Neocloud provider CoreWeave (CRWV) saw its stock rise by 21.5% intraday on July 30 as the company announced a partnership with Leidos Holdings (LDOS) to provide artificial intelligence (AI) cloud services to United Stated federal agencies, so that they can deploy and operate AI at mission scale. This extends CoreWeave’s reach into addressing U.S. Intelligence Community (IC) and Department of Defense's (DoD) unique requirements.
This also diversifies CoreWeave’s customer base, as government contracts bring stability and are spread across a broad number of agencies, which is important for a company that relies on its top customers for a major portion of its revenue.
