The global graphic processing unit (GPU) market is expected to grow 34% over the next 10 years to reach $773.07 billion by 2032 from $42.2 billion in 2022. The growth is driven by the emergence of machine learning and artificial intelligence that require a larger dataset. Such large datasets are best handled by GPUs that can run parallel processing. New York-based CoreWeave is becoming a big player in the industry by providing companies with access to flexible cloud infrastructure processing solutions. CoreWeave's Offerings CoreWeave was founded in 2017 by three commodities traders, Brannin McBee, Brian Venturo, and Michael Intrator, who wanted to turn their cryptocurrency mining hobby into an Ethereum mining company that uses GPUs to verify blockchain transactions. Within two years, the company had pivoted to providing cloud infrastructure out of its New Jersey data center. Co-founder Venturo had cheaply acquired GPUs from insolvent cryptocurrency
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(Bloomberg) CoreWeave, a cloud computing provider that’s among the hottest startups in the artificial intelligence race, said it closed a minority stake sale to investors led by Fidelity Management & Research Co.Most Read from BloombergBitcoin Hits $40,000 Level for the First Time Since May 2022Alaska Air Agrees to Buy Hawaiian in $1.9 Billion DealKISS Avatars Go On Tour After Paul Stanley, Gene Simmons RetireUS Warns Iran-Backed Houthis After Attacks on Red Sea ShippingHow Suspects Laundered