Technology stocks surged following robust indicators from companies focused on artificial intelligence, particularly in data center and AI infrastructure sectors. Nasdaq 100 futures experienced a notable 2% rise, driven by intensified buying activity. Meanwhile, Bitcoin entered a limited ascent, trading just below the $74,000 mark.
CoreWeave’s Earnings Boost Investor Confidence
US-based cloud and AI infrastructure company CoreWeave reported an impressive $3.66 billion in revenue for the third quarter, marking a 168% increase compared to the same period last year. In light of these results, the company raised its annual revenue forecast to a range of $13 billion to $13.3 billion. However, quarterly net losses expanded to $709 million, translating to a loss of $1.27 per share.
CoreWeave’s strong revenue growth and revised year-end forecast are major factors supporting the recovery of AI-related stocks.
These developments bolstered expectations among market participants regarding sustained demand for AI infrastructure, which was reflected in market reactions. CoreWeave shares rose by 14% in pre-market trading.
Anthropic and Chip Stocks Extend Gains
AI company Anthropic’s preparations for an initial public offering further buoyed optimism in the sector. Advisory banks are reportedly considering upping the IPO valuation to over $1.5 trillion due to strong investor demand—exceeding the previously discussed $1.4 trillion target set earlier this week, which heightened risk appetite within the industry.
Nvidia shares climbed 4%, recovering some of the losses incurred following allegations against CEO Jensen Huang. In tandem, AI infrastructure-focused companies like Cipher Digital, IREN, and TeraWulf saw stock prices increase by about 6%.
Meanwhile, focused exchange-traded funds also experienced significant increases: Roundhill Memory ETF jumped 8%, and VanEck Semiconductor ETF gained over 4%.
The consideration of a higher IPO valuation for Anthropic underscores ongoing demand for firms within the AI ecosystem.
Bitcoin’s Rise Remains Subdued Below $74,000
In the cryptocurrency market, Bitcoin tested its 200-day moving average around $73,116 before experiencing a slight uptick. Nevertheless, its price remained below the $74,000 threshold. Despite the broader support for riskier assets reflecting in tech stocks’ recovery, Bitcoin’s movement remained relatively modest.
Market focus continues to be on forthcoming earnings reports from AI-affiliated companies and their implications for investor demand across technology and digital assets.
