AI trading rebounds; storage chip and optical communication stocks rise broadly in U.S. pre-market, CoreWeave surges 17%, oil prices stabilize.

Trading sentiment in the U.S. artificial intelligence sector has rebounded significantly, driving technology stock futures higher. The strong quarterly results from emerging cloud computing company CoreWeave dispelled some market concerns about the industry, while robust demand for the Anthropic IPO further confirmed investors’ sustained interest in the AI track.

In U.S. pre-market trading, CoreWeave rose about 17% as the company’s third-quarter revenue exceeded expectations and it raised its full-year revenue guidance. Memory chip stocks broadly climbed, with SK Hynix up about 7% and SanDisk up about 7%. Optical communication stocks also saw broad gains: Coherent rose about 9%, Credo up about 8%, and Lumentum up about 8%. All three major U.S. stock index futures also rose, with Nasdaq 100 Index futures up 1.6%, S&P 500 Index futures up 0.7%, and Dow futures up 0.2%.

European markets strengthened in tandem, with the Stoxx 600 Index rising 0.7% led by technology and mining sectors, while Asian equity composite indices gained 1.5%. Benchmark government bond yields in Japan and Australia rose in line with Tuesday’s U.S. Treasury bond sell-off.

The better-than-expected performance of CoreWeave this quarter has been seen by the market as strong evidence of concrete demand for AI infrastructure, rather than merely sentiment-driven.

Ulrich Urbahn of Berenberg stated, “The resurgence in AI trading is founded on actual demand data rather than sentiment: CoreWeave’s third-quarter results exceeded expectations and the full-year outlook was raised.” He pointed out that after recent significant corrections, the valuations of related stocks have fallen considerably, and investors are taking the opportunity to rebuild their positions.

Previously, CoreWeave’s share price was under pressure due to its high-debt business model, but this earnings release has served as an important catalyst to restore investor confidence. OpenAI's quarterly revenue reaching 1 billion USD for the first time further highlights the accelerating commercialization of AI from another angle.

Additionally, according to the Financial Times, Anthropic’s underwriters are considering raising its IPO valuation in response to strong investor demand.

U.S. Treasury yields moved sharply higher on Tuesday after the Consumer Price Index (CPI) released that day exceeded expectations, prompting traders to raise their expectations for further interest rate hikes from the Federal Reserve. Due to the Veterans Day holiday, the Treasury cash market was closed on Wednesday and the previous day’s price action was not extended.

Benchmark government bond yields in Japan and Australia jumped in sync with Tuesday’s U.S. Treasury selloff, indicating upward pressure on yields has spread to other major bond markets.

Against the backdrop of heightened rate hike expectations, David Kelly from JPMorgan Asset Management said there is no need for the Fed to raise rates by 50 basis points at its next meeting.

International oil prices stabilized and rebounded on Wednesday after two consecutive days of declines, with Brent crude climbing back to near $92 per barrel.

The oil price rebound comes amid persistent market attention on the trajectory of the US-Iran war, with traders closely assessing how the conflict’s outlook may affect supply. Oil price movements have become another key variable in the current macro landscape, jointly influencing investors’ asset allocation decisions alongside rate expectations and tech sector sentiment.

All major European stock indices moved higher overall on Wednesday. The Euro Stoxx 50 Index opened up 1%, Germany’s DAX gained 0.9%, the UK’s FTSE 100 rose 0.8%, and France’s CAC 40 advanced 0.7%, led by technology and mining sectors.

At the stock level, CSG dropped 17%, standing out as a significant underperformer after the company cut its full-year profit margin guidance, triggering large-scale investor sell-offs.