CoreWeave surges 22 percent on 9 billion dollar prepayment haul as Micron and AI chip rally lift Wall Street

Artificial-intelligence hardware and cloud infrastructure shares powered Wall Street higher on Wednesday, putting the S&P 500 on pace for its third advance in four sessions as investors cheered fresh evidence that hyperscale customers are paying billions of dollars upfront to lock in scarce GPU server capacity.

With US Treasury bond markets closed for the Veterans Day federal holiday while equity exchanges remained open, the tech-heavy Nasdaq Composite rallied 1.6 percent in midday New York trading, the S&P 500 climbed 1.0 percent, and the Dow Jones Industrial Average flipped from an early 56-point dip into a nearly 100-point gain.

Leading the charge was AI cloud specialist CoreWeave, whose shares rocketed as much as 21.9 percent as analysts digested cash-flow disclosures accompanying its stronger-than-expected third-quarter earnings and raised full-year revenue outlook.

$9 billion in customer prepayments eases Wall Street borrowing fears

For weeks, skeptics had punished data-center builders over fears that hotter October inflation readings and elevated corporate bond yields would make debt-financed server buildouts prohibitively expensive — anxieties underscored earlier Wednesday when SoftBank Group reported a $7 billion quarterly loss tied to US data-center financing and write-downs.

CoreWeave Chief Executive Michael Intrator directly addressed that funding concern, disclosing that CoreWeave expects roughly $9 billion in upfront customer prepayments and contract deposits over the next three months alone alongside existing liquidity facilities. Equity analysts said the massive customer-deposit pipeline demonstrates that enterprise AI labs and cloud hyperscalers are effectively helping CoreWeave self-fund a growing share of its capital expenditure rather than relying solely on high-yield debt markets.

Micron surges 11.7 percent as chip and grid-power suppliers rally

CoreWeave’s upbeat demand readout ignited buying across the entire AI hardware and power supply chain on Wednesday:

• Micron Technology surged 11.7 percent on booming demand for high-bandwidth memory stacked alongside AI accelerators.
• Broadcom advanced 5.3 percent as custom networking silicon orders remained brisk.
• GE Vernova, a major supplier of gas turbines and electrical grid equipment powering multi-gigawatt data-center campuses, climbed nearly 3 percent.
• Nvidia held onto gains of more than 3 percent following its morning rebound after retaining Wachtell, Lipton, Rosen & Katz to lead a board governance review.

Investor sentiment in California’s tech corridor also drew support after final statewide tallies confirmed California voters rejected Proposition 40, a ballot initiative that would have imposed a one-time 5 percent wealth tax on billionaires — removing a closely watched overhang for Silicon Valley founders. Outside technology, retail accessory maker Fossil Group soared 30.9 percent after beating quarterly profit estimates and lifting its full-year sales guidance, while overseas markets saw South Korea’s chip-heavy Kospi index jump 2.6 percent.