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CoreWeave (NASDAQ:CRWV) shares rocketed more than 20% Tuesday afternoon, as a range of artificial intelligence infrastructure and data center stocks made gains.
The AI hyperscaler CoreWeave launched its IPO in late March, yet its stock has already ballooned from $40 on opening day to nearing $150 in a little more than two months. On Monday, it was announced CoreWeave had entered into a pair of 15-year lease agreements with Applied Digital (NASDAQ:APLD). Applied Digital will deliver 250 megawatts of IT critical load to host CoreWeave’s AI and high-performance computing infrastructure at its data center campus in Ellendale, N.D.
This followed an agreement in April that Galaxy Digital Holdings (OTCPK:BRPHF) will deliver about 260 MW of incremental critical IT load to host CoreWeave’s AI and high-performance computing at its Helios data center campus in West Texas. Galaxy Digital jumped 4% on Tuesday.
CoreWeave has brought thousands of Nvidia’s (NASDAQ:NVDA) Grace Blackwell graphic processing units online, becoming the first cloud provider to make the new GPUs generally available at scale.
Nvidia shares were up 2.5% on Tuesday. Other providers of AI hardware and data center infrastructure were on the rise as well. Qualcomm (NASDAQ:QCOM) perked up 1% and Marvell Technology (NASDAQ:MRVL) climbed 1.5%. Broadcom (NASDAQ:AVGO) had increased 1.7%. Advanced Micro Devices (NASDAQ:AMD) edged up 1.4%, while Intel (NASDAQ:INTC) had increased 2.4% by mid-afternoon trading. And Credo Technology (NASDAQ:CRDO), which provides products for data centers and cloud networks, surged 16% following its latest financial results.