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CoreWeave gained 19% and Nebius surged 34% in premarket trading after CoreWeave reported that second-quarter revenue doubled on surging demand from hyperscalers.
The results produced a post-earnings rally across neocloud stocks.
CoreWeave's second-quarter report CoreWeave, an AI cloud giant, said second-quarter revenue doubled from the year-earlier period, according to the company. Hyperscaler demand drove the increase.
The earnings release preceded regular trading, and CoreWeave's premarket price moved 19% higher. Nebius moves higher Nebius surged 34% in premarket trading alongside CoreWeave. Both companies are classified as neoclouds.
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