OpenAI’s $40B Raise Calms Market Jitters, Sends CoreWeave and AI Tokens Higher

CoreWeave (CRWV) shares rose more than 38% on their third day of trading debut after raising nearly $1.5 billion from its IPO following OpenAi’s announcement of a record-breaking $40 billion funding round on Monday.

The artificial intelligence (AI) startup went public on the Nasdaq exchange on Friday afternoon. The stock dropped below its IPO price to $39 and ended the day flat at $40 before dropping another 10% on Monday, its first full day of trading. CoreWeave’s IPO came at a time of strong anxiety and uncertainty in global markets, diminishing investor appetite and risk tolerance.

However, investor sentiment towards AI-related stocks seemed to have changed on Tuesday after AI powerhouse OpenAI announced on Monday that it had closed a $40 billion funding round, valuing the company at $300 billion. The move appears to have assured investors that there continues to be a strong appetite for AI companies, even in the current rough market.

This positive outlook has also spread to digital assets, as AI-related tokens were boosted on Tuesday. AI tokens, including Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO) and Render (RENDER), were all up over 3% on Tuesday, with RENDER leading the group, trading 7.4% higher. The broader digital assets market, CoinDesk20 Index, also rose 3%.

Meanwhile, the shares of Core Scientific (CORZ), the bitcoin miner and data center with a large partnership with CoreWeave, have also risen more than 9% on Tuesday.