CoreWeave Inc. ($CRWV), backed by Nvidia, has experienced a rapid surge in its stock price since its initial public offering (IPO) in late March 2025. The stock, initially priced at $40 per share, has risen approximately 260% to trade around $144, reaching a market valuation of about $72 billion within two months. This growth has been largely driven by retail investors seeking exposure to artificial intelligence infrastructure, a sector with limited pure-play public companies. CoreWeave reported $1.9 billion in revenue last year, reflecting strong growth. In a notable development, CoreWeave filed a Schedule 13G disclosing a 5.5% stake, equivalent to 13.06 million shares, in Applied Digital Corporation ($APLD). Following this disclosure, Applied Digital's stock price increased, reaching new highs above $15 per share. Applied Digital also saw elevated options activity, with put/call ratios indicating heightened investor interest. CoreWeave's investment in Applied Digital highlights a connection between Nvidia, CoreWeave, and Applied Digital, as Nvidia is already invested in Applied Digital. Meanwhile, CoreWeave's stock showed some volatility, including a 9% decline after the surge, which some market observers viewed as a healthy cooling-off period. Other AI infrastructure and cloud-related stocks, such as OSCR, also showed notable trading volume and price movements, suggesting broader investor interest in this sector.