Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Thursday, March 20th, and I'm your host, Kim Kahn. Our top story so far,

Corweave, a hyperscalor startup backed by NVIDIA, is targeting a valuation of around $26 billion with its IPO.

The company will sell 49 million shares with 47,178,660 shares of Class A common stock

being offered by Corweave and the balance by existing stockholders.

The initial price range is between 47 and 55 per share. The deal would

raise $2.7 billion at the top end. Corweave has applied to list its Class A common stock on the

NASDAG Global Select Market under the ticker symbol CRWV. Including options and shares that will

become available after the IPO, the valuation could rise to $32 billion, according to the F.T.

That's a scaling back of earlier expectations for a valuation of around $35 billion,

and a deal that would raise about $4 billion.

Morgan Stanley, J.P. Morgan, and Goldman Sachs are acting as joint lead bookrunners.

The cloud services provider incurred a net loss of $863 million on $1.9 billion in revenue last year.

Its platform powers top AI labs and enterprises like Gohere, IBM, meta, Microsoft, Mistral AI, and

Nvidia.

Microsoft accounted for 62% of its revenue in 2024, up from 35% the year prior.

Earlier this month, Corweave signed an $11.9 billion five-year contract to deliver AI infrastructure

with OpenAI. Also on the Nvidia front, Morgan Stanley said it was more positive on the

company's trajectory after it held an analyst question and answer session at its GTC event.

Morgan Stanley analyst Joseph Morris said management's enthusiasm at this stage of Blackwell

was notable, given that it comes at a time when the market appears to be losing confidence.

NVIDIA's CEO Jensen Wong said during the keynote address that four major cloud service

...