Tech lifts world stocks as CoreWeave revives AI trade

Résumé détaillé

By Danilo Masoni MILAN, Nov 11 (Reuters) - Technology stocks lifted world shares on Wednesday as investors looked past mounting expectations of further Federal Reserve tightening and focused on renewed optimism about artificial intelligence after strong results from cloud computing firm CoreWeave.

MILAN, Nov 11 (Reuters) - Technology stocks lifted world shares on Wednesday as investors looked past mounting expectations of further Federal Reserve tightening and focused on renewed optimism about artificial intelligence after strong results from cloud computing firm CoreWeave.

The pan-European STOXX 600 rose 0.3% by 1213 GMT, nearing its August record high, as investors piled back into AI-linked stocks, echoing a technology-driven rally in Asia after last week's sector rout.

Nasdaq futures jumped 2% and S&P 500 futures rose 0.9% after CoreWeave said it expected to become profitable in 2028, easing immediate concerns that demand may not be strong enough to support the company's debt-fuelled expansion.

Its shares rose 16% in US premarket trading, rebounding from an 18-month low hit last week after a Democratic sweep in US midterm elections triggered a sharp selloff in AI-related stocks on concerns that infrastructure investment could slow.

"The results confirm that demand for AI is still very strong," said Alberto Conca, CIO at Swiss wealth manager LFG+ZEST. "However, CoreWeave still faces significant questions over the sustainability of its debt burden."

MSCI's broadest index of Asia-Pacific shares jumped 1.5% for a third straight day of gains, helped by a 2.6% rise in South Korea and a 3.6% increase in Taiwan. Japan's Nikkei climbed 1.3%.

Conca said the equity rally was broadening beyond the AI-linked stocks that had led markets in recent years, with value sectors and Europe attracting new interest. He also said that earnings growth remained robust enough to support equities despite pressure on valuations across parts of the AI sector.

Investors were also watching Anthropic, which is pressing ahead with its listing at a $1.4 trillion valuation, setting up a key test of Wall Street's faith in the AI boom.

Nvidia shares rose in premarket trading after two days of steep losses that erased about $430 billion following reports its CEO Jensen Huang may have been the target…

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