Latest news with #Coreweave
CNBC
6 days ago
- Business
- CNBC
Coreweave stock pops after company announces $6 billion AI data center in Pennsylvania
Coreweave stock climbed more than 9% on Tuesday after the company announced a $6 billion artificial intelligence data center project in Pennsylvania. The commitment includes an initial 100 megawatt data center built in Lancaster, a city about 70 miles west of Philadelphia. The data center will be able to expand to 300 MW. "The demand for high-performance AI compute is relentless," said CoreWeave CEO Michael Intrator in a release, "and CoreWeave is scaling a cloud purpose-built for AI to meet it and strengthen US leadership." The announcement comes as part of the Pennsylvania Energy and Innovation Summit in Pittsburgh hosted by Sen. Dave McCormick, R-Penn., where President Donald Trump, members of his administration and executives are meeting to discuss AI and investment opportunities in the state. Google announced a $25 billion data center and AI infrastructure deal Tuesday in conjunction with the summit, and pledged $3 billion to upgrade two hydropower plants in Pennsylvania. CoreWeave, which rents out access to Nvidia AI chips, has been on a tear since it went public at the end of March. Shares opened at $39 and are up more than 250% since then. The company announced a $9 billion acquisition of data center infrastructure provider Core Scientific last week, a deal that will boost CoreWeave's access to power and real estate. CoreWeave was already a major customer of Core Scientific and the deal will cut $10 billion in future lease commitments, according to the company.
Bloomberg
7 days ago
- Business
- Bloomberg
CoreWeave Short Sellers See 30% of Profits Lost on Borrow Costs
Coreweave Inc. bears are learning the hard way about the perils of betting against what is one of the most expensive stocks in the world to short. Shares of the cloud computing provider ended Friday about 31% below their June record high, netting short sellers a paper profit of roughly $700 million, according to data from S3 Partners LLC. But nearly a third of those gains will be eaten away by stock borrowing costs.
CNBC
07-07-2025
- Business
- CNBC
CoreWeave to acquire Core Scientific in $9 billion all-stock deal
Artificial intelligence hyperscaler CoreWeave said Monday it will acquire Core Scientific, a leading data center infrastructure provider, in an all-stock deal valued at approximately $9 billion. Coreweave stock fell about 4% on Monday while Core Scientific stock plummeted about 20%. Shares of both companies rallied at the end of June after the Wall Street Journal reported that talks were underway for an acquisition. The deal strengthens CoreWeave's position in the AI arms race by bringing critical infrastructure in-house. CoreWeave CEO Michael Intrator said the move will eliminate $10 billion in future lease obligations and significantly enhance operating efficiency. The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approval. The deal expands CoreWeave's access to power and real estate, giving it ownership of 1.3 gigawatts of gross capacity across Core Scientific's U.S. data center footprint, with another gigawatt available for future growth. Core Scientific has increasingly focused on high-performance compute workloads since emerging from bankruptcy and relisting on the Nasdaq in 2024. Core Scientific shareholders will receive 0.1235 CoreWeave shares for each share they hold — implying a $20.40 per-share valuation and a 66% premium to Core Scientific's closing stock price before deal talks were reported. After closing, Core Scientific shareholders will own less than 10% of the combined company.
Yahoo
05-07-2025
- Business
- Yahoo
Coreweave Gets First Nvidia GB300 AI Servers From Dell
Dell delivers the first Nvidia GB300 AI to Coreweave in a boost to the company's AI infrastructure. Bloomberg's Mandeep Singh joins Ed Ludlow on "Bloomberg Tech" to discuss. Sign in to access your portfolio
Bloomberg
03-07-2025
- Business
- Bloomberg
Coreweave Gets First Nvidia GB300 AI Servers From Dell
Dell delivers the first Nvidia GB300 AI to Coreweave in a boost to the company's AI infrastructure. Bloomberg's Mandeep Singh joins Ed Ludlow on "Bloomberg Tech" to discuss. (Source: Bloomberg)
