CoreWeave surged 19% after reporting second-quarter earnings. According to Sina Finance, the company posted revenue that more than doubled year over year to $2.58 billion, while remaining performance obligations jumped 245% to $103.7 billion.

Adjusted net loss widened to $567 million from $130 million a year earlier, and GAAP loss totaled $626 million. According to Sina Finance, free cash flow worsened to negative $5.74 billion from negative $2.7 billion, while capital spending was also raised sharply.

Evercore ISI said the results and guidance reflected strong demand and constrained supply. Bernstein said the capital-spending increase was the largest among the revised guidance items and that it remained unconvinced by the business model.

More than 20% of CoreWeave's float is sold short. According to Sina Finance, the stock's gains may also have been amplified by short covering, and insiders have not been net buyers recently.