Shares of CoreWeave, Inc. (NASDAQ:CRWV) are trading higher Wednesday. The New Jersey-based cloud computing company announced a new partnership with Poolside, a foundation model company.
- CRWV is charging ahead with explosive momentum. Check out the latest moves here.
What To Know: CoreWeave said it will provide Poolside with a cluster of Nvidia GB300 NVL72 systems, including more than 40,000 GPUs.
CoreWeave also plans to give Poolside access to its cloud solutions for Project Horizon, Poolside’s 2 GW AI campus in West Texas. CoreWeave will serve as the anchor tenant and operational partner for the first phase, which comprises 250 MW of gross power and includes an option to expand capacity by an additional 500 MW.
“This partnership with CoreWeave ensures immediate access to next-generation silicon, enabling us to train multi-trillion parameter models with large scale reinforcement learning. With this secured, we can now demonstrate our compounding research, engineering, and data advantages,” said Eiso Kant, co-founder and co-CEO of Poolside.
CRWV Analysis: From a technical perspective, CoreWeave stock is currently trading 20.8% above its 50-day moving average of $116.12, indicating a bullish trend. The relative strength index (RSI) stands at 55.33, suggesting that the stock is neither overbought nor oversold, which may provide room for further upside in the near term.
Key support is identified at $126.36, which may act as a safety net for the stock should it experience any pullbacks. On the other hand, resistance is positioned at $142.66, a level that could challenge the stock’s momentum as it approaches this threshold.
As the stock approaches the resistance level of $142.66, a decisive break above this point could signal a continuation of the bullish trend, potentially targeting the 52-week high of $187.00. Conversely, a drop below the support level of $126.36 would warrant caution, suggesting a reevaluation of the stock’s upward momentum.
CRWV Price Action: CoreWeave shares are up 4.28%, trading at $139.79 at the time of publication on Wednesday, according to Benzinga Pro. The stock is still 25.3% below its 52-week high and has traded between $136.40 and $141.30 in Wednesday’s session.
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