BUZZ-CoreWeave surges to highest since March IPO

Reuters
17 May
BUZZ-CoreWeave surges to highest since March IPO

** CoreWeave CRWV.O shares soaring 24% on Fri in latest volatile session for the AI data center operator

** The Nvidia-backed NVDA.O co has signed an additional agreement with OpenAI under which the ChatGPT maker has committed to pay CRWV up to $4 bln through April 2029, a regulatory filing showed on Thurs

** On Wed, in its first qtrly report since its March public listing, co unveiled a hefty capex plan, saying its second-qtr spending would be in range of $3 bln to $3.5 bln, with rev likely to come in at $1.06 bln to $1.1 bln

** CRWV now more than double its $40 IPO price

** JP Morgan raised its PT to $66 from $43, and Mizuho boosted its PT to $70 from $46

** Of the 16 analysts covering CRWV, recommendation breakdown is 8 "strong buy" or "buy", 7 "hold" and 1 "sell" rating and the median PT is $63, latest LSEG data shows

(Reporting by Noel Randewich)

((noel.randewich@thomsonreuters.com))

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