CoreWeave (CRWV) Stock Jumps as It Unveils Nvidia Vera Rubin Access

TLDR

• CoreWeave stock rose about 1% Wednesday after unveiling new Nvidia hardware access at its first Fully Connected conference.
• The company now offers Nvidia’s Vera Rubin NVL72 platform and the Vera CPU, built for AI agents.
• CoreWeave launched Forge, a new software platform for training and managing AI agents and models.
• Truist reiterated a Buy rating and $165 price target, calling the stock undervalued.
• CoreWeave posted 115% revenue growth over the last twelve months, though it continues burning cash while scaling.

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CoreWeave stock climbed about 1% on Wednesday. The move came after the AI cloud provider announced new hardware and software at its first ever Fully Connected conference.

CoreWeave, Inc. Class A Common Stock, CRWV

The stock trades near $87 a share. Shares are up more than 21% this year but still sit 53% below their all-time closing high from last June.

CoreWeave unveiled access to Nvidia’s Vera Rubin NVL72, a system Nvidia describes as a supercomputer. It also introduced the Nvidia Vera CPU, a chip built to support AI agents rather than just training large models.

The company launched CoreWeave Forge alongside the hardware news. Forge is a software platform meant to help customers train, run, and manage AI agents and models.

New Hardware, New Customers

Cognition is the first CoreWeave customer running production workloads on the Vera Rubin NVL72 systems. Cognition builds AI software development tools.

No customers are officially using the Vera CPU yet. CoreWeave is still in early release phases for that chip.

Corey Sanders, CoreWeave’s senior vice president of product, said some customers should begin testing the Vera CPU in the coming weeks. GPUs have driven most AI training work so far.

Industry analysts expect CPUs to matter more as AI shifts from training models to running autonomous agents. That shift is part of why CoreWeave is pushing this new chip now.

CoreWeave is racing against other neoclouds and large cloud providers to get new chips online fast. Nebius Group is one of those rivals, along with bigger players like Amazon and Alphabet.

Speed is CoreWeave’s main selling point. It aims to equip data centers with Nvidia chips as quickly as possible to meet AI demand.

Nvidia isn’t just a supplier here. It’s also CoreWeave’s second-largest shareholder, after putting in a $2 billion investment back in January.

Analyst Views on Pricing

Truist Securities reiterated a Buy rating on CoreWeave with a $165 price target. That’s well above the stock’s current price near $87.

Truist met with CoreWeave management before the company entered its quiet period. Pricing dynamics were a central topic of that conversation.

The firm expects a modest positive impact on 2027 exit annual recurring revenue. Truist sees a bigger boost in 2028 as more contracts come up for renewal.

CoreWeave posted 115% revenue growth over the past twelve months. The company is still burning through cash quickly as it scales operations, according to InvestingPro data.

Truist also discussed CPU pricing trends in the broader market. Akamai, for comparison, is pricing CPU workloads at $22 million per megawatt over seven years.

CoreWeave has picked up other bullish analyst calls recently too. JPMorgan upgraded the stock to Overweight, pointing to favorable compute pricing and CoreWeave’s short-term contract strategy.

William Blair started coverage with an outperform rating. Jones Trading also initiated with a buy rating, citing backlog growth and Nvidia’s backing.

Cantor Fitzgerald kept its Overweight rating with a $176 price target. It cited CoreWeave’s Platinum status in a recent industry ranking.

Truist noted CoreWeave is comfortable with its financing position through 2026. That follows a large convertible senior note offering and an at-the-market share sale earlier this year.