OpenAI’s $40B Capital Boost Calms Volatile Markets, Propelling CoreWeave and AI Tokens Higher

AI-related assets saw a significant boost on Tuesday after OpenAI announced the successful closing of a record-breaking $40 billion funding round, which injected optimism into the market. Among the beneficiaries were AI tokens such as Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Render (RENDER), which all saw increases of over 3%. RENDER led the charge with a notable 7.4% jump, while the broader market, as measured by the CoinDesk20 Index, rose by 3%.

CoreWeave (CRWV), a company specializing in AI and cloud computing, experienced a remarkable 38% surge in its stock price on its third day of trading after raising nearly $1.5 billion in its IPO. Initially, CoreWeave’s stock had faced a rough start, dropping below its IPO price of $40 and enduring a 10% dip on its first full day of trading. This downturn occurred amidst a period of market uncertainty, which had dampened investor sentiment.

However, the announcement of OpenAI’s $40 billion funding round, which values the company at $300 billion, has renewed investor confidence in the AI sector. This positive shift in sentiment has spread across digital assets, with several AI tokens seeing a boost. Core Scientific (CORZ), which has a major partnership with CoreWeave, also saw its shares climb more than 9% on Tuesday, further highlighting the renewed interest in AI-driven technologies and companies.

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