The race to build computing capacity for artificial intelligence is reviving bullish bets on one of Wall Street’s most contentious stocks: CoreWeave Inc.
Shares of the computing-services provider have rallied 35% in less than two weeks, soaring after Microsoft Corp., CoreWeave’s biggest customer, said it plans to step up investments in AI infrastructure. Microsoft’s spending alleviated concerns that the run-up in the stock was outpacing CoreWeave’s outlook for growth. The shares are down 24% from a June peak, but remain up almost 250% since the company’s initial public offering in March.