest in the newly public company.<br \/>\nCRWV stock climbed as much as 26.3% in New York trading, pushing its market capitalization above $38 billion. Trading volumes were more than double the daily average, according to Yahoo Finance data.<br \/>\nThe stock was last seen trading around $81, up 23% on the day.<br \/>\nCRWV has climbed to $81 a share on May 16. Source: Yahoo FinanceCoreWeave\u2019s rally was sparked by regulatory filings from Nvidia showing that the company owned $900 million of CRWV stock at the end of the first quarter. The value of the holdings has more than doubled since March 31, assuming Nvidia hasn\u2019t sold any shares since then.<br \/>\nAs CNBC reported, Nvidia\u2019s ownership stake at the time of CoreWeave\u2019s initial public offering (IPO) was 17.9 million shares.<br \/>\nCoreWeave\u2019s stock has gained more than 100% from its IPO price of $40 in late March. It has vastly outperformed the Nasdaq Composite Index and broader US stock market over that period.<br \/>\nThe Nvidia revelations overshadowed CoreWeave\u2019s fiscal first-quarter earnings report, which showed a 420% surge in revenue but also a 487% spike in operating expenses. The company\u2019s net loss widened by 143% compared to a year earlier. Its stock declined shortly after the financials were released on May 14.<br \/>\nCoreWeave\u2019s fiscal first quarter earnings results. Source: CoreWeaveCoreWeave\u2019s complicated history with crypto<br \/>\nCoreWeave\u2019s origin story began in 2017 as an Ethereum mining operation called Atlantic Crypto. The company began transitioning away from digital assets the following year after the onset of the bear market.<br \/>\nBy 2019, it had rebranded to CoreWeave and began leveraging its GPU infrastructure to provide cloud computing services. The company then rode out the AI boom and its unique relationship with Nvidia to secure a massive IPO launch.\u00a0<br \/>\nCoreWeave has landed other major investors, with Cointelegraph reporting in March that OpenAI reached an $11.9 billion deal with the company to supply AI infrastructure for the ChatGPT developer\u2019s massive data needs.\u00a0<br \/>\nCoreWeave is operating in a much broader cloud computing industry, which is forecast to become a $2 trillion behemoth by 2030 as AI applications gain mainstream adoption, according to Goldman Sachs.\u00a0<br \/>\nCloud computing\u2019s total addressable market by 2030. Source: Goldman SachsAnother estimate by Fortune Business Insights suggests that the global cloud AI market alone could approach $600 billion by 2032, marking a compound annual growth rate of 28.5%.<br \/>\nMagazine: Creating \u2018good\u2019 AGI that won\u2019t kill us all \u2014 Crypto\u2019s Artificial Superintelligence Alliance<a href=\"https:\/\/cointelegraph.com\/news\/crypto-miner-turned-ai-provider-coreweave-adds-billions-market-cap?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsShares of AI cloud computing company CoreWeave (CRWV) surged on May 16 after chip giant Nvidia revealed a large ownership stake, signaling growing corporate and institutional interest in&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129410"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129410"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129410\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129410"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}