CoreWeave and Palantir Get Meme Stock Comparisons as Shares Soar
CoreWeave Inc. signage in Times Square in New York, on May 9.
Photographer: Yuki Iwamura/BloombergThe surging shares of CoreWeave Inc. and Palantir Technologies Inc. are drawing comparisons to meme stocks — whose rapid gains are fueled by retail trader fervor more than financial performance.
CoreWeave has nearly quadrupled since its heavily downsized initial public offering in March. Palantir is up more than 460% over the past year. Investors may hope that the shares will perform like Nvidia Corp., whose stock soared at the start of the artificial intelligence era. The risk is that they act more like retailer GameStop Corp. — now 66% below a 2021 peak.