Cloud Computing Shares Shine. CoreWeave Surges 23%; Nebius Rockets 16%; IREN up over 8%; Hut 8 up 6%; Oracle up over 4%

TigerAug 12, 2026 1:40 PM

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Cloud computing shares shined on Wednesday. CoreWeave surged 23%; Nebius rocketed 16%; IREN up over 8%; Hut 8 up 6%; Oracle up over 4%.

CoreWeave, Inc. reported a 112% year-over-year revenue surge in the latest quarter, driven by accelerating demand for artificial intelligence infrastructure. The company's net loss widened to $626 million from $290 million in the same period last year, resulting in a loss of $0.60 per share.

The company's revenue backlog now stands at $104 billion, a figure that excludes over $25 billion in new customer purchase commitments added in the third quarter. Current effective operating power capacity has reached 1.5 gigawatts.

Nebius Group surpassed second-quarter revenue estimates on Wednesday as booming demand for AI infrastructure and cloud services helped the company win larger contracts and raise prices for computing ‌capacity.

The Amsterdam-based AI infrastructure firm reported total revenue of $582.3 million for the quarter ended June, compared with analysts' average estimate of $572.75 million, according to data compiled by LSEG. Revenue at its core AI cloud business, which accounted ⁠for about 98% of group revenue, rose more than 500%.

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