CoreWeave's stock price soars after hours as strong demand for artificial intelligence boosts performance outlook.

CoreWeave Inc., an AI computing power supplier, saw its stock price surge after hours as a wave of AI spending drove its sales growth above expectations. The company announced on Tuesday that it expects third-quarter sales to be between $3.45 billion and $3.6 billion. Data showed that analysts had previously anticipated figures at the lower end of this range. CoreWeave also stated that, as of the end of the second quarter, its contracted amount stood at $104 billion. This metric is closely watched and is seen as an important indicator for future sales. The company mentioned that new customer commitments exceeding $25 billion were made following the end of the second quarter. After the earnings report was released, CoreWeave's stock rose about 15% in after-hours trading. As of Tuesday's close, the stock has gained 26% year-to-date. The stock prices of data center operator Applied Digital Corp., as well as new cloud service providers Nebius Group NV and IREN Ltd., also increased in after-hours trading.