CoreWeave Inc. (CRWV) Down Nearly 20% Since Jim Cramer Said It’s “Coming Back”

We recently published Jim Cramer’s Biggest Losers: 10 Stocks That Just Didn’t Work Out. CoreWeave Inc. (NASDAQ:CRWV) is one of the stocks discussed by Jim Cramer.

CoreWeave Inc. (NASDAQ:CRWV) is another stock that Jim Cramer has stuck by despite the weak performance. Being one of the biggest proponents of the AI buildout, the CNBC TV host believes that CoreWeave Inc. (NASDAQ:CRWV) is a leader in the space when it comes to building data centers. The firm’s shares are down by 48.8% over the past year and are up by 3% year-to-date. Since Cramer’s remarks in January, the shares are down by 19%. On May 8th, CoreWeave Inc. (NASDAQ:CRWV)’s shares closed 11% lower after the firm reported its fourth quarter earnings. The results saw it post $2.08 billion in revenue to beat analyst estimates of $1.97 billion. However, CoreWeave Inc. (NASDAQ:CRWV)’s $1.40 in loss per share overshot analyst estimates of $0.95. Additionally, its capital expenditure of $6.8 billion also overshot estimates of $6 billion. On July 1st, the stock dipped by a massive 13.9% after Meta announced plans to sell excess compute. Here is what Cramer said about the firm in his morning appearance:

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“CoreWeave’s stock is coming back. . .”

While we acknowledge the risk and 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 more promising than CRWV and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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