AI-related tokens and stocks surged on Tuesday, following OpenAI’s announcement of closing its $40 billion funding round, sparking renewed investor confidence in the sector. Tokens like Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Render (RENDER) rose by over 3%, with RENDER leading the rally with a 7.4% increase. The broader digital asset market also saw a positive shift, with the CoinDesk20 Index climbing by 3%.
CoreWeave (CRWV), a key player in the AI cloud and computing space, saw its stock jump by more than 38% on its third day of trading. The company had raised nearly $1.5 billion in its initial public offering (IPO) but faced a rough start, with its stock dropping below its IPO price on its first full day of trading. CoreWeave’s debut coincided with market volatility, which led to a cautious sentiment among investors.
However, OpenAI’s $40 billion funding round, which valued the company at $300 billion, has injected optimism back into the AI sector. This development has reassured investors that the demand for AI technologies remains strong, even amid broader market uncertainty. Core Scientific (CORZ), a bitcoin mining and data center company partnered with CoreWeave, also saw its shares rise more than 9%, reflecting the broader market shift towards AI and tech stocks.
