CoreWeave Stock: Hudson River Trading Secures Cloud Contract - Ad-hoc-news.de
Article excerpt
Specialist AI infrastructure company CoreWeave is advancing its growth trajectory through a significant expansion in the financial sector. Yesterday, the group announced the conclusion of a multi-year contract with Hudson River Trading (HRT). The agreement stipulates that the quantitative trading firm will use CoreWeave's cloud computing services to support its research activities and new trading models in the field of Artificial Intelligence. The agreement now concluded represents a significant expansion of the existing partnership between the two companies. Jon Jones, Chief Revenue Officer at CoreWeave, described the deal as a significant expansion, without, however, disclosing the exact financial details of the transaction. For CoreWeave, the deal represents another step in its strategy to provide specialized high-performance capacities for compute-intensive applications. This expansion of the customer base comes against the backdrop of a massively growing order backlog. The company announced on August 11 that its revenue backlog has risen to 104 billion US dollars. New commitments from the third quarter totaling over 25 billion US dollars are not even included in this sum. To meet the increasing demand, CoreWeave plans to provide an available capacity of over 1.85 gigawatts in its data centers by the end of the year. CoreWeave's financial dynamics remain characterized by...
Keep reading with a free account
The rest of this article, and every signal for CoreWeave, is in your free account.
Extracted from this sentence
In the second quarter, which ended on June 30, revenue climbed by 112 percent year-over-year to 2.58 billion US dollars.
