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1. CoreWeave earnings spark a rebound in AI shares
CoreWeave earnings set the tone for markets on Wednesday, November 11, as the AI cloud provider's shares climbed 14% in premarket trading after it reported third-quarter revenue of $3.66 billion, up 168% from a year earlier. Nvidia, memory and semiconductor stocks rallied alongside it, while bitcoin (BTC) tested its 200-day moving average and remained below $74,000.
The move marked a turn for a group of artificial intelligence stocks that had been under heavy pressure in recent sessions. Nasdaq 100 futures rose 2%, pointing to a strong open for the technology-heavy index, and funds tracking memory chips and the wider semiconductor industry posted strong gains.
Crypto markets did not share in the enthusiasm to the same degree. Bitcoin edged slightly lower over 24 hours, ether (ETH) fell more than 2%, and the day's standout performer among large digital assets was a token tied to the Telegram messaging app rather than any of the market leaders.
2. What CoreWeave reported for the third quarter
CoreWeave (CRWV), which rents out computing capacity built on graphics processors to companies developing and running AI models, posted quarterly revenue of $3.66 billion. The 168% year-over-year increase reflects how quickly demand for specialized AI infrastructure has grown.
The company also raised its forecast for full-year revenue to a range of $13.0 billion to $13.3 billion. An upward revision to guidance tends to carry particular weight with investors because it signals that management expects strong demand to continue for the rest of the year, not just in the quarter just finished.
Growth has not yet translated into profits. CoreWeave's net loss widened to $709 million, or $1.27 per share. The company has been spending heavily to build out data centers and acquire the chips needed to serve its customers, and that investment continues to weigh on the bottom line even as sales climb.
Investors appeared willing to look past the loss for now. The 14% premarket gain suggests the market focused on the scale of revenue growth and the higher outlook rather than the wider deficit.
CoreWeave's results are closely watched as a gauge of the wider AI build-out. Because the company buys large volumes of Nvidia processors and leases the resulting capacity to model developers, its revenue offers a window into how much computing power the industry is consuming, and its guidance indicates whether that appetite is expected to keep growing.
3. Anthropic IPO talk adds to the AI mood
Sentiment toward AI companies received a second lift from reports about Anthropic's planned initial public offering. The company's bankers were reportedly weighing a valuation of $1.5 trillion or more after strong demand from investors, above the roughly $1.4 trillion target disclosed on Tuesday.
Those figures remain expectations rather than final pricing. Even so, signs that investors are prepared to pay more for one of the leading AI model developers helped reinforce confidence across the sector, from chip designers to the cloud providers that supply computing power.
A higher valuation for a major AI developer matters for the rest of the industry because those developers are among the biggest buyers of computing capacity. If public market investors are willing to fund them generously, the companies that sell them chips, servers and cloud capacity stand to benefit from continued spending.
4. Nvidia, chip funds and AI infrastructure stocks recover
Nvidia (NVDA) rose 4% before the opening bell, recovering part of its recent losses. The chipmaker's shares had fallen sharply following reports that chief executive Jensen Huang had an affair with a woman whom U.S. intelligence reportedly suspects of spying for China. Those reports have not been confirmed.
The rebound extended to companies that have converted or expanded operations to host AI computing. Cipher Digital (CIFR), IREN and TeraWulf (WULF), all of which have roots in bitcoin mining, each gained about 6%. Such firms have increasingly repurposed their power capacity and data center sites to serve AI customers, which ties their share prices closely to sentiment around companies like CoreWeave.
Exchange-traded funds focused on semiconductors moved sharply higher as well. The Roundhill Memory ETF (DRAM) jumped 8%, and the VanEck Semiconductor ETF (SMH) gained more than 4%. Memory chips are a key component of AI servers, and demand for high-capacity memory has grown alongside demand for processors.
5. Why is bitcoin lagging the tech rally?
Bitcoin did not join the rebound because it was still struggling to hold a key technical level. The largest cryptocurrency tested its 200-day moving average near $73,116 before edging higher, but it continued to trade just below $74,000 and was down 0.46% over 24 hours.
