After Reaching a Deal With Anthropic, Is CoreWeave Proving to Be the Ultimate Artificial Intelligence (AI) Stock to Own?
Key Points
CoreWeave has recently announced deals with Anthropic and Meta Platforms.
The company lacks profitability but has tremendous growth opportunities due to artificial intelligence.
- 10 stocks we like better than CoreWeave ›
Shares of CoreWeave (NASDAQ: CRWV) jumped more than 12% on Friday after the company announced it reached a multi-year deal with Anthropic, the artificial intelligence (AI) company behind the Claude chatbot. It's yet another big win for CoreWeave, after recently announcing a $21 billion deal with social media giant Meta Platforms, adding on to an already existing deal.
CoreWeave rents out computing power to tech companies in need of access to the latest chips. And with demand for all things AI-related being through the roof these days, and CoreWeave's valuation being relatively low compared to the big tech giants, could it be the best AI stock to own right now?
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CoreWeave's stock is down 45% from its 52-week high
While CoreWeave's stock has been rising lately and it's up over 42% for the year, it's still nowhere near the high of $187 it reached last year. At a market cap of $54 billion, CoreWeave is a fairly small tech company when compared to the "Magnificent Seven" stocks that are over $1 trillion.
Given the ongoing spending in AI now and for the foreseeable future, CoreWeave's stock could have a lot of upside given the important role it plays in the industry these days.
There is admittedly some risk with the company as it isn't profitable and has a high debt load. But for investors who want to profit from the growth in AI spend, CoreWeave may be the AI stock with the most long-term upside. If you can stomach the risk and volatility that comes with it, it may be worth hanging on to for the long haul.
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David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.
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