Closing Time: The AI trade got its pulse back
CNBC reports CoreWeave rallied about 25% after posting third-quarter revenue of $3.7 billion, up 168% from a year earlier, and raising its full-year outlook to $13 billion to $13.3 billion.
Good afternoon. After a week of hard questions about debt, politics and one very bad headline for Nvidia, the AI trade finally got a piece of good news, and it came from the company many investors had been most worried about.
CoreWeave rallied about 25% on Wednesday after posting third-quarter revenue of $3.7 billion, up 168% from a year earlier, and raising its full-year outlook to $13 billion to $13.3 billion, CNBC reports. “Demand for the infrastructure is and remains overwhelming,” CEO Michael Intrator told the network.
The reason the market cared so much is the debt. CoreWeave has become the clearest example of a company borrowing heavily to build AI capacity, and its stock had been punished for it. This quarter it pointed to roughly $9 billion in customer prepayments and deposits coming in over the next three months, which suggests customers are willing to put their own cash up front to secure compute.
The relief spread quickly. Nebius, Micron and Arm all jumped double digits, and Nvidia recovered about 3% after two rough sessions. The S&P 500 climbed to within about 2.6% of the record it set last month, according to the Associated Press.
Not everyone is convinced one good quarter settles the argument. Several analysts kept their ratings unchanged, and UBS warned that restoring confidence may be a fix that takes several quarters. Still, for a sector that spent last week wondering whether the money would run out, today was a reminder that the demand side of the story has not cracked.
The Wire
The latest headlines from our live AI news feed.
Anthropic's IPO is multiple times oversubscribed as roadshow gets under way — Bloomberg
Nvidia board hires ex-SDNY chief Joon Kim of Wachtell Lipton to lead Jensen Huang probe — CNBC
Alibaba's chip design unit T-Head files for Hong Kong IPO — Bloomberg
Senate Banking Republican calls on Nvidia CEO Jensen Huang to resign — Reuters
PLA-linked Chinese university bought Nvidia H200 chips despite US blacklist, records show — Reuters
The biggest listing of the year may get bigger. Anthropic’s bankers are weighing a higher price for its IPO after heavy investor demand, potentially lifting its valuation to $1.5 trillion or more, the Financial Times reports. That would push the shares above the $70 to $78 range the company set only a day earlier, ahead of a listing expected next week.
Google DeepMind pointed AI at one of the most trusted pieces of code on the internet. Its new AlphaProof Code system formally verified key security properties of the Signal protocol down to the machine code that actually runs, Wired reports. The work covers specific properties of Signal’s core library, not the entire app, but it shows AI doing the kind of painstaking proof work that usually takes human experts far longer.
The other side of that coin showed up at Railway. The cloud platform said attackers who breached it in October stole customer secrets, including AI provider keys, and used them to run up an estimated $740,000 in unauthorized AI charges, BleepingComputer reports. Railway says up to 100,000 workspaces could have been exposed and that it will cover charges the AI providers will not refund.
Markets
Here is how a basket of AI-linked names traded in Wednesday’s U.S. cash session.
Biggest winners
| Ticker | Name | Price | Day |
|---|---|---|---|
| CRWV | CoreWeave | 60.77 | +24.71% |
| NBIS | Nebius | 154.69 | +15.44% |
| SNDK | Sandisk | 977.69 | +13.69% |
| ARM | Arm | 203.36 | +12.05% |
| MU | Micron | 811.30 | +11.89% |
Biggest losers
| Ticker | Name | Price | Day |
|---|---|---|---|
| RGTI | Rigetti | 11.11 | -8.56% |
| IONQ | IonQ | 34.05 | -2.69% |
| MSFT | Microsoft | 521.12 | -2.26% |
| META | Meta | 628.77 | -1.97% |
| ACN | Accenture | 253.63 | -1.89% |
Prices are from Wednesday’s U.S. trading session, November 11, 2026, versus Tuesday’s close.
Deals desk
Anthropic × OnePWR Solutions — Nov 10, 2026
Takeover of gas-fired generator commitments plus engineering and construction capability · Texas
1.7 GW of gas-fired generation equipment · about $3.4 billion
Status: Announced · Fortune