CoreWeave stock jumps 13% after raising outlook, easing AI trade concerns

CoreWeave shares surged 13% in premarket trading Wednesday after the neocloud company beat quarterly earnings estimates and raised its full-year guidance, easing investor concerns about the sustainability of the AI trade. Revenue jumped 168% to $3.7 billion in the third quarter, which CEO Michael Intrator called a "breakout quarter" supported by customer-contract-backed financing and roughly $9 billion in prepayments and deposits. The company now expects $13 billion to $13.3 billion in revenue for 2026, above analyst forecasts of $12.86 billion. The stock had been under pressure this month as credit default swap spreads widened past 11%, a distress level, though CoreWeave has shifted away from unsecured bond financing. Rival neoclouds Nebius and IREN also rose in premarket trading.