CoreWeave, Super Micro earnings spark global tech rally

Strong quarterly results from CoreWeave and Super Micro Computer ↗ 0.45% ignited a broad rally across global equity markets on Wednesday, with Asian technology stocks leading gains as investors interpreted the numbers as confirmation that artificial intelligence infrastructure spending remains firmly intact.

CoreWeave, the Nvidia ↘ 0.02%-backed cloud computing provider, surged roughly 16% in extended trading after reporting second-quarter revenue of $2.58 billion, up 112% year-over-year and ahead of analyst estimates. The company raised its full-year 2026 revenue guidance to $12.4 billion to $13.2 billion and disclosed an order backlog of $104 billion. Super Micro reported that new orders exceeded $60 billion this quarter and projected fiscal 2027 revenue of $65 billion to $72 billion, well above Wall Street expectations.businesstimes+2

Asian Chipmakers Surge on AI Optimism

South Korea's Kospi rallied as much as 4.6% to 5%, its strongest session of August, as semiconductor stocks powered gains. Samsung Electronics jumped roughly 7% and SK Hynix ↗ 4.70% gained a similar amount, buoyed by optimism over shareholder return policies and a report that Singapore's Temasek plans to invest directly in both chipmakers. LG Innotek climbed nearly 9.5%.moomoo+2

The rally extended to smaller Korean chip equipment makers on the KOSDAQ. Mirae Industry surged over 15%, Neosem rose 9.5%, and Dawonnexview gained 9.1%, according to the Seoul Economic Daily. The MSCI Asia-Pacific Index advanced 0.7%, with its technology sub-index climbing 2.6%.sedaily+1

Renewed Confidence in AI Trade

Deutsche Bank strategists noted the earnings "led to renewed optimism on the AI trade" after a period of Magnificent 7 weakness that had dragged the S&P 500 lower on Tuesday. Nasdaq 100 futures rose as much as 0.5% on the results.fxstreet+1

"The earnings season we've seen so far has provided some comfort, especially within the tech trade," Christina Woon, a portfolio manager at Eastspring Investments, told Bloomberg Television.businesstimes

The gains were tempered by rising crude oil prices, which climbed for a sixth straight session as negotiations over the Strait of Hormuz remained deadlocked. Investors also awaited U.S. July CPI data due later Wednesday, a release that could prove pivotal for the Federal Reserve's September policy decision after three FOMC officials dissented in favor of a rate hike at the July meeting.blockonomi+2