Why CoreWeave Stock Soared 12% Today
Key Points
Nebius and Palantir announced a partnership, sending neocloud stocks up broadly.
CoreWeave continues to be volatile due to the riskiness of its business model.
- 10 stocks we like better than CoreWeave ›
Shares of CoreWeave (NASDAQ: CRWV) were gaining today, even though there was no company-specific news out on the neocloud stock. Instead, the company seemed to benefit from a new partnership between Nebius and Palantir, and other news that helped lift the AI infrastructure sector more broadly.
The stock closed up 11.7%.
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What happened with CoreWeave today
CoreWeave is a volatile stock, and it tends to react strongly to market news. It's not unusual to see the stock move double digits even when there's no news out on the company, and that's what happened today.
Nebius shares jumped after it announced a new sovereign AI partnership with Palantir. While that would seem to be bad news for CoreWeave, as it gives a competitor an edge, investors interpreted the news as a tailwind for the sector as a whole, bidding CoreWeave and peers like IREN higher as a result.
While CoreWeave has underperformed Nebius in the stock market, it's much larger than Nebius, and any validation of the neocloud sector is likely to benefit CoreWeave over the long run as well.
Elsewhere, the Dept. of Commerce said it would invest $100 million in both Rigetti Computing and D-Wave Quantum, showing it continues to throw money at strategic tech companies, and Intel announced it would raise processor prices, which could signal price hikes in other areas of the tech supply chain, including for AI infrastructure.
What's next for CoreWeave
CoreWeave is a high-risk stock as the company is growing quickly, with revenue more than doubling, but it's putting up massive losses due to heavy capital expenditures to build new data centers and the interest on the debt it's borrowing to pay for it.
It may be years before we know if that strategy will pay off. For now, expect the stock to continue to swing big on sector and macro news.
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Jeremy Bowman has positions in CoreWeave. The Motley Fool has positions in and recommends Intel. The Motley Fool has a disclosure policy.
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