The 200-day moving average is the average closing price over roughly the past 200 trading days, and many traders treat it as a dividing line between a longer-term uptrend and downtrend. When the price sits right on it, as bitcoin did on Wednesday, traders watch closely to see whether it holds as support or gives way.
Ether fared worse, falling 2.14% over the same period. A broad index of large-cap digital assets rose 0.96%, indicating that gains in some smaller tokens offset the weakness in the two largest cryptocurrencies.
6. Why AI stocks and crypto markets are linked
The day's trading highlighted how intertwined AI equities and the crypto sector have become. Several publicly listed bitcoin miners have in recent years been converting their facilities and power contracts into data center capacity for AI customers, so their shares now respond to news about AI demand as much as to the price of bitcoin.
At a broader level, both AI stocks and cryptocurrencies are often treated by investors as growth-oriented, higher-risk assets. When appetite for risk rises, they can rally together; when it fades, they can fall together. Wednesday was an example of the two diverging, with technology shares bouncing on company-specific news while bitcoin remained pinned near a technical level.
That divergence suggests the AI rebound was driven by concrete results and IPO expectations rather than by a general shift in market mood. For crypto traders, it leaves open the question of what catalyst might lift bitcoin decisively away from its 200-day average.
7. Gram leads crypto gainers after Durov's comments
Gram (GRAM), the token of The Open Network that was previously called toncoin, was the best performer among large digital assets on Wednesday. It rose 13.6% over 24 hours to $1.24, lifting its market capitalization to $3.55 billion.
The rally followed comments from Telegram founder Pavel Durov, who described the token as ridiculously undervalued. Durov attributed the gains to the token's integration with Telegram and called it the only coin built into a real social ecosystem. He also predicted that it would eventually rank among the three largest cryptocurrencies by market value.
Despite the jump, gram remained down 8.5% over the past month. The next-strongest gainers over 24 hours were Syrup (SYRUP), up 7.8%, and Monad (MON), up 7%.
8. London Stock Exchange eases rules for professional crypto notes
In Europe, the London Stock Exchange relaxed its admission guidance for crypto exchange-traded notes sold to professional investors, opening the way for leveraged bitcoin and ether products. The updated guidance is dated November 10.
Exchange-traded notes are debt instruments issued by a financial institution that promise to pay a return linked to an underlying asset, in this case bitcoin or ether. Unlike an exchange-traded fund, an ETN does not necessarily hold the underlying asset, which means the investor also takes on the credit risk of the issuer. A leveraged note multiplies the daily movement of the underlying asset, amplifying both gains and losses.
On segments reserved for professional investors, the exchange removed requirements that the notes be physically backed, that they carry no leverage, that the underlying asset have a reliable public price, and that holdings be kept in cold storage or an equivalent arrangement.
Some limits remain. Eligible cryptocurrencies are still restricted to bitcoin and ether, and anti-money-laundering requirements continue to apply to custodians where relevant. Because the changes apply only to professional segments, retail investors will not gain access to leveraged crypto notes through this route.
9. Deutsche Bank opens crypto custody to European institutions
Deutsche Bank's digital asset custody service for institutional clients in Europe is now live. The service safeguards bitcoin, ether and stablecoins on behalf of clients.
The launch had been expected for some time, and the bank has previously said it plans to extend the service to clients in Asia. For institutional investors, custody provided by a large, regulated bank can be an important condition for holding digital assets, since many funds and corporations face strict requirements about who may hold their assets.
The move also adds to a broader pattern of established financial institutions building their own infrastructure for digital assets rather than relying solely on specialist crypto firms. Taken together with the London Stock Exchange's changes, Wednesday's developments in Europe point to traditional market operators and banks making room for crypto within existing structures, even as prices themselves remain under pressure.
10. What to watch next
For AI stocks, the question is whether Wednesday's premarket strength carries through the regular session and beyond. CoreWeave's raised guidance gives investors a concrete reason for optimism, while the Anthropic IPO process and developments around Nvidia's leadership are likely to keep the sector in focus.
For bitcoin, the 200-day moving average near $73,116 remains the level to watch. A sustained move above $74,000 would ease some of the pressure, while a decisive break below the average would likely add to concerns among traders who track the indicator.