CoreWeave shares rose Monday after the company announced a $6.3 billion agreement with Nvidia, according to Benzinga. Under the deal, Nvidia will purchase CoreWeave’s unsold cloud capacity through April 2032. The stock initially climbed more than 9% in premarket trading before retreating after Kerrisdale Capital disclosed a short position. The firm argued CoreWeave’s valuation rests on hype, debt, and dependence on a few customers, not innovation. Kerrisdale called the company “a debt fueled GPU rental business” and set a fair value target of $10 per share. CoreWeave closed up 7.82% at $120.71, according to Benzinga Pro.
