Nebius and CoreWeave led Nasdaq gains on Wednesday, both surging more than 20% after quarterly results beat expectations and softer inflation data boosted risk appetite. Nebius reported revenue of $582.3 million, up 454% year-over-year, while CoreWeave posted $2.58 billion in sales, a 112% increase. Nebius posted a GAAP net loss of $190.4 million and spent $5.66 billion in capital expenditures during the quarter, highlighting the capital-intensive nature of the model. CoreWeave carries a backlog of $104 billion and raised full-year guidance, though DA Davidson cut Nebius price target to $175, signaling lingering valuation concerns.
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