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Wall Street Journal

AI Startup CoreWeave Nearly Triples Valuation to $19 Billion in Five Months

Nvidia-backed company raises $1.1 billion from investors including Fidelity, Magnetar Capital

CoreWeave, a cloud-computing startup backed by Nvidia NVDA 0.74%increase; green up pointing triangle, nearly tripled its valuation to $19 billion in a new funding round that highlights booming demand for the cutting-edge systems that power artificial intelligence. The $1.1 billion funding round was led by Coatue, and follows a round about five months ago that valued seven-year-old CoreWeave at $7 billion.

The New Jersey-based company rents out chips housed in data centers across the U.S. that customers use to create and deploy AI systems. It is part of a new crop of companies offering cloud-computing tailored for AI, setting it apart from big tech companies such as Microsoft and Amazon, which offer a wider range of cloud services.

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