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 11:17AM

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

[image or embed]
— 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.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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

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