Why CoreWeave Inc. (CRWV) Went Up On Wednesday?

We recently published a list of The Top 10 Performing Stocks on Wednesday. In this article, we are going to take a look at where CoreWeave Inc. (NASDAQ:CRWV) stands against other top performing stocks on Wednesday.

Wall Street’s three major indices finished in the green territory on Wednesday as investors continued to digest news of President Donald Trump’s tariff rollout on imports.

The tech-heavy Nasdaq finished the day strongest, adding 0.87 percent. The S&P 500 grew 0.67 percent, while the Dow Jones was up 0.56 percent.

Ten individual stocks mirrored a broader market optimism, closing the day in the green amid a series of corporate developments that sparked buying appetite.

In this article, we named Wednesday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

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CoreWeave Inc. (NASDAQ:CRWV)

CoreWeave Inc. surged by 16.72 percent on Wednesday to end at $61.36 apiece as investors continued to gobble up shares in the company on investor optimism that OpenAI’s newly secured $40 billion funding from a bank would spill over into the company.

It can be learned that CRWV reached an $11.9-billion deal with OpenAI in March. According to analysts, the deal could reduce CRWV’s reliance on Microsoft which earlier lessened its commitment to the company for missing deadlines and materials delivery issues needed to scale its artificial intelligence models.

CRWV is a newly listed company on the stock exchange. It listed 37.5 million shares at $40 apiece after initially targeting a sale of 49 million shares at between $47 and $55 apiece.

CRWV was one of the most anticipated initial public offerings this year, having been backed by Nvidia Corp.

Overall, CRWV ranks 1st on our list of top performing stocks on Wednesday. While we acknowledge the potential of CRWV as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as CRWV but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.