CoreWeave Rally Lifts U.S. Stocks as AI Concerns Ease

The Dow Jones Industrial Average added 254.60 points, or 0.49%, to 52,486.49. The S&P 500 rose 98.45 points, or 1.31%, to 7,619.38, while the Nasdaq gained 400.31 points, or 1.60%, to 25,466.19. The Treasury market was closed for Veterans Day.

CoreWeave climbed to $60.77, its biggest one-day gain since June 2025, after releasing third-quarter results late Tuesday. Investors had questioned its model of buying premium Nvidia chips for data centers and renting them to AI companies. Rising Treasury yields had also raised concerns that higher borrowing costs could make its rapid expansion unprofitable. Executives said client prepayments would help contain debt.

Other AI-related developments offered a mixed picture. Anthropic’s initial public offering was oversubscribed amid institutional investor demand, Bloomberg reported, easing concern over a reported reduction in its targeted valuation. OpenAI’s third-quarter revenue rose about 50% sequentially to $10 billion, but the ChatGPT maker continued to report heavy operating losses. Taiwan Semiconductor Manufacturing approved plans to invest up to $1 billion in Anthropic and OpenAI. Nvidia gained 2.9% to $173.73, but remained down 23% over the past month as investors awaited updates on Chief Executive Jensen Huang’s future with the company following a recent spy scandal.

Elsewhere, oil futures rose 49 cents, or 0.6%, to $86.53 a barrel in New York. Traders were betting the U.S. and Iran would reach terms and reopen the Strait of Hormuz, citing the war’s unpopularity among American voters. The U.S. Dollar Index reached its highest level in more than a year amid expectations of a December Federal Reserve rate hike; gold fell $28.70, or 0.7%, to $3,992 an ounce. United Airlines said it would block personal AI assistants from using its systems to book tickets, citing privacy concerns and “middle men.” At a recent industry conference, US Bancorp/BTIG analyst Alex Kania said elections were adding “uncertainty risks about this AI theme” for utilities forecasting sustained AI-driven demand growth. The U.K. antitrust watchdog said the proposed AkzoNobel-Axalta Coating Systems merger could harm competition in Britain.