The stock closed up 6.2% on the news. CoreWeave has been seeing scorching-hot growth since it pivoted its business model to AI infrastructure, providing computing capacity to companies like Microsoft, Nvidia, and OpenAI, and it needs new data centers to fuel that growth.

CoreWeave and Core Scientific are both down sharply since agreeing to merge.

CoreWeave Inc.’s $9 billion acquisition of Core Scientific Inc. has thrown investors holding the smaller company’s convertible bonds for a loop.

CoreWeave’s CEO said the acquisition will enhance the company’s performance and expertise as they "continue helping customers unleash AI’s full potential."

Dow Jones futures fell slightly overnight, along with S&P 500 futures and Nasdaq futures.Another big inflation report is due before the open, along with earnings from chip-gear giant ASMLASML as well as Goldman SachsGS.

Michael Turrin, Wells Fargo Securities equity analyst, joins 'The Exchange' to discuss CoreWeave jumping on its $6 billion AI project and how to play the name.

Trade Desk (TTD) stock is surging on news that the company will join the S&P 500 (^GSPC), replacing Ansys (ANSS). Robinhood (HOOD) and Applovin (APP) are trading slightly lower after not making the cut to join the index once again.

CoreWeave announces plans to invest $6 billion in building AI data center in Pennsylvania, boosting innovation and creating jobs.