Why CoreWeave, Inc. (CRWV) Surged On Friday

We recently published a list of Investors Rushed Into These 10 Stocks Today. In this article, we are going to take a look at where CoreWeave, Inc. (NASDAQ:CRWV) stands against other Friday’s best-performing.

CoreWeave ended a two-day losing streak on Friday, jumping 5.46 percent to finish at $111.31 apiece as investors resorted to bargain-hunting to take advantage of the dips.

In the prior day, CoreWeave, Inc. (NASDAQ:CRWV) touched a new all-time high of $130.76 as investors loaded on Artificial Intelligence-related stocks, boosted by tech giant Nvidia Corp.’s impressive earnings performance for the first quarter of the year. CoreWeave, Inc. (NASDAQ:CRWV) heavily relies on Nvidia’s GPUs for its cloud services.

Why CoreWeave, Inc. (CRWV) Surged On Friday

A close up of a software engineer typing on a laptop keyboard, focusing on the code development part of the company.

In recent news, the company entered into a four-year agreement with OpenAI for another $4 billion worth of services. The amount was 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.

Overall, CRWV ranks 8th on our list of Friday’s best-performing. 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.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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