Nvidia-Backed CoreWeave Is Surging: Here’s What It Means for the AI Boom

Nvidia-backed CoreWeave’s shares rose 24.7% on Wednesday after it reported a sharp rise in demand for computing power used in AI. Its results helped lift Nvidia and other AI infrastructure stocks, offering evidence that customers continue to pay for capacity, while leaving open whether the costly expansion will produce lasting profits.

CoreWeave reported third-quarter revenue of $3.66 billion, up 168% year on year, and raised its 2026 sales forecast to $13 billion to $13.3 billion. It reported a $132.5 billion backlog of contracted work, more than 1.7 gigawatts of active power capacity, and expects about $9 billion in customer prepayments and deposits over the next three months. Nvidia has invested in CoreWeave, supplies its GPUs and has agreed to buy up to $6.3 billion of unused capacity under a deal running through April 2032, links that support growth but make independent demand harder to assess.