CoreWeave pops 25% to post-IPO high on day three

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

CRWV jumps as much as 25.3% to post-IPO high of $46.46 on the session. Stock on Mon hit post-debut low of $36 before ending down 7.3% at $37.08

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

CRWV among the top trending tickers on retail investor-focused social media stocktwits.com, along with conservative news channel Newsmax NMAX.N, which is extending its dizzying gains on Tues following its stunning NYSE debut on Mon

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