Shares of CoreWeave, Inc. (NASDAQ:CRWV) and Core Scientific, Inc. (NASDAQ:CORZ) climbed in after-hours trading Wednesday after NVIDIA Corp.'s (NASDAQ:NVDA) blockbuster third quarter earnings report set off a "pick-and-shovel" rally.
- CRWV stock is up. Watch the price action here.
Nvidia is the face of the AI revolution and its strong earnings report reassured investors that the AI trade is still alive and strong.
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Wall Street needed reassurance following a rough patch for tech stocks heading into Nvidia’s earnings report and the AI chipmaker delivered.
“AI is going everywhere, doing everything, all at once," Nvidia CEO Jensen Huang said in the company’s earnings release.
CoreWeave's business model is tied directly to GPU availability as Nvidia's premier cloud partner. The earnings beat signals that the “AI factory” build-out is accelerating, directly boosting CoreWeave's utilization rates.
Core Scientific also rallied, driven by the need for power and compute. Core Scientific's existing contracts to host 500+ MW of compute for CoreWeave make it a prime beneficiary of Nvidia's success and link the three companies together.
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