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CoreWeave rents AI server capacity and Super Micro builds AI servers, and both raised forecasts as CoreWeave's backlog hit $104.2 billion and Bank of America pledged $250 billion for US infrastructure.
CoreWeave shares jumped more than 19% and Super Micro climbed more than 13% on Wednesday, both reaching their highest levels since June, after the two AI-infrastructure companies raised their forecasts for the year. The lift was broad: AI cloud peer Nebius Group rose 23% on its own quarterly beat, data-center operators Applied Digital and IREN added 4% and 8%, and Dell rose 5%.
CoreWeave rents AI server capacity to companies building generative-AI products, the warehouses of Nvidia chips behind every large language model run. Super Micro builds those AI servers. Both companies sell into the same loop: when a cloud or AI lab needs more compute than it can build, it rents capacity or buys servers from one of these two. On Wednesday, that loop tightened.
The reason sits in the contracts. CoreWeave said its near-term capacity is effectively sold out, and that it is now signing new compute deals on more favorable terms. Its revenue backlog, the value of signed customer contracts still to be delivered and billed, grew to $104.2 billion in the second quarter from $99.4 billion three months earlier, and the company secured more than $25 billion in additional commitments early this quarter.
Super Micro told investors to expect fiscal 2027 revenue above Wall Street estimates, the latest signal that its customers are still buying AI servers at scale. The company's fourth-quarter gross margin of 17.5% reinforces the demand story: it beat Super Micro's own preliminary estimate of 15% to 17% and roughly doubled the 8.2% to 8.4% range the company had earlier forecast.
CEO Michael Intrator attributed the shift directly to the demand environment. "Near-term capacity is effectively sold out," he said, "enabling CoreWeave to strike compute agreements on increasingly favorable terms."
The bank pledges arriving this week are the second leg of the same loop. Bank of America pledged $250 billion for U.S. infrastructure financing by July 2027, days after a similar announcement from Morgan Stanley. AI demand fills the order book; bank pledges fund the data centers that fill the demand. CoreWeave raised its capital-spending guidance to deliver the capacity those contracts now require, with the new dollars flowing to Nvidia systems, building fit-out, and long-dated power contracts. The combined pledges from the two banks are large enough to underwrite multiple CoreWeave-scale operators if deployment holds.
The tension stayed on the page. CoreWeave raised its capital-spending guidance alongside its revenue and adjusted operating earnings outlooks, and analyst notes flagged the move. MoffettNathanson, in a note this week, said some investors may be spooked by the increased capex guidance but the pricing environment suggests project returns are strengthening even as unit costs go up too. Higher unit costs also raise the cost of building out the next wave of capacity, which means pricing has to keep up if returns are to follow.
The largest cloud and AI platform operators, including Microsoft, Google, Amazon, and Meta, are also piling on debt to fund their own AI buildouts. A surge in default-risk hedging on those companies has drawn broader market commentary. The market is not just betting that AI demand stays strong; it is also paying to insure against the cost of funding that demand.
More than seven brokerages raised their price targets on both CoreWeave and Super Micro on Wednesday. CoreWeave is on track to add roughly $8 billion to its market value and Super Micro more than $2 billion if intraday gains hold.
Pricing power will need to show up in operating cash flow by the second half of the year, not just in the contracted backlog. Bank pledges are commitments by a target date, not deployed capital. CoreWeave's capital spending will have to outrun its unit costs to keep the loop intact.