CoreWeave jumps 10%, sparks rally in AI cloud stocks
CoreWeave shares climbed approximately 10% on Wednesday, November 11, after the company reported third-quarter results that beat Wall Street expectations.
The move pulled a beaten-down group of AI cloud stocks up with it, with the combined market value gain across the sector potentially exceeding $25 billion.
CoreWeave, which rents out specialized computing infrastructure built for AI workloads, released its third-quarter 2026 results on November 10.
Revenue came in at $3.66 billion, a 168% increase from the same quarter a year earlier.
The company also lifted its full-year 2026 revenue forecast to between $13.0 billion and $13.3 billion.
It ended the quarter with remaining performance obligations of around $132.5–133 billion, up 138% year over year.
During the session, shares were up as much as 24% to 26% before settling closer to the 10% gain.
Debt pivot calms nerves
The company had leaned on high-cost unsecured debt to fund its buildout, a strategy that had made investors nervous about an AI bubble.
CoreWeave said it plans to avoid new unsecured debt at the parent-company level while borrowing costs remain where they are.
Instead, it expects roughly $9 billion in customer prepayments and deposits to help finance expansion.
The company’s pledge to reduce its reliance on expensive debt helped calm investor concerns.
Sector rally spreads
Other AI cloud and infrastructure names rose alongside CoreWeave, with Nvidia, whose chips power much of this infrastructure, rising about 5%.
The Nvidia bounce followed a rough two-day slide stemming from investor worries about CEO Jensen Huang’s future at the company.
The rally in AI cloud stocks has provided a rare good day for a group that has been battered by volatility.
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