AI Bounce Gains Momentum on Positive CoreWeave and Anthropic Updates

Detailed summary

CoreWeave’s strong results and funding plan, along with demand for Anthropic’s IPO, gave the AI bounce another boost on a quiet Veterans Day.

CoreWeave’s strong results and funding plan, along with demand for Anthropic’s IPO, gave the AI bounce another boost on a quiet Veterans Day.

Indices started higher, and an early dip was bought, but some afternoon softening saw them settle back to end about where they started. Tech’s 2.7% gain lifted the Nasdaq Composite 1.6%. The S&P 500 added 1.3%, the Russell 2000 0.9% and the Dow Jones Industrial Average 0.5%. The Nasdaq-100 gained 2.3%, and marked its first close above its 200-DMA in a week.

CoreWeave (CRWV) jumped nearly 25%, its best day since June 2025, after third-quarter revenue rose 168% to $3.66 billion, its contracted backlog more than doubled to $132.5 billion and it raised its 2026 revenue and operating income outlook. Its CEO also said it won’t tap the unsecured debt market at current yields, after its 2032 bonds yielded more than 16% last week. Rev Shark noted that funding plan helped the AI bounce (Market Shrugs Off Rates Again as CoreWeave Eases the Capital Crunch).

All of that sent the Philadelphia Semiconductor Index (SOX) up 5.7% (it was up as much as 7.9%), bringing its gain over the past four sessions to 17%, the best four-day run since March 2020.

While the bond market was closed for Veterans Day, Treasury futures were open and edged lower (yields higher). The dollar rose 0.7% to its highest close since April 2025, while gold fell back below $4,000, and oil snapped a two-day slide as traders weighed mixed signals on the prospects for an end to the Iran war. The VIX fell another 10% to its lowest close since November 4.

In data, purchase mortgage applications jumped 7.5% last week, the most since mid-April, boosted by the 30-year fixed rate falling for a fourth straight week to 7.21%, and Redbook same-store sales stayed above 10% (Consumers Continue to Consume). Note, though, mortgage rates will be moving back higher after the recent move in the 10-year Treasury.

Thursday brings a busier calendar with jobless claims, existing home sales, a 30-year…

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