Crypto miner turned AI provider CoreWeave adds billions in market cap

Regulatory filings show that Nvidia increased its stake in CRWV by the end of the first quarter to 24.2 million shares from 17.9 million shares.

Shares 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.

CRWV 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.

The stock was last seen trading around $81, up 23% on the day.

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