CoreWeave Inc. fluctuated between gains and losses in its market debut after the cloud-computing provider raised $1.5 billion in a downsized initial public offering.

CoreWeave reduced the size of its U.S. initial public offering and priced its shares below the indicated range, the company said on Thursday, dampening expectations that the listing would boost investor appetite for IPOs.

CoreWeave's IPO debut tests neocloud viability and reliance on Nvidia GPUs.

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.

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.