U.S. stocks and $BTC rose today, most likely on the back of CoreWeave’s earnings.
Its Q3 revenue was $3.661 billion, more than doubling year over year. It raised its full-year guidance to $13–13.3 billion, with a revenue backlog of $132.5 billion. Its remaining compute capacity for 2027 is also about 10 times oversubscribed. Over the next three months, it expects to receive about $9 billion in advance payments and deposits, so expansion doesn’t have to rely entirely on borrowing. Although it posted a net loss of $709 million for the quarter and had $846 million in interest expense, the market at least saw revenue keeping pace with investment, easing concerns that AI infrastructure companies might borrow to expand and then be unable to pay it back.
As a result, CoreWeave surged 24.7% on Wednesday, the Philadelphia Semiconductor Index rose 5.7%, Micron gained 11.9%, SanDisk climbed 13.7%, AMD added 7.3%, and Nvidia rebounded 2.9%. The Nasdaq rose 1.6% and the S&P 500 gained 1.3%. Tuesday’s CPI was still higher than expected, Treasury yields briefly returned to above 5%, and the market was pricing in a rate hike next month. The fact that tech stocks could still rebound so sharply shows just how significant the earnings report was.
BTC is still moving in tandem with tech stocks: it didn’t react immediately after the earnings report, but once U.S. markets opened and AI and tech stocks led the gains, BTC followed almost in lockstep.
Its Q3 revenue was $3.661 billion, more than doubling year over year. It raised its full-year guidance to $13–13.3 billion, with a revenue backlog of $132.5 billion. Its remaining compute capacity for 2027 is also about 10 times oversubscribed. Over the next three months, it expects to receive about $9 billion in advance payments and deposits, so expansion doesn’t have to rely entirely on borrowing. Although it posted a net loss of $709 million for the quarter and had $846 million in interest expense, the market at least saw revenue keeping pace with investment, easing concerns that AI infrastructure companies might borrow to expand and then be unable to pay it back.
As a result, CoreWeave surged 24.7% on Wednesday, the Philadelphia Semiconductor Index rose 5.7%, Micron gained 11.9%, SanDisk climbed 13.7%, AMD added 7.3%, and Nvidia rebounded 2.9%. The Nasdaq rose 1.6% and the S&P 500 gained 1.3%. Tuesday’s CPI was still higher than expected, Treasury yields briefly returned to above 5%, and the market was pricing in a rate hike next month. The fact that tech stocks could still rebound so sharply shows just how significant the earnings report was.
BTC is still moving in tandem with tech stocks: it didn’t react immediately after the earnings report, but once U.S. markets opened and AI and tech stocks led the gains, BTC followed almost in lockstep.
