Zinger Key Points
- CoreWeave stock soars near a new record high on Monday without specific news.
- The rally is fueled by AI growth, strong earnings and a huge backlog.
- Get access to the leaderboards pointing to tomorrow’s biggest stock movers.
CoreWeave Inc CRWV shares soared higher Monday afternoon, up 14.6% at $160.57. The stock gapped up at the market open and climbed throughout the session. Monday’s rally occurred despite a lack of company-specific news for the session.
What To Know: The surge continues a powerful momentum built over the last month, fueled by explosive growth in the artificial intelligence sector. Investors are capitalizing on the company's integral role in the AI ecosystem, which has been highlighted by several recent key developments.
This includes a close partnership with Nvidia, its blockbuster earnings having created a significant halo effect for its key suppliers. CoreWeave’s services are heavily reliant on Nvidia’s in-demand GPUs, and the two stocks often trade in tandem.
Driving the bullish sentiment is CoreWeave’s recent first-quarter report, which showcased a staggering 420% year-over-year revenue increase to $981.6 million. The company also announced a massive $25.9 billion revenue backlog, substantially boosted by a strategic agreement with OpenAI.
Furthermore, a long-term data center deal with Applied Digital to expand its computing capacity underscores its aggressive growth strategy to meet accelerating demand for AI infrastructure.
How To Buy CRWV Stock
By now, you're likely curious about how to participate in the market for CoreWeave: be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of CoreWeave, which is trading at $160.96 as of publishing time on Monday, $100 would buy you 0.62 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading — either way it allows you to profit off of the share price decline.
According to data from Benzinga Pro, CRWV has a 52-week high of $166.60 and a 52-week low of $33.52.
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