CoreWeave results lift tech stocks as dollar gains
Stock markets rose on Wednesday on renewed optimism over AI following strong results from data centre operator CoreWeave, while the dollar extended a rally on expectations for at least one more Federal Reserve interest rate hike. Wall Street's main indices enjoyed a buoyant session led by the tech-heavy Nasdaq, which finished up 1.6 percent. "The primary catalyst for the upside action is, ironically, one of the primary catalysts for the downside action that had been seen in the AI trade," said Briefing.com analyst Patrick O'Hare. "That would be CoreWeave, which posted better-than-feared third-quarter results and issued a reassuring outlook that has quieted some of the debt financing concerns surrounding its AI buildout plans," he added. CoreWeave said sales would come in at US$13-US$13.3 billion this year, beating estimates and soothing worries about its ability to finance its heavy debt burden, which fuelled a sharp sell-off last month. Shares in CoreWeave surged nearly 25 percent. "This relief trade is carrying across the AI trade complex to include hardware, software, and semiconductor stocks," said O'Hare. The gains in US equities came despite signalling from US central bankers that the Fed will lift interest rates in December to address persistent inflation. The US dollar rose to its highest level since...
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