Bitcoin holds steady as CoreWeave earnings revive AI outlook, Anthropic said to raise IPO valuation

CoreWeave’s (CRWV) third-quarter results offered relief to the battered AI trade, sending its shares up 10% in Wednesday’s premarket trading, while bitcoin and gold were little changed.

The provider of cloud computing services to the AI industry said on Tuesday revenue grew 168% year over year and raised its full-year revenue forecast to $13 billion-$13.3 billion. Its net loss widened to $709 million, or $1.27 per share, driven by higher interest costs.

The rally spread across AI infrastructure stocks, with IREN IREN$19.71·Market Closed gaining 6%, Galaxy Digital GLXY$14.10·Market Closed rising 5% and Cipher Digital CIFR$6.5160·Market Closed advancing 7%. Nasdaq 100 futures climbed more than 1.5%.

Bitcoin and gold were little changed over 24 hours, holding around $74,000 and $4,000 an ounce, respectively.

The Dollar Index remained above 102 as Tuesday’s hotter-than-expected U.S. inflation report reinforced expectations for higher interest rates in the world’s largest economy. Traders priced in roughly an 86% probability of a quarter-point increase from the Federal Open Market Committee on Dec. 9 and a 14% chance of a half-point move.

Meanwhile, Anthropic’s bankers are considering anIPO valuation of $1.5 trillion or more, above Tuesday’s roughly $1.4 trillion target, the Financial Times reported, citing people familiar with the matter. Strategic partners, including Google, Nvidia and Microsoft, are also set to invest $26 billion through a separate private placement at the IPO price.