Why Nvidia-Backed CoreWeave Stock Is Plunging a Day After Its IPO
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CoreWeave's IPO on Friday raised $1.5 billion, but its stock price fell 7.9% on the first full trading day, remaining at the offering price of $40. Nvidia's $250 million investment is now underwater. The company faces challenges due to market corrections affecting tech stocks and concerns over the value retention of its Nvidia Hopper chips as newer models are released. CoreWeave's significant debt of $13 billion raises further investor concerns, leading to a lackluster reception of its stock.
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