CoreWeave is a cloud-processing company with a big Nvidia investment and 250,000 of its hard-to-find GPUs. Its stock went "splat" today, as MarketWatch put it, trading below its $40 IPO—which was itself lower than the $47 to $55 the company had hoped for. The business press is nonetheless hyping it as the biggest tech IPO in years, raising $1.5bn.
The offering has captured the attention of investors from Wall Street to Silicon Valley, as CoreWeave represents the first pure-play AI IPO and the largest tech debut in the U.S. in four years. The IPO market has been largely shut since the end of 2021, as the tech industry reckoned with rising inflation and interest rates.
Tech stocks aren't doing CoreWeave any favors. The company hit the market on a day that the Nasdaq was off by almost 3%, heading for its worst quarterly performance since mid-2022. The tech-heavy index is down 10% so far this year.
Stories full of truly magical sentences such as "CoreWeave reported a net loss of $863 million last year, with revenue soaring 737% from a year earlier."
Previously:
• Trump crows about champagne tariffs while stocks plunge yet again
• Gun company stocks soar after Vegas massacre
• Supreme Court lifts Trump's ban on bump stocks
• 84% of stocks owned by richest 10% of Americans
• Yikes! Plummeting stocks all part of Trump's 'strategy,' says Mike Johnson (video)
