Hudson River Trading ("HRT") has signed a multi-year agreement with $CoreWeave (CRWV.US)$ to build a brand-new trading research model and system using the latter’s artificial intelligence computing services. In an interview, CoreWeave’s chief revenue officer, Jon Jones, said the value of the deal is in the billions of dollars and represents a substantial deepening of the two companies’ existing partnership, but he declined to disclose the specific financial terms. Under the agreement, HRT will become one of CoreWeave’s first customers to gain large-scale access to Nvidia’s (NVDA.US) latest Vera Rubin AI chips.

As one of the largest non-bank trading organizations in the United States, HRT is increasingly relying on CoreWeave and other so-called "new cloud service providers" (neoclouds)—suppliers that provide high-performance cloud computing services specifically for AI workloads. With more powerful computing capabilities, institutions such as HRT can process larger-scale trades over longer time horizons.

HRT R&D director Kevin Lee said that more computing resources mean researchers can try more things and are expected to discover more valuable strategies. In an industry where AI chips usually cannot reach peak efficiency and many projects are consistently delayed, CoreWeave always delivers on time and even ahead of schedule, demonstrating technical strengths in efficiently running NVIDIA chips—leaving a deep impression on HRT.

CoreWeave’s earlier sales were once heavily dependent on Microsoft (MSFT.US), accounting for more than 70%, so the company has been actively working to diversify its customers. HRT became a client for the first time this March. CoreWeave is trying to expand its business beyond technology and AI lab customers, with a particular focus on customers in the financial sector. In last week’s quarterly results, CoreWeave disclosed that its business dealings with HRT are expanding.

Notably, HRT’s biggest competitor, Jane Street, is both a supporter of CoreWeave’s technology and a user of it. Jane Street previously agreed to spend $6 billion to lease CoreWeave data center capacity and also invested $1 billion in the cloud services provider. According to a report in June, CoreWeave’s then billion-dollar debt financing was meant to help fund capacity needs for HRT and its competitor, Jane Street.

Jones of CoreWeave said: "Many leading innovations in cutting-edge model development are also taking place in the financial services sector, and HRT is a typical example."