Rebounding AI stocks lift Wall Street

Summary

• U.S. stocks rebounded on Wednesday with the S&P 500 rising 0.9% & the Nasdaq gaining 1.4% after recent AI data center slowdown concerns.
• CoreWeave jumped 10.7% following a smaller-than-expected loss & a raised revenue forecast that alleviated worries about interest rates & profitability.
• CoreWeave CEO Michael Intrator cited roughly $9 billion in expected prepayments to help self-fund operations amidst political fears of regulatory restrictions.
• Other AI-related stocks advanced, including Micron Technology & Broadcom (both +5.6%), GE Vernova (+3%), & Nvidia (+2.9%).
• Nvidia's gains were modest despite its AI leadership, as its board investigates CEO Jensen Huang regarding alleged technology transfers to China.
• Fossil Group soared 30.9% on stronger-than-expected quarterly profits & an upgraded revenue outlook.
• Trading remained mixed outside tech, with StubHub falling 7% on weaker results while oil prices rose 1.2% to $92.63 per barrel.
• Global markets showed strength in Europe & Asia, with South Korea's Kospi jumping 2.6% & Shanghai rising 0.5% ahead of Singles Day sales data.
• The U.S. bond market was closed for Veterans Day, preventing immediate yield reactions to the rising oil prices.