CoreWeave's shares closed flat after opening nearly 3% below their offer price in its Nasdaq debut on Friday, giving the Nvidia-backed AI infrastructure firm a valuation of $23 billion on a fully diluted basis.

CoreWeave's shares opened nearly 3% below their offer price in its Nasdaq debut on Friday, giving the Nvidia-backed AI infrastructure firm a valuation of $22.7 billion on a fully diluted basis. The weak performance could crush hopes of a meaningful recovery in IPOs,

CoreWeave priced its initial public offering far lower than it originally expected, in a disappointing development for Nvidia.

U.S. equity futures slipped lower in early Friday trading, while Treasury yields and the dollar held steady, as markets continue to express caution over the prospects of a global trade war while eyeing a key inflation reading prior to the opening bell.

The startup that rents out access to Nvidia chips priced its initial public offering below expectations and ended its first day of trading flat on Friday, a sign of flagging investor enthusiasm for artificial-intelligence companies as well as the chilly state of the U.

Shares in CoreWeave, a cloud computing company backed by Nvidia, wavered in their market debut Friday, following a $1.5 billion initial public offering that priced below its expected range.