Nasdaq 100 rises 2.3% as CoreWeave's results ease worries about AI spending
The Nasdaq 100 rose 2.3% on Wednesday, as CoreWeave's results eased worries about AI spending.
The S&P 500 gained 1.3% and the Dow 0.5% at the close. Technology was the best of the S&P 500's 11 sectors, up 2.7%.
CoreWeave (CRWV), which rents out computing capacity for AI, jumped 25%. After the close on Tuesday, it raised its 2026 revenue forecast to $13.0B-$13.3B.
The company also answered doubts about how it pays for its data centers. CEO Michael Intrator pointed to financing backed by customer contracts and about $9B in customer prepayments and deposits due in the next three months.
He told CNBC on Wednesday: "Demand for the infrastructure is and remains overwhelming."
The rally spread to chip makers and other AI cloud companies. The Philadelphia Semiconductor Index rose 5.7%. Among the biggest gainers:
- Nebius Group (NBIS): up 15%
- Micron Technology (MU): up 12%
- Oracle (ORCL): up 9%
- Advanced Micro Devices (AMD): up 7%
Nvidia (NVDA) rose 2.9%. It had fallen sharply in the two previous sessions over CEO Jensen Huang's relationship with an alleged Chinese spy.
Investors' fear eased. The Cboe Volatility Index, a gauge of expected stock swings, fell 10%, and gold futures lost 1%. The Treasury market was closed for Veterans Day.
The gains follow a drop on Tuesday, when a hotter-than-expected October inflation report firmed up bets on a Federal Reserve rate hike in December. According to Reuters, traders now fully price an increase of at least a quarter point.
Sources & Further Reading
- "Stocks climb as CoreWeave results ease AI spending concerns." Reuters. November 11, 2026.
- "CoreWeave Q3 2026 Earnings Press Release." CoreWeave. November 10, 2026.
- "CoreWeave soars 26% as CEO reaffirms AI compute demand after strong Q3 report." CNBC. November 11, 2026.
This article was drafted with the help of AI. Kris Gunnars fact-checked, edited and published the article and is responsible for its accuracy and quality. How we use AI
