CoreWeave, Super Micro climb on signs of sustained AI buildout

Super Micro forecast 2027 revenue above Wall Street estimates, underscoring resilient customer investment in AI servers, as data-center operators build out the hardware needed for generative-AI workloads.

The company's fourth-quarter gross margin of 17.5% exceeded both its preliminary estimate of 15%-17% and its initial forecast of 8.2%-8.4%.

CoreWeave stock has risen more than 26% so far this year, while Super Micro has gained 8%.

CoreWeave raised its forecasts for annual revenue, adjusted operating profit and capital spending, as strong demand for its Nvidia-powered AI infrastructure enabled the company to secure better pricing on new contracts.

Near-term capacity is effectively sold out, enabling CoreWeave to strike compute agreements on increasingly favorable terms, CEO Michael Intrator said.

Its revenue backlog rose to $104.2 billion in the second quarter from $99.4 billion three months earlier, excluding over $25 billion in new commitments secured early this quarter.

J.P. Morgan said pricing gains were driven mainly by "the demand environment and accelerating customer return on investment (ROI)." More than seven brokerages raised their price targets on both CoreWeave and Super Micro stocks.

Shares of CoreWeave CRWV.O and Super Micro Computer SMCI.O climbed on Wednesday after upbeat forecasts from the two AI infrastructure companies reinforced demand expectations for computing capacity.

Shares of neocloud provider CoreWeave rose more than 20%, with peer Nebius Group NBIS.O rising 14% as it beat quarterly revenue estimates. Server maker Super Micro's shares climbed more than 16%.