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Investing.com -- CoreWeave (NYSE:CRWV) stock rose 8% Tuesday morning after the AI infrastructure company announced a deal to supply Meta Platforms (NASDAQ:META) with up to $14.2 billion worth of computing power.
The agreement includes providing the social media giant access to Nvidia’s (NASDAQ:NVDA) latest GB300 systems, according to a report from Bloomberg News, citing CoreWeave CEO Michael Intrator. "They loved our infrastructure in earlier contracts and came back for more," Intrator said in an interview.
This major deal helps CoreWeave diversify its revenue streams beyond Microsoft (NASDAQ:MSFT), which accounted for 71% of the company’s revenue in the quarter ending June. "When we came out in the IPO, we got dinged because of our customer concentration," Intrator noted. "This is clearly a step in the right direction for diversification."
The Meta agreement follows another multibillion-dollar commitment from OpenAI announced last week. CoreWeave’s stock has more than tripled in value since its March initial public offering, as major technology companies race to secure computing resources for advanced AI model development.