Nvidia (NASDAQ: NVDA) shares jumped more than 3% to $175 in Wednesday’s premarket trading as AI-related stocks rebounded after Nvidia-backed AI cloud provider CoreWeave reported third-quarter revenue above analysts’ estimates and raised its annual revenue forecast. The earnings report helped ease concerns about demand for AI computing infrastructure.
CoreWeave (NASDAQ: CRWV) reported third-quarter revenue of $3.66 billion, up 168% from a year earlier and exceeding the $3.55 billion consensus estimate from analysts surveyed by LSEG.
The company raised its full-year 2026 revenue forecast to $13 billion–$13.3 billion from $12.4 billion–$13.2 billion. Its revenue backlog reached about $132.5 billion as of September 30, up from $104 billion at the end of June. That backlog represents revenue expected from existing customer commitments, subject to service delivery and other contractual requirements.
CoreWeave also raised the lower end of its 2026 capital expenditure forecast to $37 billion from $35 billion, keeping the upper end at $39 billion. The increase reflects plans to deploy infrastructure and make it available to customers sooner than previously expected.
CoreWeave Reports Higher Rental Rates for Nvidia GPU Capacity
During its earnings call, CoreWeave reported that rental prices for Nvidia Ampere and Hopper GPU capacity rose 30%–50% in the third quarter compared with the previous quarter.
CoreWeave also said it was signing multiyear contracts for older Nvidia GPU capacity that extend beyond the periods over which the equipment is depreciated for accounting purposes.
Because CoreWeave operates cloud infrastructure using Nvidia processors, its rental pricing and customer commitments offer insight into demand for Nvidia-powered computing services. However, the reported increases apply to CoreWeave’s rental rates for computing capacity. They do not measure Nvidia’s chip selling prices or shipment volumes.
Nvidia has also strengthened its relationship with CoreWeave through a $2 billion equity investment in January and an expanded collaboration to support CoreWeave’s planned development of more than five gigawatts of AI computing infrastructure by 2030.
Nvidia Recovers Part of Two-Session Selloff
Nvidia shares had fallen about 9.5% over the previous two sessions, from Friday’s $186.64 close to $168.89 on Tuesday.
The decline coincided with scrutiny of reports alleging that a foreign intelligence effort targeted Nvidia CEO Jensen Huang. Nvidia’s board launched an independent investigation on Sunday, saying it had no reason to believe company secrets or national security were compromised.
Independent directors confirmed Tuesday that they had retained former acting U.S. Attorney Joon H. Kim and law firm Wachtell, Lipton, Rosen & Katz to conduct the review. Republican Sen. Kevin Cramer separately called for Huang to resign, citing potential security risks, while Nvidia’s board has said it retains confidence in him.
The premarket recovery was not limited to Nvidia. CoreWeave shares gained more than 10% in early premarket trading, while fellow chipmakers Marvell Technology and Micron Technology each advanced nearly 7%.
Nvidia is scheduled to release its fiscal third-quarter 2027 results on November 17, offering investors an update on the chipmaker’s financial performance and outlook.
Separately, a CoinMarketCap price snapshot showed NVIDIA Tokenized bStocks (NVDAB) at $176.64, down 1.5% over the previous 24 hours. The tokenized instrument trades separately from Nasdaq-listed Nvidia shares, while its 24-hour percentage change and Nvidia’s Wednesday premarket gain reflect different trading periods and are therefore not directly comparable.