-- CoreWeave (CRWV) agreed to supply artificial intelligence cloud capacity to Meta Platforms (META) in a $21 billion deal as the companies expanded their partnership amid robust demand for infrastructure supporting AI workloads.
As part of the agreement, which runs through 2032, CoreWeave will deploy capacity at numerous locations, partly powered by the Nvidia (NVDA) Vera Rubin platform.
"This is another example that leading companies are choosing CoreWeave's AI cloud to run their most demanding workloads," CoreWeave Chief Executive Michael Intrator said in a statement.
Shares of AI cloud computing firm CoreWeave were down 4.3% in Thursday trade, while those of Meta increased 1.9%.
Meta didn't respond to' request for comment.
Nvidia has invested $2 billion in CoreWeave as the two expanded their partnership earlier this year to meet rising demand for AI infrastructure.
CoreWeave announced an up to $14.2 billion computing infrastructure transaction with the Facebook and WhatsApp parent in September. The same month, CoreWeave expanded its collaboration with OpenAI, securing a new contract worth up to $6.5 billion to help the AI lab boost its computing power.
Last month, Dutch AI cloud company Nebius (NBIS) agreed to supply AI infrastructure to Meta in an up to $27 billion deal.
In January, Meta Chief Financial Officer Susan Li said the tech giant expected capital spending of $115 billion to $135 billion this year, driven by investment to support Meta Superintelligence Labs efforts and core business.
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