AI infrastructure stocks rose on Wednesday after strong quarterly financial reports from AI server hardware maker Super Micro Computer Inc. (NASDAQ:SMCI) and neocloud providers CoreWeave, Inc. (NASDAQ:CRWV) and Nebius Group NV (NASDAQ:NBIS). Big Tech companies have already signaled that spending on AI would not slow down. The combined outlays are set to surpass $730 billion this year.
Operating at different levels of the AI infrastructure stack, the results from CRWV and SMCI deliver the same message: customer spending on AI infrastructure is surging rather than slowing down. CRWV stock popped almost 20% on Wednesday after surging demand from hyperscalers for AI compute capacity resulted in doubled second-quarter revenue. Revenue came in at $2.6 billion, up 112% from $1.2 billion in the second quarter of 2025.
Looking ahead, it forecast third-quarter revenue of between $3.4 billion and $3.6 billion. Revenue backlog for CRWV for the quarter stands at $104 billion as of June 30. This doesn't include $25 billion in new customer commitments for the third quarter.
Management has also commented that CRWV's near-term capacity is effectively sold out. This enables the company to negotiate new computing contracts on more favorable terms. At the same time, the company faced operating expenses of $2.6 billion, up from $1.2 billion a year earlier, leaving it with an operating loss of $49 million.
Growth therefore depends on demand staying strong and bringing additional capacity online fast enough to generate adequate returns. SMCI was also up 18% on Wednesday after it posted fiscal fourth-quarter earnings beating Wall Street estimates backed by surging artificial intelligence. The company delivered a staggering 77.5% EPS beat — $1.70 vs. $0.96 estimated.
However, revenue of $11.12B narrowly missed the $11.73B consensus. Sales of $11.1 billion were up 93% year-over-year, and gross margin also improved from 9.5% to 17.5%. According to the management, the company booked more than $60 billion in new orders in a single quarter, entering fiscal 2027 with record backlog.
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