Closing Bell: USA Rare Earth Rallies, CoreWeave Rises, Trade Desk Slips
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Show Notes
On this episode of Stock Movers:
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
- USA Rare Earth (USAR) signed a non-binding agreement with the Commerce Department for $1.6 billion in funding, the latest White House deal to boost production of rare-earth elements on domestic soil. The pact — which comes alongside $1.5 billion in private-sector investment — will support the company’s spending on rare-earths mining, processing, metal-making and magnet manufacturing, the Oklahoma-based company said in a statement. USA Rare Earth is one of several companies pursuing what would be the first new US rare-earths mines in decades, if they’re completed. Shares of USA Rare Earth rose as much as 29% on Monday.
- CoreWeave (CRWV) traded higher today after Nvidia (NVDA), the dominant maker of artificial intelligence chips, invested an additional $2 billion in the cloud computing firm. Nvidia purchased CoreWeave Class A common stock at $87.20 a share, the companies said Monday, in a move aimed at speeding up an effort to add more than 5 gigawatts of AI computing capacity by 2030. As part of the collaboration, CoreWeave will be among the first to deploy forthcoming Nvidia products, including storage systems and a new central processing unit, or CPU. Nvidia, already a CoreWeave investor, previously agreed to buy more than $6 billion in services from the firm through 2032. CoreWeave shares rose as much as 17% in trading Monday, while Nvidia’s stock inched up by less than 1%.
- Trade Desk (TTD) fell after the advertising technology company said the employment of Chief Financial Officer Alex Kayyal was terminated over the weekend.
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