Why CoreWeave, Inc. (CRWV) Skyrocketed Today

We recently published a list of These 10 Stocks Are On Fire Right Now. In this article, we are going to take a look at where CoreWeave, Inc. (NASDAQ:CRWV) stands against other Wednesday’s best-performing stocks.

CoreWeave rallied for a fourth consecutive day on Wednesday, jumping 8.39 percent to close at $163.10 apiece following the unveiling of record-breaking performance results using Nvidia Corp.’s latest Grace Blackwell chips.

In a statement, CoreWeave, Inc. (NASDAQ:CRWV) said that it used 2,496 Nvidia GPUs on its AI-optimized cloud platform, making its submission the largest-ever benchmarked under MLPerf.

Why CoreWeave, Inc. (CRWV) Skyrocketed Today

A close-up of a digital cloud, signifying the expansive reach of the software-as-a-service solution.

CoreWeave, Inc. (NASDAQ:CRWV) said that the test was 34x larger than the only other submission from a cloud provider.

“AI labs and enterprises choose CoreWeave because we deliver a purpose-built cloud platform with the scale, performance, and reliability that their workloads demand,” said CoreWeave, Inc. (NASDAQ:CRWV) Chief Technology Officer Peter Salanki.

“These MLPerf results reinforce our leadership in supporting today’s most demanding AI workloads,” he added.

The unveiling followed the company’s new $7-billion deal with Applied Digital Corporation (NASDAQ:APLD), which covered two 15-year lease agreements, under which the latter will deliver 250 megawatts of critical IT load to host its artificial intelligence (AI) and high-performance computing (HPC) infrastructure at its Ellendale, North Dakota data center campus.

Overall, CRWV ranks 7th on our list of Wednesday’s best-performing stocks. While we acknowledge the potential of CRWV, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CRWV and that has 10,000x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.