Neocloud shares gain as SpaceX, Super Micro results show strong AI demand
QQQ•U.S. neocloud shares rose in premarket trading after SpaceX reported a 161% year-over-year increase in third-quarter revenue and Super Micro beat estimates for first-quarter revenue and profit margin. CoreWeave gained 3.2%, Nebius 3.7% and IREN 4%.
1. Premarket gains
CoreWeave shares rose 3.2%, Nebius gained 3.7% and IREN was up 4% in premarket trading after SpaceX and Super Micro results pointed to strong AI demand.
2. Results and concerns
SpaceX third-quarter revenue jumped 161% year over year, with AI revenue driven by renting out computing capacity. Super Micro’s first-quarter revenue and profit margin comfortably beat Wall Street estimates. Piper Sandler said growing debt obligations leave neocloud companies less room for error and cut its price targets for CoreWeave to $124 from $153 and Nebius to $185 from $237.
3. Recent share performance
On Wednesday, Super Micro shares rose 11.7% and SpaceX shares gained 7.8%. As of the last close, Nebius shares had more than doubled year to date, while CoreWeave and IREN were down 13.2% and 29.5%, respectively.
