CoreWeave Jumps 11% on Raised 2026 Outlook, Dragging Chip Stocks Higher

CoreWeave raised its 2026 revenue forecast to $13 billion to $13.3 billion on Wednesday, blowing past the $12.86 billion LSEG consensus and lifting every AI-linked chip and memory name in its wake. Its shares surged as much as 13% pre-market before settling at a 10.8% gain by 5:08 a.m. ET, CNBC reported.

The AI-infrastructure provider reported third-quarter revenue up 168% year over year to $3.7 billion. That single number did more for semiconductor sentiment on Wednesday morning than any macro headline. "It might be the bottom for CoreWeave," Zacks chief equity strategist John Blank told CNBC.

What did the read-through lift?

The CoreWeave numbers pulled memory and storage stocks along with it. Micron rose 6% pre-market and Sandisk also climbed, Seeking Alpha reported at 5:43 a.m. ET. Fellow GPU-cloud operators joined in: Nebius gained 10.2%, Applied Digital 6.4% and IREN 6.3%, per CNBC.

The broad indexes followed. At 5:18 a.m. ET, Nasdaq 100 futures were up 1.68%, S&P 500 futures 0.79%, and Dow futures broadly flat. The rally marks a rebound from Tuesday's selloff, when the S&P 500 closed down 0.38% at 7,520.93, the Nasdaq Composite fell 0.74% and the Dow lost 0.3% after October CPI came in hotter than expected.

Can Nvidia shake the Huang scandal?

Nvidia shares rose 5.3% pre-market at 5:47 a.m. ET, recovering from Tuesday's 5.47% slide. The stock had fallen as scrutiny deepened over Chief Executive Jensen Huang's relationship with a Megaspeed executive. Nvidia said Tuesday it hired law firm Wachtell, Lipton, Rosen & Katz to investigate whether company secrets or national security were compromised. Morgan Stanley removed Nvidia as a top pick on Wednesday. The company reports third-quarter results on Nov. 17.

How did European chipmakers trade?

The pan-European Stoxx 600 rose 0.29% by 11:18 a.m. CET, off an opening gain of 0.69%, with chipmakers leading the board. Infineon climbed 6.3%, ASMI 5.5%, STMicroelectronics 4% and ASML about 3%, CNBC reported. Germany's DAX gained 0.73%, France's CAC 40 added 0.39% and the FTSE 100 rose 0.27%.

Asia had already set the tone. The Nikkei 225 closed up 1.31% at 61,248.59 and the Kospi jumped 2.6%, with SK Hynix up 5.36% and Samsung Electronics up 3.57%. SoftBank fell after posting a quarterly loss.

What else moved?

The day's tape stretched well beyond semiconductors:

• Vestas fell 9.2% early after missing third-quarter revenue and profit estimates and narrowing its 2026 revenue forecast to €20.5 billion to €21.5 billion.
• Siemens Energy posted record fiscal fourth-quarter revenue of €12.83 billion, proposed a dividend of €2.30 a share (up from €0.70) and announced buybacks of up to €9 billion through fiscal 2030.
• Alcon dropped about 5% despite adjusted earnings of $0.91 a share beating the $0.88 consensus, after it narrowed its sales growth outlook to about 6% at constant currency from a prior 5%-7% range, Investing.com reported.
• RWE rose 1.4% after beating forecasts.

Germany's statistics office confirmed October inflation eased to 2.8% from 3.3%.

Where do rates, gold and oil stand?

The US bond market is closed for Veterans Day while stock exchanges stay open. The 10-year yield had jumped 12 basis points to roughly 5.01% on Tuesday after the CPI report, and the dollar held near a two-week high as traders priced a December Fed hike. Fed Governor Christopher Waller said a 50-basis-point move could be considered, FXStreet reported, and Goldman Sachs added another rate hike to its forecast overnight.

Gold clung to modest gains above $4,050 an ounce in the European session after sliding nearly 3% Tuesday to around $4,021, caught between US-Iran diplomacy hopes capping the dollar and rate-hike bets limiting bullion's rebound. Brent crude rose 0.5% to $91.92 a barrel; WTI slipped 0.1% to $85.93.

With Nvidia's Nov. 17 print and a possible December Fed hike both on the calendar, the CoreWeave-driven AI rally now faces two tests that will decide whether Wednesday's semiconductor rebound holds or fades.