CoreWeave, Core Scientific 'Pick-and-Shovel' Rally After Nvidia Earnings

Benzinga

CoreWeave and Core Scientific climbed after hours as Nvidia’s strong Q3 earnings revived optimism in the AI trade. CoreWeave benefited from improved GPU demand, while Core Scientific gained as markets priced in rising compute and power needs tied to its large hosting contracts.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02CoreWeave and Core Scientific shares rose in after-hours trading after NVIDIA's strong third-quarter earnings report

00:07revived confidence in the AI trade, according to Benzinga.

00:11NVIDIA's results reassured investors after a difficult stretch for tech stocks,

00:14and CEO Jensen-Wadson AI is spreading across industries.

00:18CoreWeave gained because its cloud business depends on NVIDIA's GPUs,

00:21and stronger chip demand supports higher utilization.

00:23Core Scientific moved higher as the market price did rising power and compute needs tied to AI growth,

00:28and its contracts dose more than 500 megawatts of compute for CoreWeave,

00:33positioned it to benefit from NVIDIA's momentum.

00:35For all things money, visit Benzinga.com.

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