CoreWeave rebounds in third day of trading

Shares of artificial intelligence startup CoreWeave CRWV.O bounce back above IPO price in third day of trading on Weds

CRWV shares rise as much as 10.6% to $41 so far on the session. Stock on Mon hit post-debut low of $36 before ending down 7.3% at $37.08

Nvidia NVDA.O-backed firm's shares finished flat at $40 in debut on Fri after $1.5 bln IPO was slashed in size and priced well below expectations

AI poster child Nvidia, which had ~6% pre-IPO stake in CoreWeave, bought $250 mln worth of the offering's shares, Reuters reported

CoreWeave, which has been unprofitable, posted more than eightfold rev increase in 2024 to $1.9 bln

Microsoft MSFT.O, a competitor through its Azure unit and a customer, accounted for nearly two-thirds of CoreWeave's rev last year

CoreWeave's IPO was viewed as a crucial barometer of investor appetite for new listings and sentiment for AI-related stocks after the launch of China's DeepSeek

The combined disappointing performances of CoreWeave and liquefied natural gas exporter Venture Global VG.N, two major IPOs this year, could weigh on the new listings pipeline