CoreWeave Earnings Boost AI Trade, US Stock Futures Rise Across the Board Wednesday

Odaily: According to MSX.COM data, US stock index futures rose on Wednesday, as CoreWeave Inc.'s better-than-expected earnings, market anticipation for Anthropic PBC's initial public offering (IPO), and OpenAI's strong third-quarter results jointly fueled a resurgence of interest in AI-related trades. The rebound came despite oil prices ending a two-day losing streak and inflation concerns heating up again. US consumer price data came in above expectations, driving a sharp climb in US Treasury yields on Tuesday and increasing bets on further Federal Reserve rate hikes. The US Treasury market was closed on Wednesday for Veterans Day. As of 8:24 a.m. New York time, S&P 500 Index futures were up 1%, while Nasdaq 100 Index futures, which are tech-heavy, gained 2%. CoreWeave shares rose as much as 19% in premarket trading after the company reported better-than-expected revenue and a full-year outlook that also topped Wall Street estimates. For investors, these results help ease concerns about the long-term sustainability of growth in AI infrastructure. Brian Mulberry, chief market strategist at Zacks Investment Management, said in a note that if CoreWeave can sustain similar execution over the next several quarters, those market concerns will gradually fade.