Nvidia Concept Stocks Shine. Applied Digital rose 15%; CoreWeave up 13%; RXRX up 6%
Nvidia concept stocks shone. Applied Digital rose 15%; CoreWeave up 13%; RXRX up 6%; Arbe Robotics, Serve Robotics up 4%; Nebius up 3%.
After popping this week, CoreWeave shares are up about 65% since the company’s IPO earlier this year. Nvidia is a big beneficiary.
Nvidia owned nearly $900 million worth of shares in CoreWeave at the end of March, according to a filing from the chipmaker on Thursday. Assuming Nvidia hasn’t sold any shares since then, that stake is now worth close to $1.6 billion, as CoreWeave’s stock has surged in the past month.
CoreWeave, which rents out access to Nvidia graphics processing units for training artificial intelligence models, went public on the Nasdaq in late March in the largest U.S. venture-backed tech IPO since 2021. Leading up to its debut, the company raised billions of dollars in debut and equity, including from key supplier Nvidia.
At the time of CoreWeave’s IPO prospectus, Nvidia owned 17.9 million shares shares for a stake worth around 5%. Nvidia now owns 24.2 million shares, Thursday’s filing shows.
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