Nasdaq surges as CoreWeave leads tech rebound

Stocks were mostly higher Wednesday, boosted by sharp gains in CoreWeave and a rebound in Nvidia following back-to-back losing sessions for the chipmaker.

The Nasdaq Composite jumped 2.2%, while the S&P 500 advanced 1.5%. The Dow Jones Industrial Average gained 169 points, or 0.3%

Neocloud stock CoreWeave rallied 20% after reporting third-quarter revenue that beat analyst expectations. CoreWeave also lifted operating income and revenue guidance for 2026.

Nvidia, meanwhile, climbed 2.7% after dropping nearly 10% to start the week when CEO Jensen Huang confirmed he had an affair with an alleged Chinese spy. The pullback in Nvidia weighed on the broader market Tuesday, with the major averages ending the session lower.

“The sentiment bump coming from CoreWeave results and Anthropic IPO demand is helping the broader ecosystem,” Ross Mayfield, an investment strategist at Baird Private Wealth Management, told CNBC. “Markets are continuing to unwind last week’s overshoot to the downside with cleaner positioning now a tailwind and an attractive near-term valuation/earnings story in a lot of the AI stocks.”

Artificial intelligence lab Anthropic on Tuesday said in an updated Securities and Exchange Commission filing that it will offer 825 million shares in an initial public offering planned for next week that could value the five-year-old company at as much as $1.4 trillion.