Updates to market close

** Shares of artificial intelligence startup CoreWeave CRWV.O surge and finish well above IPO price on strong volume in third day of trading on Tues

** CRWV closes up 41.8% at $52.57 after rising as high as $53.27 in late afternoon trading. Stock now sitting ~31% above $40 IPO price

** On Fri, Nvidia NVDA.O-backed firm's shares finished flat after $1.5 bln IPO of 37.5 mln shares was slashed in size and priced well below range. On Mon, shares slid as low as $36

** About 36 mln shares changed hands on Tues, nearing trading volume of ~41 mln shares on debut day

** CRWV was among the top trending tickers on retail investor-focused social media stocktwits.com on Tues

** Separately, conservative news channel Newsmax NMAX.N, extended its dizzying gains on Tues following its stunning NYSE debut on Mon

** AI poster child Nvidia, which had ~6% pre-IPO stake in CoreWeave, bought $250 mln worth of the offering's shares, Reuters reported

** CoreWeave, which has been unprofitable, posted more than eightfold rev increase in 2024 to $1.9 bln

** Microsoft MSFT.O, a competitor through its Azure unit and a customer, accounted for nearly two-thirds of CoreWeave's rev last year

** CoreWeave's IPO was viewed as a crucial barometer of investor appetite for new listings and sentiment for AI-related stocks after the launch of China's DeepSeek

** The combined disappointing performances of CoreWeave and liquefied natural gas exporter Venture Global VG.N, two major IPOs this year, could weigh on the new listings pipeline

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))