Technology stocks rallied in early trading as CoreWeave’s third-quarter results and high expectations for Anthropic’s upcoming IPO boosted market sentiment in the artificial intelligence sector. The positive developments helped the Nasdaq 100 futures climb 2%, marking a notable recovery in the tech market.
CoreWeave delivers strong revenue momentum
CoreWeave shares rose 14% in premarket transactions after the company reported quarterly revenue of $3.66 billion, reflecting a sharp 168% increase compared to last year. The company adjusted its full-year revenue guidance upward, now forecasting $13 billion to $13.3 billion for the end of the year.
Despite the impressive revenue growth, CoreWeave recorded a wider net loss for the quarter. The company’s net loss expanded to $709 million, equivalent to $1.27 per share.
CoreWeave projected full-year revenue in the range of $13 billion to $13.3 billion after quarterly sales soared 168% year-over-year.
Anthropic eyes lofty IPO valuation
Anthropic contributed further optimism to the sector as discussions around its initial public offering intensified. Bankers are now considering an IPO valuation of $1.5 trillion or more, exceeding the previously reported $1.4 trillion estimate. The upward revision followed robust investor interest in Anthropic’s plans for entering public markets.
The anticipation surrounding Anthropic’s IPO provided an additional boost to the broader AI industry and technology stocks.
Market reaction and sector moves
Nvidia advanced 4% during the session, regaining ground after recent losses linked to news about CEO Jensen Huang. Reports surfaced that Huang had an affair with a woman believed by U.S. intelligence to be involved in espionage for China.
Other AI infrastructure names also benefited from the renewed positive tone. Cipher Digital, IREN, and TeraWulf each climbed around 6% as investor confidence improved. The Roundhill Memory ETF (DRAM) recorded an 8% gain, while the VanEck Semiconductor ETF (SMH) was up more than 4%.
These moves signal renewed strength in memory and AI-related equities after a period of volatility and uncertainty in the market.
Bitcoin holds above key support
Bitcoin managed a modest gain, bouncing after briefly testing its 200-day moving average near $73,116. Despite the recovery, the leading cryptocurrency continues to trade just below $74,000.
Traders are closely monitoring Bitcoin’s range and the interplay between large technology equities and digital assets.
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AI stocks rebounded, with memory and semiconductor ETFs gaining as traders reacted to CoreWeave’s earnings and anticipation for Anthropic’s potential $1.5 trillion IPO valuation.
