CoreWeave Shares Jump 25% on $3.7 Billion Revenue and Massive Backlog

NEW YORK.– CoreWeave’s earnings, with $3.7 billion in revenue and a $133 billion backlog, lifted its shares about 25 percent.

The results lifted the broader technology sector on Wednesday: U.S. stocks rallied intraday, with the Nasdaq up about 2 percent, the S&P 500 up about 1.5 percent, and the Dow up about 0.3 percent.

Analysts urged caution, however. One AI earnings report lifted the Nasdaq the day after Nvidia’s rout.