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The Star
7 days ago
- Business
- The Star
Applied Digital and CoreWeave ink 15-year lease worth $7 billion
A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid Applied Digital said on Monday it has entered into two 15-year leases with CoreWeave, a specialized cloud services provider backed by Nvidia, which will generate about $7 billion in revenue for the data center operator over the lease period. WHY IT'S IMPORTANT The deal could prove to be a major lifeline for Applied Digital, which has been facing challenges in the data center hosting sector as it transitions into a data center real estate investment trust. The company's shares surged by 17% in premarket trading following the lease announcement. KEY QUOTES "These leases solidify Applied Digital's position as an emerging provider of infrastructure critical to the next generation of artificial intelligence and high-performance computing,' CEO of Applied Digital, Wes Cummins, said in a statement. "Through these newly signed long-term leases with CoreWeave, we are taking a step forward in our strategic expansion into advanced compute infrastructure." CONTEXT The emergence of new cloud service providers, known as "neoclouds" like CoreWeave, focuses on renting Nvidia's highly sought-after chips to software developers. Leasing data center infrastructure from companies like Applied Digital helps reduce some of the financial burden of providing AI-centric cloud services. CoreWeave's shares were up close to 4%. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Tasim Zahid)
The Star
15-05-2025
- Business
- The Star
Coreweave signs new $4 billion deal with OpenAI, filing shows
FILE PHOTO: A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo
The Star
15-05-2025
- Business
- The Star
CoreWeave's shares slip after it unveils AI spending plans in first results since IPO
FILE PHOTO: A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo (Reuters) -CoreWeave shares fell more than 5% in premarket trading on Thursday, after the Nvidia-backed artificial intelligence company unveiled its capital expenditure plans to meet booming demand. The data center operator, which went public in March, forecast its second-quarter capital expenditure would be in the range of $3 billion to $3.5 billion while revenue expectations were $1.06 billion to $1.1 billion. CoreWeave's management was optimistic about the demand for its services on the post-earnings call, but brokerage MoffettNathanson said "the cost of preparing to meet this demand may spook investors" who are paying a high price for the stock. CoreWeave, which leases computing capacity to technology companies and hyperscalers building AI models such as one of its prominent customers Microsoft, reported a more than five-fold increase in revenue to $981.6 million for the first three months of the year. "We have also added new enterprise customers and a new hyperscaler and signed expansion agreements with several large customers, including a recent $4 billion expansion with a large AI enterprise," CoreWeave's CEO Michael Intrator said. Its annual and second-quarter capital expenditure forecasts indicate AI spending could continue at a similar pace even as investor scrutiny sharpened after the launch of DeepSeek's low-cost AI models. Big Tech firm Meta raised its annual capital expenditure forecast, while Alphabet reaffirmed it and a Microsoft executive also re-emphasized the company's AI spending plans in a LinkedIn post in April. As of last close, CoreWeave's stock had surged 69% from the offer price in its March IPO. At least five brokerages have raised their price targets on the stock to between $50 and $70 following the results. (Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)
Business Upturn
25-04-2025
- Business
- Business Upturn
UTStarcom Files 2024 Form 20-F
HANGZHOU, China, April 25, 2025 (GLOBE NEWSWIRE) — UTStarcom ('UT' or the 'Company') (NASDAQ: UTSI), a global telecommunications infrastructure provider, today filed its Annual Report on Form 20-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission. The Form 20-F report is available on the SEC EDGAR website at or in PDF format at Interested parties also may request a hard copy of the report free of charge through written request. Advertisement About UTStarcom Holdings Corp. UTStarcom is committed to helping network operators offer their customers the most innovative, reliable and cost-effective communication services. UTStarcom offers high performance advanced equipment optimized for the most rapidly growing network functions, such as mobile backhaul, metro aggregation and broadband access. UTStarcom has operations and customers around the world, with a special focus on Japan and India. UTStarcom was founded in 1991 and listed its shares on the Nasdaq Market in 2000 (symbol: UTSI). For more information about UTStarcom, please visit . For investor and media inquiries, please contact: UTStarcom Holdings Corp. Tel: +86 571 8192 8888 Ms. Shelley Jiang, Investor Relations Email: [email protected]/ [email protected] / Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
25-04-2025
- Business
- Yahoo
UTStarcom Files 2024 Form 20-F
HANGZHOU, China, April 25, 2025 (GLOBE NEWSWIRE) -- UTStarcom ('UT' or the 'Company') (NASDAQ: UTSI), a global telecommunications infrastructure provider, today filed its Annual Report on Form 20-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission. The Form 20-F report is available on the SEC EDGAR website at or in PDF format at Interested parties also may request a hard copy of the report free of charge through written request. About UTStarcom Holdings Corp. UTStarcom is committed to helping network operators offer their customers the most innovative, reliable and cost-effective communication services. UTStarcom offers high performance advanced equipment optimized for the most rapidly growing network functions, such as mobile backhaul, metro aggregation and broadband access. UTStarcom has operations and customers around the world, with a special focus on Japan and India. UTStarcom was founded in 1991 and listed its shares on the Nasdaq Market in 2000 (symbol: UTSI). For more information about UTStarcom, please visit For investor and media inquiries, please contact: UTStarcom Holdings Corp. Tel: +86 571 8192 8888 Ms. Shelley Jiang, Investor Relations Email: utsi-ir@ Shelleyjiang@ /Sign in to access your portfolio
