Bitcoin stuck under $74,000 as CoreWeave earnings revive AI outlook, Anthropic said to raise IPO valuation
CoreWeave’s revenue surge lifted AI infrastructure stocks and Nasdaq futures, while bitcoin was little changed over 24 hours.
CoreWeave’s (CRWV) third-quarter results offered relief to the battered AI trade, sending its shares up 10% in Wednesday’s premarket trading, while bitcoin BTC$74,296.87 and gold were little changed.
The provider of cloud computing services to the AI industry said on Tuesday revenue grew 168% year over year and raised its full-year revenue forecast to $13 billion-$13.3 billion. Its net loss widened to $709 million, or $1.27 per share, driven by higher interest costs.
The rally spread across AI infrastructure stocks, with IREN IREN$21.46 gaining 6%, Galaxy Digital GLXY$16.13 rising 5% and Cipher Digital CIFR$7.2610 advancing 7%. Nasdaq 100 futures climbed more than 1.5%.
Bitcoin and gold were little changed over 24 hours, holding around $74,000 and $4,000 an ounce, respectively.
The Dollar Index remained above 102 as Tuesday’s hotter-than-expected U.S. inflation report reinforced expectations for higher interest rates in the world’s largest economy. Traders priced in roughly an 86% probability of a quarter-point increase from the Federal Open Market Committee on Dec. 9 and a 14% chance of a half-point move.
Meanwhile, Anthropic’s bankers are considering an IPO valuation of $1.5 trillion or more, above Tuesday’s roughly $1.4 trillion target, the Financial Times reported, citing people familiar with the matter. Strategic partners, including Google, Nvidia and Microsoft, are also set to invest $26 billion through a separate private placement at the IPO price.
By James Van Straten|Edited by Sheldon Reback
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