Traders Ditched These 10 Stocks. Here’s Why

3. CoreWeave, Inc. (NASDAQ:CRWV)

CoreWeave tumbled by 9.13 percent on Thursday to finish at $105.55 apiece as investors resorted to early profit-taking after reaching an all-time high in intra-day trading.

During the session, CoreWeave, Inc. (NASDAQ:CRWV) rose to a new 52-week high of $130.76 before traders booked profits to pull its share price lower toward the end.

The company’s intra-day performance was said to be boosted by tech giant Nvidia Corp.’s first quarter earnings performance, sparking market enthusiasm for Artificial Intelligence-related stocks.

CoreWeave, Inc. (NASDAQ:CRWV) heavily relies on Nvidia’s GPUs for its cloud services.

In recent news, the company entered into a four-year agreement with OpenAI for another $4 billion worth of services. This is on top of the initial $11 billion strategic deal signed previously.

In the first quarter of the year, CoreWeave, Inc. (NASDAQ:CRWV) widened its net loss attributable to shareholders by 188 percent to $370 million from $129 million year-on-year.

Revenues expanded by 420 percent to $981.6 million from $188.7 million in the same period last year.