Jensen Huang CEO of Nvidia Houston Astros v Oakland Athletics

Nvidia CEO Jensen Huang stands on the mound (Thearon W. Henderson/Getty Images)

CoreWeave reveals stake in Applied Digital, adding another brick to Nvidia’s “House of GPUs”

Applied Digital is up big on the news; CoreWeave, the opposite.

6/5/25 10:17AM

Applied Digital is surging after CoreWeave, the hottest IPO since sliced bread, revealed a 5.5% stake in the data center upstart, which would make it the fifth-largest owner according to publicly available filings.

Who else owns Applied Digital? Nvidia, now the seventh-largest holder with a 3.4% stake as of the end of Q1. And Nvidia, of course, also owns a big chunk of CoreWeave (nearly 7%), which has so far been an immensely profitable position to hold.

The connections between these companies can loosely be depicted as such:

One might think of an ouroboros of sorts (the snake eating itself), or one reader suggested this handy alternative:

Financial Wasserfall FTW

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— clueneeder.bsky.social (@clueneeder.bsky.social) June 4, 2025 at 6:47 PM

What’s the purpose behind all this? Well, something that immediately springs to mind is that by accelerating the deployment of CoreWeave and Applied Digital’s capabilities by providing access to equipment and capital, Nvidia is doing its best to ensure that all the possible near-term demand for AI that can be met is met through Nvidia, one way or another.

CoreWeave provides effectively “surge access” to Nvidia’s GPUs, and signed a deal with Applied Digital earlier this week to lease data center IT load, which analysts noted could help the firm realize its ginormous $25.9 billion order backlog more expeditiously.

Nvidia CEO Jensen Huang has emphasized his desire for the company to be “the platform that wins” in AI, most recently with respect to access to China, but that’s a sentiment that holds true for the private sector at large, as well.

“In the end, the platform that wins the AI developers wins AI,” he said on the company’s most recent earnings call.

CoreWeave is down a ton today. I would be extremely reluctant to attribute CoreWeave’s decline to literally anything; the stock has been going parabolic, sometimes on no news, sometimes on news seemingly from a day ago. High-vol assets can cut both ways! As of yesterday’s close, the recently IPO’d company was up more than 350% from its April 21 closing low.

Palantir climbs toward a fresh record high ahead of earnings report

Traders and Wall Street are waiting to see whether Palantir’s latest numbers after market close today will continue to beat expectations.

Matt Phillips3h

Max Knoblauch3h

Joby’s UAE reported certification delay stokes fears that air taxis may be further off than thought, sending eVTOL stocks down

Commercial air taxi service may be on a slower path than investors previously thought.

Shares of Joby Aviation fell more than 9% on Monday morning amid a report from The National that the company’s UAE certification will be completed by the third quarter of next year. That’s a significant delay from Joby’s own projected timeline in February, when it said it planned to carry passengers in Dubai in “late 2025 or early 2026.”

Rival Archer Aviation, which also recently suffered a hit to its UAE certification timeline, fell more than 9%. Joby and Archer each are expected to report their earnings results later this week.

Also potentially causing some investor pullback is the planned IPO of Beta Technologies on Tuesday. Beta, a manufacturer of electric aircraft, received a $300 million investment from GE Aerospace in September.

Luke Kawa

Options markets signal “optimism peaks” for Magnificent 7 stocks

“The number of stocks in the S&P top 100 trading with inverted call skew (a sign of extremely bullish sentiment where the OTM call trades at a higher volatility than the ATM call) has surged to a high of ~20% (vs. historical average of just 3%),” per Cboe.

Close-up Of Snow-Dusted Zugspitze Massif Peaks In The Wetterstein Mountains In Tyrol

Matt Phillips4h

Micron jumps on report of surging memory chip prices

Micron, the US memory chip specialist, is up more than 4% in early trading Monday after a report that Samsung Electronics was temporarily pausing new pricing on contracts for the latest version of ubiquitous short-term computer memory: Dynamic Random Access Memory, or DRAM. The chip giant wants to see where the market settles after a recent spike in spot prices for memory chips driven by the AI boom.

DRAM and memory chips of all sorts have pricing power because of how much demand is outpacing supply. Last week, South Korean memory chip behemoth SK Hynix said it had already “sold out” all of its 2026 production.

Such signs of ongoing AI-related demand for IT hardware also gave a lift to other data storage device makers, such as Seagate Technology Holdings and Western Digital. The duopoly dominate the hard disk drive market, and have ridden a boom in demand for the affordable data storage devices to gains of more than 200% in 2025.

Exclusive: Samsung delays DDR5 contract pricing to mid-November as spot prices triple

Luke Kawa5h

Nvidia gains as two new AI deals this morning underscore demand for its flagship chips

Nvidia is off to a hot start this week, up about 3% as of 9:40 a.m. ET, as the chip designer continues to be the beating heart at the center of two fresh AI deals announced on Monday morning.

IREN is going to be outfitting a Texas data center with Nvidia GPUs that will be purchased from Dell and utilized by Microsoft.
Amazon Web Services is providing OpenAI access to “hundreds of thousands” of Nvidia GPUs as part of a $38 billion deal for computing power.