Wall Street rises as CoreWeave earnings ease AI spending fears

Wall Street stocks rose Wednesday as CoreWeave's strong earnings eased fears about excessive AI spending, lifting the S&P 500 and Nasdaq by over 1% each. CoreWeave shares jumped 25.3% after the company projected adjusted profitability by early 2028, boosting other AI infrastructure stocks like Nebius Group and Applied Digital. Nvidia recovered 3.8% following a $430 billion two-day loss tied to questions about CEO Jensen Huang's alleged relationship with a suspected Chinese spy. The Philadelphia SE Semiconductor index surged 7%, with Marvell and Micron up over 12%. Investors bought dips during last week's selloff, with inflows driven by ETFs and institutional clients, according to Bank of America.