An upstart challenger to cloud computing giants Amazon and Microsoft is using its alliance with Nvidia to turn artificial intelligence chips into a “new asset class” and raise billions of dollars.
New Jersey-based CoreWeave, which was founded in 2017 by former energy traders as a cryptocurrency miner, has raised $8.6bn in debt and equity over the past month to lift its valuation to $19bn. A year ago, Nvidia took a $100mn stake that valued it at $2bn.
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