CRWV Stock Hits New All-Time High On $7 Billion APLD Deal: Technical Indicators Flash Bullish Signal, But RSI Warns Caution On CoreWeave

Shares of CoreWeave Inc. CRWV surged 6.99% in premarket following its major long-term infrastructure agreement with Applied Digital Corp. APLD. The stock’s technical chart was pointing to a largely bullish trend.

What Happened: On Monday, Applied Digital announced two 15-year lease agreements to supply 250 megawatts of critical IT load for CoreWeave's AI and high-performance computing operations at a North Dakota data center campus.

The stock skyrocketed 25.19% to $150.48 apiece on Tuesday following this announcement. The company, which was listed on March 28, hit a fresh all-time high of $150.88 on Tuesday, however, it crossed the $160 level in premarket on Wednesday.

As of Tuesday’s close, Benzinga Pro data showed that CoreWeave’s shares were trading above their eight and 20-day daily simple moving averages of $123.72 and $93.47, respectively.

Its MACD line at 23.02 was above the signal line of 17.30, indicating that the stock’s 12-day exponential moving average was above its 26-day EMA. This was representative of a bullish trend with higher potential, as it had a positive histogram value of 5.72.

Meanwhile, the relative strength index at 80.63 was in the overbought range, making the case for a possible price reversal or corrective pullback.

Why It Matters: CoreWeave can opt to add 150 more megawatts, potentially reaching 400 megawatts total, with Applied Digital expecting $7 billion in revenue over the lease term.

The first 100-megawatt phase will be operational by the fourth quarter of 2025, followed by a 150-megawatt phase by mid-2026, and a potential third phase by 2027.

This deal underscores CoreWeave's expansion in the AI computing market, boosting both companies' stock prices, with Applied Digital shares soaring over 45% on Monday.

Price Action: CRWV’s shares have returned 276.20% since listing and 195% in the last month.

Benzinga Edge Stock Rankings shows that CRWV had a stronger price trend over the short, medium, and long term. Its value ranking was poor at the 11.44th percentile. The details of other metrics for this and many other stocks are available here.

The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Wednesday. The SPY was up 0.21% at $597.34, while the QQQ advanced 0.22% to $528.46, according to Benzinga Pro data.

Benzinga tracks 14 analysts covering CoreWeave, having a consensus price target of $65 with a ‘hold’ rating. The targets range from $36 to $100 per share. Recent ratings by Barclays, Citigroup, and Goldman Sachs imply a 46.64% downside for the stock.