Artificial intelligence startup CoreWeave's shares were up 17% at $43.50 on their third day of trading on Tuesday, above their initial public offering price of $40. On Friday, the Nvidia-backed stock debuted for trading at $39,

Shares of CoreWeave were recently down about 9% to under $37, below the $39 at which it opened trading last week. Part of the pullback is likely due to broader market concern, with investors jittery about what might happen later this week with the Trump administration tariff policy .

CoreWeave stock gained more than 20% in Tuesday trading, bouncing back after a rough start for the Nvidia-backed AI stock.

CoreWeave rents out access to Nvidia graphics processing units to other large tech and AI companies including Meta, IBM and Cohere.

After waiting over three years for a billion-dollar-plus IPO from a U.S. tech company, Wall Street’s top banks only got a 2.8% fee.

CoreWeave has a huge contract that is helping investors look beyond its debt load. Shares of the cloud infrastructure company are soaring today, however. The stock was up by 21.5% as of 1:45 p.m. ET,