AI Stocks Today: CoreWeave Jumps 20% and Nasdaq Gains 1.6%

AI stocks today rallied across the board. On Wednesday, November 11, the Nasdaq Composite rose 1.6% to 25,466.19 and the S&P 500 gained 1.3% to 7,619.41, according to CNBC's closing report, after CoreWeave's quarterly results eased fears about AI demand and AI debt. CoreWeave itself surged more than 20%, Reuters reported.

The Dow Jones Industrial Average added about 0.5% to close at 52,486.49. The gains were concentrated in technology: the S&P 500 technology sector was up nearly 4% during the session, on track for its biggest one-day gain since August 4, and the Philadelphia Semiconductor index jumped 7% to a one-week high with every member rising, according to Reuters.

+1.6%

Nasdaq Composite on Wednesday, closing at 25,466.19

+20%

CoreWeave's gain, at least, after its earnings report

+7%

Philadelphia Semiconductor index during the session

17.6

VIX during the session, down from a high of 28.36 last week

CoreWeave set the tone for AI cloud stocks

CoreWeave reported third-quarter revenue of $3.66 billion after Tuesday's close, raised its 2026 forecast and said it would not need the unsecured bond market at current yields. We covered the numbers in detail in our report on CoreWeave's earnings. The stock climbed to its highest level in nearly two weeks and was set for its biggest daily percentage gain in more than three months, Reuters reported.

The rally spread to the other companies that build or rent AI computing capacity. Nebius, Iren, Oracle and Applied Digital were each up between 6% and 14% by early afternoon, Reuters reported, and the group including CoreWeave was set to add about $36 billion of market value. The rebound comes from a low base. Through Tuesday, every one of those stocks except Nebius had lost between 32% and 48% this year, while Nebius was up 60%.

Nvidia rebounded despite a call for Huang to step down

Nvidia climbed 2.9%, according to CNBC, after losing about $430 billion of market value over the previous two sessions. The stock had fallen 30% from its October 6 peak through Tuesday's close, CNBC reported.

The pressure on the company has not gone away. Investors remain worried about chief executive Jensen Huang's relationship with a businesswoman alleged to be a Chinese spy, and Republican Senator Kevin Cramer, a member of the Senate Banking Committee, called on Huang to step down as CEO, Reuters reported. Our earlier posts cover the board investigation and the Commerce Department probe.

One good day does not end the selloff

The bounce leaves the major indexes well below their highs. At Tuesday's close the Nasdaq Composite sat 9.6% below its record and the S&P 500 was 4.1% below its own, according to CNBC. Wednesday's gain recovers only part of that gap.

Volatility has cooled. The VIX fell for a fourth straight session and was last at 17.63, down from a more than seven-month high of 28.36 last week, Reuters reported. Market breadth was less convincing: during the session the Nasdaq recorded 65 new 52-week highs and 125 new lows, according to Reuters.

Interest rates are the other weight. After Tuesday's hotter than expected inflation report, traders fully price a Federal Reserve increase of at least a quarter point in December and see roughly a 13% chance of a half-point move, according to CME FedWatch data cited by Reuters. The US bond market was closed on Wednesday for Veterans Day, so the rally went untested by Treasury yields.

What the AI Bubble Index says

The AI Bubble Index read 61.9 after Tuesday's close, in its Normal band, down from 63.3 a week earlier. That reading does not yet include Wednesday's session. Sentiment and attention is the hottest of the five families at 95.5 and systemic risk reads 69.3, while momentum has cooled to 51.5 and the demand gap is lowest at 40.5. Fragility, at 69, remains above Euphoria at 62.4. All components are on the dashboard.

A single strong session moves prices more than it moves the conditions underneath them. Lenders are still pulling back from the sector, as we explain in our analysis of the AI debt bubble, and our guide to AI stock market analysis covers how to separate a relief rally from a change in trend.