CoreWeave (CRWV) shares rose after the cloud group said it will start a new unit called CoreWeave Ventures. The stock closed at $93.55 yesterday, on September 8, up 5.01%, and then added 6.29% (as of writing) in premarket trade. The move adds to a 152.29% rise year-to-date. The rally comes right after CRWV shares took a hit in the wake of the Nebius (NBIS) and Microsoft (MSFT) $17 billion deal.
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CoreWeave Ventures will back young firms that build tools and systems in the fast growing field of artificial intelligence. The new arm will offer capital to help firms scale. It will also give access to the CoreWeave cloud, which is built for AI use, along with test sites to speed up new projects. In addition, it will share product and sales tips drawn from CoreWeave’s work with many AI groups.
A Focus on AI Growth
The company said it is already working with groups that design large language models, build AI applications for specific fields, and improve core technology. This marks a push not only to sell compute power but also to shape the next wave of AI firms.
CoreWeave has drawn notice since its IPO as one of the top names in a new wave of cloud firms focused on AI. By adding a venture arm, the company aims to tie its growth more closely to the rise of startups that will need its equipment. Investors showed quick support, with the stock up again in early trade.
What Is the Price Target for CRWV Stock?
Turning to Wall Street, Coreweave scores a Moderate Buy consensus, with an average CRWV stock price target of $124.71. This implies a 33.31% upside from the current price.
