Why CoreWeave, Inc. (CRWV) Went Down On Thursday

We recently published a list of Traders Ditched These 10 Stocks. Here’s Why. In this article, we are going to take a look at where CoreWeave, Inc. (NASDAQ:CRWV) stands against other worst-performing stocks.

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.

Why CoreWeave, Inc. (CRWV) Went Down On Thursday

A close-up of a server running a cloud-native platform, symbolizing the power of the software-as-a-service (SaaS) business area.

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.

Overall, CRWV ranks 3rd on our list of worst-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 100x 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.