The recently IPO'd CoreWeave ( CRWV 6.65%) offered the latest reminder of the explosive growth in AI, and its recent revenue jump blew Nvidia's away. Admittedly, CoreWeave is much smaller than Nvidia, but its revenue soared 737% in 2024 to reach $1.9 billion.

CoreWeave priced its initial public offering (IPO) at $40 a share in March. The company initially expected to sell shares in the range of $47 to $55, but concerns about the pace of AI spending and CoreWeave's business model caused it to downsize the offering. Nvidia ( NVDA) — an early CoreWeave investor — reportedly anchored the IPO at $40.

CoreWeave’s stock is now up more than 31% since its flat trading debut on Friday. Analysts note it has a smaller float that can make it prone to volatile swings.

Artificial intelligence startup CoreWeave's shares closed up 42% at $52.57 on Tuesday, their third day of trading, above their initial public offering price of $40.

CoreWeave shares surged more than 40% on Tuesday, lifting its market cap to nearly $25 billion after a weak market debut, according to CNBC. The AI cloud firm had dropped more than 10% Monday, falling below its IPO price.

CoreWeave stock bounced around in Wednesday morning trading but was headed higher in recent action, tacking on more after a 40% rally Tuesday.