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International Business Times UK

Business

Niloy Chakrabarti

This Nvidia-Backed AI Stock Rallied Hard After Inking a $14B Cloud Deal With Meta Platforms

Nvidia CoreWeave Meta OpenAI

CoreWeave became a public company early this year via an initial public offering. (Credit: panumas nikhomkhai/Pexels.com)

Nvidia( Nasdaq:NVDA)-backed AI cloud computing firm CoreWeave (Nasdaq:CRWV) shares surged almost 12% on Tuesday to $136.85 (£101.35) after it announced a $14.2 billion (£10.5 billion) long-term cloud deal with Meta Platforms (Nasdaq:META). The company operates a network of US and European data centres to offer cloud-based infrastructure, like GPU hardware and specialised software, to enterprises and AI labs.

The CoreWeave stock is up 250% since it went public in March through an initial public offering. The latest stock price uptrend signals a rebound from a sluggish September when several insiders sold off shares.

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