CoreWeave lifts chip stocks as funding doubts linger

By Nathan Brooks

CoreWeave raised its 2026 revenue outlook to $13 billion to $13.3 billion, above the $12.86 billion LSEG consensus. At 9:35 a.m. ET, the stock traded at $54.26, up 11.4%, and the Philadelphia Semiconductor Index rose 3.96%. The guidance eased concern about how the AI build-out would be financed.

Did the outlook settle CoreWeave’s funding debate?

CoreWeave reported third-quarter revenue up 168% to $3.7 billion. Its 2026 adjusted operating income forecast of $1.275 billion to $1.375 billion exceeded Visible Alpha’s $1.07 billion consensus. The company also said growth was supported by about $9 billion of customer prepayments and deposits.

Before the report, CoreWeave’s credit default swap spreads had widened past 11%, a level generally viewed as distressed. The stronger results encouraged most analysts and eased funding worries, although views were not unanimous. Bank of America said CoreWeave’s “funding needs are manageable,” while Goldman Sachs said it would add positions near the stock’s lows for the year.

UBS said restoring confidence may require multiple quarters. Bernstein retained an underperform rating and a $54 price target, arguing that “the fundamentals remain the overhang.” CoreWeave’s 11.4% opening gain was smaller than the 15.3% pre-market rise CNBC recorded at 8:30 a.m. ET, while Investing.com had shown a 13.7% gain at 5:36.

The Wall Street Journal described the improvement as a workaround for capital constraints that may not last. Even after Wednesday’s rally, CoreWeave remained about 65% below its 52-week high. Financing relief was visible; financing certainty was not.

What drove Wednesday’s opening?

Wednesday’s session extended the pre-market rebound from Tuesday’s selloff after hotter-than-expected October inflation data. At 5:36 a.m. ET, Nasdaq 100 futures rose 1.7%, S&P 500 futures gained 0.7%, and Dow futures slipped 0.1%. Chipmakers led the advance as investors assessed CoreWeave’s higher outlook.

Veterans Day shut the cash Treasury market, although stock exchanges traded normally. At 9:35 a.m. ET, Yahoo Finance data put the Nasdaq Composite at 25,444.64, up 1.51%, and the S&P 500 at 7,584.98, up 0.85%. The Dow Jones Industrial Average stood at 52,167.28, down 0.12%, making it the clear market outlier.

Memory names posted some of the biggest gains, led by Sandisk and Micron. Other AI cloud providers also advanced, with Nebius and IREN among the risers. Yahoo Finance recorded these prices and changes from the previous close at 9:35 a.m. ET:

Company	Price	Change
CoreWeave	$54.26	+11.4%
Nebius	$147.94	+10.4%
Sandisk	$934.76	+8.7%
Micron	$767.86	+5.9%
IREN	$20.88	+5.8%
Intel	$61.50	+5.8%
Broadcom	$350.86	+5.7%
AMD	$531.98	+3.3%
Nvidia	$173.75	+2.9%

Before the bell, Investing.com showed Micron up 6.5%, AMD 6.4%, Intel 6.2% and Broadcom 4.2%. AMD gave back some of its early gain at the open, while Broadcom added to its move. Early-session prices can reverse sharply.

Why did Nvidia rebound before earnings?

Nvidia rose 2.9% to $173.75 at 9:35 a.m. ET. The gain followed declines of 4.3% on Monday and 5.47% on Tuesday, although shares were up about 3.8% at 8:37 a.m. ET in pre-market trading.

Baird downgraded Nvidia to neutral from outperform, citing supply issues and possible demand softening. Morgan Stanley retained an overweight rating but removed Nvidia as a top pick. Investors were also weighing scrutiny of Chief Executive Jensen Huang.

Nvidia hired Wachtell, Lipton, Rosen & Katz to examine whether company secrets or national security had been compromised. MLQ.ai separately examined the implications for Nvidia’s valuation ahead of the company’s Nov. 17 quarterly report. The chip supplier faced both an earnings test and a governance overhang.

What backdrop did rates and oil create?

The Veterans Day closure left 10-year Treasury note futures down 0.16% at 9:24 a.m. ET, a sign of higher yields. Traders priced roughly a 90% chance of a quarter-point Federal Reserve rate hike in December after the October CPI report. Goldman Sachs added a March hike to its forecast.

WTI crude futures rose 1.1% to $86.98 a barrel, while Brent gained 1.1% to $92.53 around the same time. The oil move followed Iran’s statement that its enriched uranium would not leave the country.

For chip investors, Nvidia’s Nov. 17 results and CoreWeave’s multi-quarter funding repair are the next tests of whether Wednesday’s rally can hold. CoreWeave must convert customer deposits into sustained revenue, while Nvidia must manage supply against possible demand softening. One morning’s gains have settled the sentiment, not the competitive balance.