CoreWeave Beats, Raises 2026 Outlook to $13.3bn and Reignites AI Trade

CoreWeave raised its 2026 revenue forecast to $13.3bn after beating Q3 estimates, and its CFO says demand is outstripping capacity, per the hi2morrow team's November 11 premarket research note. The report sent ripples across the entire AI supply chain in premarket trading.

The Invesco QQQ Trust (QQQ) gained 11.93 points, or 1.77%, in premarket action, while the SPDR S&P 500 ETF (SPY) added 6.37 points, or 0.85%. Futures rose broadly as CoreWeave's results eased AI-spending worries and revived the AI trade, the note said, citing Reuters Morning Bid.

What did CoreWeave and the earnings winners report?

CoreWeave posted a Q3 revenue beat, lifted its 2026 revenue forecast to $13.3bn, and disclosed a $132bn revenue backlog. Its CFO said demand is outstripping capacity.

Other gap-ups on earnings and guidance, per the note:

• Fossil Group (FOSL) returned to growth a quarter early and raised guidance again after Q3 profit and revenue topped forecasts.
• Riskified (RSKD) reported accelerating revenue and gross profit growth in Q3.
• Gevo (GEVO) posted record Q3 results, its first profit, and lifted its EBITDA outlook.
• Mercury Systems (MRCY) beat Q3 estimates and raised its FY27 outlook.
• Nebius Group (NBIS) rose in sympathy with CoreWeave ahead of its own Q3 report on Thursday.

How far did the AI rally spread?

Taiwan Semiconductor (TSM) said its board approved investments of up to $1bn in Anthropic and OpenAI plus a higher dividend. October sales rose about 60%. Anthropic, meanwhile, is reportedly targeting an IPO valuation of up to $1.4 trillion — a figure the note flags alongside the CoreWeave results as fuel for AI and semiconductor stocks.

The sympathy rally, according to the research, reached:

• AI-cloud and data centers: Applied Digital (APLD), Cipher Mining (CIFR), Core Scientific (CORZ), Hut 8 (HUT).
• AI and semiconductors: Nvidia (NVDA), Broadcom (AVGO), AMD, Intel (INTC), Marvell (MRVL), Arm (ARM), Qualcomm (QCOM), Cerebras (CBRS).
• Memory and storage: Micron (MU), SK Telecom's SKHY, SanDisk (SNDK), Western Digital (WDC), Seagate (STX).
• Chip equipment: ASML, Lam Research (LRCX), Applied Materials (AMAT), KLA, Teradyne (TER), ASE Technology (ASX), UMC, Tower Semiconductor (TSEM), ACM Research (ACMR), Ultra Clean (UCTT), Aehr Test Systems (AEHR).
• Optical and AI networking: Coherent (COHR), Lumentum (LITE), Credo (CRDO), Astera Labs (ALAB), Ciena (CIEN), Corning (GLW), Amphenol (APH), Arista Networks (ANET), Semtech (SMTC), AXT (AXTI).
• AI servers and data-center hardware: Dell, Hewlett Packard Enterprise (HPE), Super Micro (SMCI), Oracle (ORCL), Flex (FLEX), Celestica (CLS).
• AI power and data-center infrastructure: Barron's names power stocks among the big winners of the CoreWeave-led rally — Bloom Energy (BE), GE Vernova (GEV), Vertiv (VRT), Caterpillar (CAT).
• Software: Snowflake (SNOW), Cloudflare (NET), CrowdStrike (CRWD), Palantir (PLTR) — all higher as tech rebounds.

Also gapping up on other news: Satellogic (SATL), Energy Vault (NRGV), Hyliion (HYLN), Rumble (RUM), Telefônica's VIV, and Ecopetrol (EC).

Who missed, and what else moved?

Gap-downs included Honda (HMC), Alcon (ALC), Petrobras (PBR), Astronics (ATRO), BrightView (BV), Applied Aerospace and Defense (AADX), Spire (SPIR), Grocery Outlet (GO), and CGI (GIB). Astronics tumbled on a soft fourth-quarter revenue outlook. Petrobras fell despite a 22% rise in Q3 profit and record oil production. Spire missed Q3 estimates and delayed its profitability target. Grocery Outlet trimmed the midpoint of its EBITDA outlook. Hagerty (HGTY) priced an upsized secondary offering of Class A common stock.

What's on the macro radar?

Reuters Morning Bid flagged a "jumbo Fed hike" hitting the radar after hot October CPI. The US bond market is closed for Veterans Day; stocks trade regular hours. MBA Mortgage Applications are due at 07:00 US time.

Elsewhere, the Stoxx 600 traded near a record high on Siemens Energy and CoreWeave outlooks as European stocks rallied. Japanese government bond yields jumped, tracking the Treasury selloff. China's central bank vowed to step up policy support for the economy. Alibaba plans to list T-Head, its Nvidia chip rival. Foreign investors pulled $50bn out of Asian equities in October, Bloomberg reported. Franco-Nevada (FNV) and Tetra Tech (TTEK) report after the close.

With the bond market shut and a Fed decision looming over the CPI print, Thursday's Nebius results will offer the next read on whether the AI trade's revival has legs.