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CoreWeave shares have more than tripled since the company went public in March
CoreWeave shares surged Tuesday as the company said it plans to invest $6 billion in a new Pennsylvania data center.
The Nvidia partner is expected to announce the investment at an energy summit alongside President Donald Trump.
CoreWeave shares have tripled since the company went public in March but are down since the company announced a major acquisition last week.
CoreWeave (CRWV) shares extended gains this week after the Nvidia (NVDA) partner said it would invest more than $6 billion in a new AI data center in Pennsylvania.
The AI cloud provider’s stock jumped over 8% to above $143 in early trading Tuesday, building on a 5% gain a day earlier. Shares have more than tripled since CoreWeave went public in March but are down about 14% from last week, when the company announced a $9 billion acquisition of Core Scientific.
CoreWeave plans to announce the data center investment as part of a roundtable discussion with President Donald Trump and other lawmakers and industry leaders at the inaugural Pennsylvania Energy and Innovation Summit.
“The demand for high-performance AI compute is relentless, and CoreWeave is scaling a cloud purpose-built for AI to meet it and strengthen US leadership,” CoreWeave CEO Michael Intrator said. “This data center will accelerate innovation and drive economic growth across the region.”
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