A $6 billion agreement between quantitative trading firm Jane Street and publicly traded AI cloud infrastructure provider Core Weave was announced on Wednesday. Jane Street will employ CoreWeave’s AI cloud computing infrastructure to support its trading and research operations.
According to the company’s release, CoreWeave will supply Jane Street with compute from many data centre locations as part of the arrangement.
According to CoreWeave, Jane Street also bought $1 billion worth of CoreWeave Class A common stock for $109 a share.
According to data from Yahoo Finance, CoreWeave (CRWV) shares increased by 1.5% on Wednesday, reaching roughly $119.04 at the time of writing.
About a week ago, CoreWeave and Anthropic announced a deal whereby the AI company would leverage CoreWeave’s computational infrastructure to support its massive language models for Claude AI.
In a difficult economic climate, miners can adapt their infrastructure to power high-performance computing and support diminishing profits, as demonstrated by CoreWeave’s transition to AI, which came years before the crypto mining business.
In 2017, CoreWeave was established as Atlantic Crypto, a cryptocurrency mining firm. In 2019, the company started to shift its focus to AI cloud computing infrastructure.
Analysts from Bernstein note that CoreWeave’s early shift to AI infrastructure before the cryptocurrency mining boom established it as a leading “neocloud” company.
Source: X.com
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