- Tech-heavy Nasdaq rose after AI bellwether CoreWeave surged and Nvidia recovered from a two-session slide.
- CoreWeave revenue more than doubled to $3.7 billion; CEO said AI demand remains overwhelming.
- Results eased investor worries about an AI investment slowdown after midterm opposition to data centers.
- Nvidia climbed 2.5 percent, partially reversing losses as the company investigates CEO Jensen Huang's alleged affair linked to Chinese intelligence.
The tech-focused Nasdaq rallied early Wednesday following solid results from artificial intelligence company CoreWeave as Nvidia bounced after two sessions of heavy losses.
CoreWeave, seen as a bellwether for AI stocks, jumped 13.5 percent after reporting that revenues more than doubled to $3.7 billion. Chief Executive Michael Intrator told CNBC that demand for AI “remains overwhelming.”
The results helped reassure investors worried about a slowdown in AI investments following midterm US elections that showed heavy public opposition to data centers.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 52,205.56.
The broad-based S&P 500 climbed 0.9 percent to 7,588.88, while the tech-rich Nasdaq Composite Index rose 1.3 percent to 25,391.40.
Among individual companies, Nvidia rose 2.5 percent, in a partial reversal from a two-day slide after the company announced it would investigate an affair involving CEO Jensen Huang and a woman who US intelligence officials believe was working for Chinese intelligence.
