Does Nvidia-Backed CoreWeave's Lackluster IPO Signal the AI Stock Boom Is Officially Over?

An up-and-coming company specializing in the hottest technology area decides to go public. It's teamed up with the most prominent player in that area. The company's initial public offering (IPO) is set to be the biggest for a tech stock in years. And then... pfffft. That's the story for artificial intelligence (AI) hyperscaler CoreWeave (NASDAQ: CRWV). Despite backing by AI giant Nvidia (NASDAQ: NVDA), its recent IPO was lackluster at best. Does this signal that the AI stock boom is officially over? Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free »A decidedly unspectacular IPOExpectations were high when CoreWeave filed for its IPO on March 3. The company's revenue soared 737% year over year in 2024. It boasted major customers, including IBM, Meta Platforms, and Microsoft. CoreWeave enjoys an especially close relationship with Nvidia. It uses Nvidia's GPUs. CoreWeave's software and infrastructure also help maximize the GPUs' perf...