CoreWeave Stock Rises After Announcing Game-Changing AI Object Storage

CoreWeave CRWV shares rose about 2% on Thursday after the Nvidia NVDA-backed data center operator introduced a new AI Object Storage service, aiming to cut storage costs for clients handling large-scale AI workloads.

The company said the offering delivers up to 75% lower costs compared to traditional storage systems and removes common fees such as egress, request, and transaction charges. The move positions CoreWeave as a potential rival to established cloud providers like Amazon Web Services AMZN and Google Cloud (GOOGL).

CoreWeave described the product as a fully managed service that automatically adjusts pricing across three usage tiers. It also helps ensure data accuracy when transferring between different cloud providers.

Unlike conventional object storage tied to specific servers or regions, the new system enables a single dataset to be accessed across multiple locations, whether on-premises or in different clouds. The firm said performance remains steady as demand scales up.

The launch comes as CoreWeave strengthens its footprint in the AI infrastructure space. The company recently partnered with Poolside, an Nvidia-backed startup, to develop a large-scale data center project in West Texas.