Closing Bell: CoreWeave Jumps to Record, Hershey Falls, Cava Slides

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Tim Stenovec and Emily Graffeo.

• CoreWeave (CRWV) shares surged 22% to a record high on Friday after Nvidia reported a larger-than-anticipated stake in the cloud-computing provider.Nvidia, the world’s most valuable chipmaker, disclosed a holding of 24.18 million shares, or about 7% of outstanding stock, as of March 31. That stake, included in a 13G filing on Thursday, compared with a 5.2% figure in CoreWeave’s prospectus. The amount shows how Nvidia supported CoreWeave’s late-March initial public offering, acquiring about 6 million shares to add to its existing holding. A representative for Santa Clara, California-based Nvidia declined to comment.
• Hershey (HSY) shares fell along with other confectionery companies like Mondelez as cocoa prices, a core ingredient in chocolate candy, surge to a three-month high on renewed supply fears as shipments from top grower Ivory Coast slow and dry weather threatens next season’s output. Despite recent rains in West Africa, drought still covers more than a third of Ghana and Ivory Coast, according to the African Flood and Drought Monitor. Wetter weather forecast for next week could bring some relief to both countries, but isn’t expected to eliminate the unusually dry conditions.
• Cava (CAVA) fell as much as 5.8% after the fast-casual chain reported first-quarter results and updated its outlook. Analysts say that while Cava’s report was positive relative to peers, the Mediterranean dining establishment needed stronger results to justify its premium valuation. Fast-food chains such as McDonald’s and Wendy’s have also said weaker consumer sentiment hurt results in their latest quarters.

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