CoreWeave ( CRWV) is the Nvidia ( NVDA) -backed AI stock that’s been one of the biggest winners on Wall Street this year. What started as a crypto side hustle was the best-performing AI tech IPO of 2025, up four times since its March debut.

Nvidia and Microsoft are knocking on the door of $4 trillion market caps. Nvidia deserves a lot of credit for being the backbone behind AI development. AI has added to Microsoft’s investment thesis rather than redefining it.

Nvidia's latest gains reflect the U.S. stock market's return to the "AI trade" that fueled massive gains in chip stocks and related tech companies.