On Tuesday, AI tokens saw notable gains following OpenAI’s announcement of a successful $40 billion funding round, which was disclosed the day before. This announcement provided a boost to AI-related assets, including Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Render (RENDER), with RENDER leading the surge at a 7.4% increase. Other tokens in the AI sector saw gains of over 3%, and the broader digital assets market, as tracked by the CoinDesk20 Index, also rose by 3%.
CoreWeave (CRWV) shares spiked more than 38% on their third day of trading after the company’s IPO raised nearly $1.5 billion. Despite initial volatility following its debut on Nasdaq on Friday — with the stock falling below the IPO price to $39, and another 10% drop on Monday — investor sentiment improved after OpenAI’s funding news reassured the market.
CoreWeave’s IPO had occurred during a period of heightened global market uncertainty, reducing risk tolerance and investor appetite. However, the strong interest shown in OpenAI’s funding round has reignited confidence in AI-focused companies. OpenAI’s $40 billion raise, which values the company at $300 billion, reaffirmed the potential for AI to attract substantial investment, even amid broader market challenges.
In related news, Core Scientific (CORZ), a major player in the Bitcoin mining and data center industry and a key partner of CoreWeave, saw its shares rise by over 9% on Tuesday.
