Shares of CoreWeave (CRWV) surged over 38% on their third trading day after the company successfully raised nearly $1.5 billion through its IPO, coinciding with OpenAI’s announcement of an unprecedented $40 billion funding round on Monday.
The AI startup made its market debut on the Nasdaq exchange on Friday afternoon. Initially, the stock fell below its IPO price to $39, finishing the day unchanged at $40, but slipped another 10% on its first full trading day. CoreWeave’s offering occurred amid significant anxiety and uncertainty in global markets, which has affected investor interest and risk tolerance.
On Tuesday, however, attitudes toward AI-related stocks seemed to have shifted after AI leader OpenAI revealed that it had secured a $40 billion funding round, valuing the company at $300 billion. This news appears to have restored confidence among investors, indicating a continued strong demand for AI firms, even in a challenging market environment.
This optimistic sentiment also extends to digital currencies, with AI-related tokens seeing an uptick on Tuesday. Tokens such as Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Render (RENDER) all increased by over 3%, with RENDER leading the pack, climbing 7.4%. The wider digital asset market, as reflected by the CoinDesk20 Index, also rose by 3%.
Additionally, shares of Core Scientific (CORZ), a bitcoin mining and data center company that has formed a significant partnership with CoreWeave, also rose by more than 9% on Tuesday.