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Benzinga
Benzinga
Business
Surbhi Jain

CoreWeave Turns $50 Million Convertible Notes Into $12.5 Billion AI Jackpot For This Hedge Fund (CORRECTED)

CoreWeave Magnetar CoreWeave Inc CRWV Gold Nvidia
CoreWeave

Editor's Note: This article has been updated for accuracy and clarity.

Magnetar Financial—once famous for shorting subprime debt—has quietly morphed into one of the biggest beneficiaries of the AI gold rush. The billionaire hedge fund manager's bet on CoreWeave Inc. (NASDAQ:CRWV) has ballooned from a modest $50 million in convertible notes into a $12.5 billion stake, representing nearly 72% of Magnetar's $20.5 billion portfolio and driving a 145% quarterly gain.

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