US Stock Market Move | Cloud computing service providers collectively surged, with CoreWeave (CRWV.US) rising over 22% and NEBIUS (NBIS.US) climbing over 16%.

On Wednesday, cloud computing service providers collectively surged, with CoreWeave (CRWV.US) jumping over 22% post-earnings, Nebius (NBIS.US) rising more than 16%, IREN (IREN.US) climbing over 7%, and Hut 8 (HUT.US) and Riot Platforms (RIOT.US) increasing more than 4%. In news, CoreWeave's earnings report released after the market close on Tuesday provided a much-needed boost to the recently questioned AI investment craze. After the market close on August 11, the AI computing power supplier, known as "neocloud," announced its Q2 2026 performance results for the quarter ending June 30, revealing both revenue and profits exceeding Wall Street expectations, with backlogged orders surpassing $100 billion. Additionally, driven by strong demand for AI computing power, Nebius reported a staggering 514% year-over-year increase in its cloud business sales for the second quarter. The earnings report showed that its AI cloud business, which makes up the vast majority of its operations, generated $575 million in that quarter. Total revenue for the quarter exceeded $582 million, reflecting a 454% year-over-year growth, which was higher than analysts expectations of $557 million; the per-share loss stood at $0.68, exceeding expectations by $0.18.