Afternoon update
One earnings report repriced the AI infrastructure trade on November 11.
One earnings report repriced the AI infrastructure trade on November 11. CoreWeave's Q3 beat and raised guidance lifted the neocloud and semiconductor names behind it.
- $NBIS Nebius Group rose 18.91% to a $38.0B market cap in a sympathy move with CoreWeave. The results eased fears about debt-fueled neocloud expansion. CoreWeave itself gained 26.61% to $33.75B, the session's biggest mover.
- Dell Technologies gained 14.61% to a $243.7B market cap, climbing with the broader technology rally and recovering ground lost in a recent decline.
- Marvell Technology rose 12.09% to a $150.9B market cap. The Philadelphia Semiconductor Index hit a one-week high as CoreWeave's results eased AI spending worries. Marvell was up 5.5% early in that move and kept climbing.
- Technology led the sector baskets at +5.51% on average, with 17 of 18 names advancing and Micron up 13.98%. All 11 semiconductor names advanced, averaging +7.42%. Health care lagged at -0.52%, with 1 of 12 names higher and UnitedHealth down 1.32%.
The S&P 500 closed the afternoon up 1.62% and the Nasdaq up 2.20%. The next question is whether AI capex demand can carry the move past a single quarterly print.
Not financial advice. For informational and educational purposes only.
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