CoreWeave Raises Guidance; Nasdaq 100 Futures Jump 1.9%
Nasdaq 100 futures rose 1.9% in premarket trading, and S&P 500 futures were up 0.9%. The new development is CoreWeave's earnings report last night. AI stocks sold off on Tuesday's hot inflation data are recovering on the results.
CoreWeave's third-quarter revenue rose 168% year over year to $3.66B, against an expected $3.62B. The loss per share was $1.00, narrower than the expected $1.18. The company raised its full-year revenue guidance to $13.0B-$13.3B from $12.4B-$13.2B.
Backlog climbed to $132.5B from $104B at the end of the second quarter. The low end of capex guidance rose to $37B from $35B. The cost is also visible: the quarterly net loss was $709M, and total debt including leases topped $66B.
The stock was up about 15% in premarket trading as of 8:20 a.m. ET. The move is spreading across the sector: Nebius is up about 13%, Marvell 8% and Micron 7%. The market is reading this as confirmation of AI infrastructure demand, not one company's result.
Nvidia is also up about 4% in premarket trading after two days of steep losses. The board's internal investigation of CEO Jensen Huang and the shareholder lawsuit continue; today's rebound reflects sector buying, not news on that front. makes up about 7% of the , so it will steer the index today.
