CoreWeave, Super Micro surge on signs of sustained AI buildout

Shares of AI infrastructure companies CoreWeave and Super Micro Computer experienced significant gains on Wednesday after the firms issued optimistic forecasts indicating strong demand for computing capacity. The surge in stock prices reflects the growing need for data center hardware to support generative AI workloads. CoreWeave's shares increased by more than 19%, with rival Nebius Group climbing 23% as it surpassed quarterly revenue expectations.

Super Micro's stock rose by over 13%. Other data center companies, such as Applied Digital and IREN Ltd, also saw gains of 4% and 8%, respectively. Dell's stock rose by 5%.

If the upward trend continues, CoreWeave could add approximately $8 billion to its market value, while Super Micro might add more than $2 billion. Analysts have raised their price targets on both companies' stocks, as brokerages recognize the growing AI infrastructure market. CoreWeave recently revised its forecasts for annual revenue, adjusted operating profit, and capital spending, benefiting from favorable contract terms due to near-full capacity.

CEO Michael Intrator noted that the company's revenue backlog reached $104.2 billion in the second quarter, up from $99.4 billion three months prior, as it secured over $25 billion in new commitments this quarter.

While some investors may be concerned about the increased capital expenditure guidance, the pricing environment suggests that project returns are strengthening, despite rising unit costs. Tech companies have increased capital spending to fuel the AI boom, leading to substantial debt accumulation and a surge in hedging against potential default risks associated with heavily indebted hyperscalers.

Major U.S. financial institutions are also capitalizing on the data center buildout, with Bank of America pledging $250 billion for U.S. infrastructure financing by July 2027. Super Micro forecasted 2027 revenue above Wall Street estimates, highlighting resilient customer investment in AI servers.