Wall Street rises as CoreWeave jumps nearly 25% on results
Wall Street closed higher on Wednesday as technology shares rallied. CoreWeave surged nearly 25% after beating expectations and raising its revenue outlook, despite recent concerns over the AI infrastructure company’s financing costs.
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Wall Street’s main share indexes closed higher on Wednesday as technology stocks rallied, led by a near-25% jump in data-centre company CoreWeave after it reported better-than-expected results and raised its revenue outlook.
The Nasdaq Composite rose 1.6% to 25,466.19. The S&P 500 gained 1.3% to 7,619.38, while the Dow Jones Industrial Average added 0.5% to 52,486.49.
CoreWeave reported record revenue for the latest quarter and raised its full-year revenue forecast. The company, a major Nvidia customer, has been investing heavily in artificial intelligence infrastructure. Its shares had lost more than 40% of their value over the previous month amid concerns about its high financing costs.
The gains came as enthusiasm for AI-related trading returned, according to ANP, whose report was published by Nieuws.nl. Recent market swings have also reflected doubts about whether heavy AI investment will deliver adequate returns. (Earlier coverage examined those concerns during a Wall Street sell-off.)
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