11.11.202614:41:23UTC+00US Stocks Rebound on Wednesday

US stocks advanced on Wednesday as robust results from CoreWeave prompted investors to reassess their skepticism toward the AI trade. The S&P 500 climbed nearly 1%, the Nasdaq gained almost 2%, and the Dow held just above the flatline.

CoreWeave shares jumped 15% after the company reported strong revenue growth and raised its guidance, easing concerns about its debt load. The stock’s performance was seen as a bellwether for the cloud-computing sector. Sentiment toward AI was further supported by reports of strong oversubscription for Anthropic’s IPO, expected as soon as next week, which is now targeting a $1.5 trillion valuation.

Major chipmakers benefited from the improved AI outlook: Nvidia, Broadcom, AMD, Intel, and Micron gained as much as 7%.

Outside of AI and semiconductors, other sectors were largely unchanged amid light trading, as fixed-income markets were closed for the Veterans Day holiday. This followed a sharp rise in corporate bond yields the previous session, after a hotter-than-expected inflation reading reinforced expectations for multiple Federal Reserve rate hikes next year.