AI Stocks Rally as CoreWeave Earnings Offset Fed Rate Fears
CoreWeave's strong earnings and Anthropic's massive IPO plans lifted global AI stocks despite hawkish Federal Reserve signals following high U.S. inflation data.
Global technology stocks rallied on November 11, 2026, led by CoreWeave, which saw its shares surge over 20% after reporting third-quarter revenue of $3.66 billion—a 168% annual increase. The cloud-computing provider eased investor fears of an AI bubble by projecting adjusted profitability by the first half of 2028 and reporting a revenue backlog exceeding $132 billion. This momentum extended to the Nasdaq and S&P 500, while AI startup Anthropic launched an IPO roadshow targeting a valuation between $1.4 trillion and $1.5 trillion, with reports that the offering is multiple times oversubscribed.
The rally occurred against a backdrop of economic volatility. Hotter-than-expected October inflation data prompted Federal Reserve officials to signal further interest rate hikes in December. Governor Christopher Waller suggested a potential 50-basis-point increase to maintain credibility, while Chicago Fed President Austan Goolsbee described the inflation report as "borderline disturbing."
Simultaneously, Nvidia shares stabilized despite a board investigation into CEO Jensen Huang. Huang admitted to an affair with Alice Wong, a businesswoman alleged to be a Chinese spy. While President Donald Trump signaled support for Huang, the U.S. Congress prepared to subpoena the CEO, intensifying scrutiny of national security and chip export controls. In other developments, Taiwan Semiconductor Manufacturing Co. approved $1 billion in investments split between Anthropic and OpenAI.
