Nasdaq surges 1.6% as CoreWeave jumps 25% on AI demand

Wall Street rallied on Wednesday, November 11, as renewed optimism surrounding artificial intelligence fueled a broad recovery in technology stocks following an inflation-driven sell-off. The Nasdaq Composite led major indexes higher, climbing 1.60% to 25,466, while the S&P 500 gained 1.29% to 7,618.

The Dow Jones Industrial Average advanced a more modest 0.49% to 52,486, according to Yahoo Finance. CoreWeave, a cloud provider built for artificial intelligence workloads, surged 24.71% after reporting record quarterly results and raising its revenue outlook. Micron Technology gained 11.89% as semiconductor names recovered from earlier weekly losses.

Oracle advanced 8.83% following news of record energy-saving milestones for its utility customers, and Apple rose 2.04% to reach a fresh record high during the session. Gold prices declined 0.98% to $3,990.70, reflecting a shift in investor appetite toward equities. Utilities led sector gains, followed by strength in technology, while consumer cyclical stocks lagged.

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CoreWeave's strong earnings helped reinforce confidence in artificial intelligence infrastructure spending, suggesting that demand for computing capacity remains robust despite concerns about elevated valuations and the substantial cost of expansion. However, the recovery was particularly strong among technology and semiconductor stocks, leaving questions about the breadth of the rally.

Continued gains will likely depend on corporate earnings justifying valuations as higher interest rates increase financing costs. Investors are watching whether the S&P 500 can sustain its recovery as bond trading resumes following Veterans Day, with the 10-year Treasury yield approaching 5% before the holiday.