BUZZ-CoreWeave surges after Meta, Anthropic deals, upsized bond sales

Reuters04-10 22:59
BUZZ-<a href="https://laohu8.com/S/CRWV">CoreWeave</a> surges after Meta, Anthropic deals, upsized bond sales

Updates

** Cloud infrastructure co CoreWeave's CRWV.O shares surge 14% on Fri to $104.80, an over two-month high, after AI deals with the likes of Meta Platforms META.O and Anthropic, and above-target capital raises

** With the move on the session, CRWV stock up ~27% this week, tracking best such showing since last May, and pushing YTD again to ~47%

** CRWV shares rose 3.5% on Thurs after fresh $21 bln agreement to provide Facebook-parent META additional computing capacity

** Early Fri, CRWV said entered multi-year agreement to support the development and deployment of Anthropic’s Claude family of AI models

** The deal with Anthropic would help CRWV diversify its revenue streams further - Microsoft MSFT.O accounted for ~67% of its revenue last year, and META now among its largest customers

** Amid the deals, CRWV conducted an upsized $3.5 bln 1.75% convertible bond sale and a $1.75 bln 9.75% junk bond sale, which was increased from originally planned $1.25 bln

** Avg rating of 36 analysts covering CRWV is "buy"; median PT $120

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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