CoreWeave's stock rallies on disclosure of $6.3 billion order from Nvidia (www.cnbc.com)

CoreWeave disclosed that Nvidia — already an investor and primary supplier — has committed to an order worth at least $6.3 billion under a framework dating back to 2023, with Nvidia obliged to purchase any residual unsold capacity through April 2032. The company said it will publish the full agreement with its next financial report. The announcement sent CoreWeave shares higher; the stock has roughly tripled since its March IPO and the company is now valued at over $58 billion. Technically, the deal locks in long-term demand and a revenue backstop for CoreWeave’s vast fleet of hundreds of thousands of Nvidia GPUs that it rents to AI customers, reducing commercial risk and improving capacity planning. That matters for the AI ecosystem because GPU supply is the bottleneck for large-model training and inference — and this pact further cements Nvidia’s dominance (it held ~7% of CoreWeave’s Class A shares at midyear). CoreWeave’s Q2 revenue was $1.21 billion (up 207% YoY) despite a $290.5 million net loss, and it also holds an $11.9 billion, five-year contract with OpenAI. The deal thus stabilizes CoreWeave’s growth trajectory but highlights industry concentration risk: customers and cloud providers remain heavily dependent on Nvidia chips, and long-term bilateral guarantees could shape pricing, competition for capacity, and regulatory scrutiny.