CoreWeave’s stock debuted on Nasdaq at $39 and closed at $40, below the expected range, after raising $1.5 billion in its share sale, making it the largest tech IPO in the U.S. since 2021. The company, a supplier of AI technology in the cloud, faces competition from major cloud vendors like Microsoft, Amazon, Google, and Oracle, with Microsoft being its biggest customer. Despite a net loss of $863 million last year, CoreWeave reported a revenue increase of 737%, reflecting the capital-intensive nature of its business due to high data center costs.
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Impact of Iran-Israel conflict on oil could last for years
The oil market remains cautious amid the ongoing Israel-Iran conflict, with minimal supply disruptions and Brent crude prices only rising about $10. However, potential medium-term risks include political upheaval in Iran that could severely impact oil production, coinciding with reduced spare capacity in Opec+ and stagnating US output, potentially leading to higher prices in the future. Need More Context? 🔎
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