CoreWeave Outlook Lifts Nasdaq Futures 2% as AI Shares Rebound
Nasdaq 100 futures rose 2% after CoreWeave forecast full-year revenue of $13 billion to $13.3 billion, above Wall Street expectations. The company also reported third-quarter sales of $3.66 billion, while investors watched demand for Anthropic’s planned IPO.
Nasdaq 100 futures climbed 2% on Wednesday after CoreWeave issued a stronger-than-expected revenue forecast, lifting optimism about demand for artificial intelligence computing. The contract gained 547 points by 07:45 ET.
CoreWeave forecast full-year revenue of $13 billion to $13.3 billion, ahead of Wall Street predictions. Its third-quarter sales reached $3.66 billion, also exceeding expectations, while its loss of $1.27 per share was narrower than expected.
The company’s shares surged more than 15% in premarket trading. Investors have recently worried about CoreWeave’s $50-billion debt pile and its ability to secure financing and turn its backlog of orders into revenue.
Chief Executive Michael Intrator called the quarter a “breakout quarter.” Analysts at Vital Knowledge said the results and financing reassurance helped drive a technology-stock rebound.
S&P 500 futures rose 0.9%, or 68 points, while Dow futures added 0.1%, or 73 points. The gains followed losses in the previous regular session, when the Nasdaq Composite fell 0.7%, the S&P 500 dropped 0.4% and the Dow declined 0.3%.
AI demand and IPO interest
Investors were also watching Anthropic’s planned initial public offering. The company, which makes the Claude chatbot, is reportedly seeking to raise $64.4 billion at a fully diluted valuation of up to $1.4 trillion.
Market participants are weighing whether demand for a large AI listing will hold up as concerns grow about the technology’s development and potential political constraints. Anthropic’s IPO could test investor appetite for major AI offerings.
Broader markets faced pressure earlier in the week from a selloff in U.S. government debt and data showing October consumer growth exceeded forecasts. The data pointed to persistent inflation, partly because energy prices remained elevated.
Federal Reserve officials also signaled concern about inflation. Governor Christopher Waller said he would support a rate increase in December even if inflation cooled, and would consider a larger 50-basis-point increase if price pressures worsened. Dallas Fed President Lorie Logan said the central bank needed at least two more quarter-point increases.
Markets were pricing in a 25-basis-point increase at the Fed’s December meeting, while the probability of a 50-basis-point move had risen to roughly 13%, based on CME FedWatch data. The U.S. Treasury market was closed Wednesday for Veterans Day.
