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. 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.
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. 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. 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.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
This article is originally published at Insider Monkey.
Hedge Fund Resource Center