CoreWeave shares rose as much as 14% in pre‑market trading on Wednesday after the AI cloud infrastructure provider posted a strong third‑quarter performance.
Quarterly results
The company reported revenue of $3.66 billion for the quarter, up 168% from a year earlier. It also increased its full‑year revenue outlook to a range of $13 billion to $13.3 billion. Net loss widened to $709 million, or $1.27 per share, primarily due to higher interest expenses.
CEO Michael Intrator called the period a “breakout quarter,” citing solid demand for AI computing capacity and about $9 billion in expected customer pre‑payments and deposits over the next months.
Impact on related stocks
The upbeat results lifted sentiment across the AI sector. Nvidia shares gained roughly 4%, while other AI infrastructure companies such as Cipher Digital, IREN and TeraWulf each rose about 6%.
Memory and semiconductor ETFs also moved higher, with the Roundhill Memory ETF (DRAM) up about 8% and the VanEck Semiconductor ETF (SMH) up more than 4%. Nasdaq 100 futures advanced around 2%.
Additional AI market news
Separately, reports indicated that Anthropic’s bankers are exploring an IPO valuation of $1.5 trillion or higher, above a previously discussed $1.4 trillion target.
Bitcoin performance
Bitcoin remained under pressure, testing its 200‑day moving average near $73,116 and staying below $74,000 for most of the session, showing limited correlation with the AI‑related equity rally.
