MW CoreWeave's stock pops on data-center investment - and that's not the only big AI news today
By Emily Bary
As the Pennsylvania Energy and Innovation Summit kicks off, Google is making a $25 billion data-center commitment to the broader region
It's a busy day for data-center news as the Pennsylvania Energy and Innovation Summit kicks off, featuring politicians and corporate executives who will discuss new ways to power artificial intelligence in the U.S.
The event, hosted by Sen. Dave McCormick - who previously led Bridgewater Associates - will include appearances by President Donald Trump and other politicians - as well as announcements about CoreWeave Inc. (CRWV).
CoreWeave shares were already rising 7% in Tuesday's premarket action after the company put out a release saying it intends to make a commitment of as much as $6 billion toward a new data center in Lancaster, Pa.
The data center, which will start at 100 megawatts with the opportunity to expand to 300 megawatts, "represents one of the first large-scale data centers of its kind in the region and will support U.S. global competitiveness in AI," CoreWeave said in its release.
With the premarket move, CoreWeave's stock is indicating above $142, which is still below the stock's closing high of $183.58 achieved in June.
Read: CoreWeave's stock has quadrupled since the IPO - and that's just one reason some analysts are cautious
Additionally, Alphabet Inc.'s $(GOOG.UK)$ (GOOGL) Google plans to pour $25 billion over the next two years into data centers and other AI-related infrastructure projects in the PJM - the major energy region in the eastern United States.
Ruth Porat, Alphabet's president and chief investment officer, will be attending Tuesday's summit.
Separately, Brookfield Asset Management and Google said they've struck a "hydro framework agreement," which the companies billed as "the world's largest corporate clean power deal for hydroelectricity." The deal also covers the PJM region and will see Google commit more than $3 billion to help modernize two of Brookfield's hydroelectric facilities in Pennsylvania.
"Delivering power at scale and from a range of sources will be required to meet the growing electricity demands from digitalization and artificial intelligence," Connor Teskey, president of Brookfield Asset Management, said in a release.
Artificial intelligence is very power-intensive, and big hyperscale cloud providers like Alphabet, Microsoft Corp. $(MSFT.UK)$ and Amazon.com Inc. $(AMZN.UK)$ have been looking for new clean-energy sources. The companies have struck various nuclear arrangements dating back to last year as they sought new power options.
See also: Google is making another bet on nuclear energy as it steps up its AI efforts
-Emily Bary
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
July 15, 2025 09:30 ET (13:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Comments