CoreWeave stock climbed about 1% on Wednesday. The move came after the AI cloud provider announced new hardware and software offerings at its first-ever Fully Connected conference.

The company unveiled access to Nvidia's Vera Rubin NVL72, a system Nvidia describes as a supercomputer, and introduced the Nvidia Vera CPU, a chip built to support AI agents rather than just training large models. Alongside the hardware news, CoreWeave also launched Forge, a new software platform meant to help customers train, run, and manage agents and models.

Shares of CoreWeave, Inc. Class A Common Stock (CRWV) trade near $87 a share. The stock is up more than 21% this year but still sits 53% below its all-time closing high from last June.

The announcements highlight CoreWeave's push to bring next-generation Nvidia hardware to customers ahead of rivals, a race that has become central to its business.

New Hardware, New Customers

Cognition, a company that builds AI software development tools, is the first CoreWeave customer running production workloads on the Vera Rubin NVL72 systems. No customers are officially using the Vera CPU yet, as CoreWeave remains in early release phases for that chip.

Corey Sanders, CoreWeave's senior vice president of product, said some customers should begin testing the Vera CPU in the coming weeks — a near-term milestone for the chip's rollout.

GPUs have driven most AI training work so far. Industry analysts expect CPUs to matter more as AI shifts from training models to running autonomous agents. That shift is part of why CoreWeave is pushing this new chip now — and why Forge, its new software layer for running and managing agents, is arriving alongside the hardware.

CoreWeave is racing other neoclouds — AI-focused cloud providers like itself — and large cloud providers to get new chips online fast. Nebius Group is one of those rivals, along with bigger players like Amazon and Alphabet. Speed is CoreWeave's main selling point. The company aims to equip its data centers with Nvidia's newest chips as quickly as possible to meet AI demand.

Nvidia is not just a supplier to CoreWeave. The chipmaker is also CoreWeave's second-largest shareholder, following a $2 billion investment made back in January.

Analyst Views on Pricing

Truist Securities reiterated a Buy rating on CoreWeave with a $165 price target, describing the stock as undervalued. That target sits well above the current share price near $87. The firm met with CoreWeave management before the company entered its quiet period — a stretch when companies typically limit public commentary — and pricing dynamics were a central topic of the conversation.

The firm expects a modest positive impact on 2027 exit annual recurring revenue, an annualized measure of contracted revenue. Truist sees a bigger boost in 2028, as more contracts come up for renewal.

CoreWeave posted 115% revenue growth over the past twelve months. Despite that pace, the company is still burning through cash quickly as it scales operations, according to InvestingPro data.

Truist also discussed CPU pricing trends in the broader market. Akamai, for comparison, is pricing CPU workloads at $22 million per megawatt over seven years.

Beyond Truist, CoreWeave has picked up a series of other bullish analyst calls recently. JPMorgan upgraded the stock to Overweight, pointing to favorable compute pricing and CoreWeave's short-term contract strategy. William Blair initiated coverage with an outperform rating. Jones Trading also initiated with a buy rating, citing backlog growth and Nvidia's backing. Cantor Fitzgerald maintained its Overweight rating with a $176 price target, citing CoreWeave's Platinum status in a recent industry ranking.

Truist additionally noted that CoreWeave is comfortable with its financing position through 2026. That follows a large convertible senior note offering — debt that can convert into equity — and an at-the-market share sale, which sells stock gradually into the open market, earlier this year.