CoreWeave shares surge 15% following a raised outlook and strong quarterly results

CoreWeave shares surged 15% in premarket trading on Wednesday after the company reported quarterly earnings that topped estimates and raised its guidance for the year. The strong report helped ease investor anxieties regarding the sustainability of the AI trade and neocloud financing concerns. During the third quarter, CoreWeave saw its revenue jump 168% to $3.7 billion. CEO Michael Intrator highlighted the period as a breakout quarter supported by customer contract financing and roughly $9 billion in customer prepayments and deposits.