CoreWeave Inc. (NASDAQ:CRWV) is up 23.2% at $60.04 in late-morning trading, and 16 other AI-linked stocks are up more than 10%, according to Benzinga Pro data.
It’s a sharp reversal from Oct. 14, when the stock plunged 15.5% due to its roughly $50 billion debt load. The cost of insuring its debt against default implied a nearly 63% chance that the Livingston, New Jersey-based company would default within five years.
But in CoreWeave’s third-quarter report, revenue came in at $3.66 billion. That’s up 168% from a year earlier and above the top of the company’s own $3.45 billion to $3.60 billion forecast.
CoreWeave also raised its 2026 revenue guidance to $13 billion to $13.3 billion, up from $12.4 billion to $13.2 billion. In addition, CEO Michael Intrator said he canceled his personal stock-sale plan.
CoreWeave rents out Nvidia GPUs to AI developers, so its results give a live read on demand for AI computing power. As a result, the rally has spread across the whole supply chain: memory and storage, optical networking, servers and power.
The triple-leveraged Direxion Daily Semiconductor Bull 3X Shares (NYSE:SOXL) jumped 19.2%.
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