US stock index futures moved higher on Wednesday as quarterly results from artificial intelligence infrastructure provider CoreWeave (NASDAQ:CRWV) supported technology shares, while reports of revenue growth at OpenAI (NASDAQ:OAI) and a possible increase in Anthropic’s (NASDAQ:ANT) initial public offering valuation drew investor attention.
The advance came amid volatility in government bond markets following stronger-than-expected US inflation data, which increased expectations of further interest-rate rises by the Federal Reserve.
At 03:04 ET, S&P 500 futures gained 48 points, or 0.6%, while Nasdaq 100 futures rose 412 points, or 1.5%. Dow Jones Industrial Average futures advanced 102 points, or 0.2%.
AI Companies Draw Attention Following Market Volatility
The gains in US futures followed a decline in the main Wall Street indices during the previous session, when rising Treasury yields affected equity markets.
Technology shares have experienced substantial price fluctuations amid questions about the financing requirements of artificial intelligence infrastructure and the possibility of increased regulatory oversight following the US midterm elections.
Nvidia (NASDAQ:NVDA) remained under pressure following reports containing unverified allegations about Chief Executive Jensen Huang’s personal relationship with an individual suspected of links to Chinese intelligence.
Meanwhile, developments involving CoreWeave, Anthropic and OpenAI provided investors with new information about demand for AI computing services and the financial performance of companies operating in the sector.
International equity markets also recorded gains overnight, while government bond prices declined in several countries, including Japan and Australia.
The US Treasury market was scheduled to remain closed on Wednesday for Veterans Day.
CoreWeave Shares Jump More Than 18% After Quarterly Results
CoreWeave reported third-quarter revenue of $3.66 billion, exceeding market expectations as demand for computing infrastructure used by artificial intelligence developers continued.
The company recorded a loss of $1.27 per share, smaller than analysts had anticipated.
For the full year, CoreWeave forecast revenue between $13 billion and $13.3 billion, above Wall Street estimates.
Chief Executive Michael Intrator described the period as a “breakout quarter.”
CoreWeave shares rose more than 18% in after-hours trading following the earnings announcement.
The increase followed a period of declining share prices, with the stock having lost more than 40% of its value over the preceding month.
The Nvidia-backed company has accumulated approximately $50 billion in debt as it expands its computing infrastructure.
Its financial position has attracted attention because of the substantial capital requirements associated with building and operating data centres for artificial intelligence applications.
The latest results indicated continued demand for CoreWeave’s services, although questions about infrastructure financing and future expenditure remain relevant to the company’s outlook.
Anthropic (NASDAQ:ANT), the developer of the Claude artificial intelligence platform, could seek a valuation of at least $1.5 trillion for its planned initial public offering, according to the Financial Times.
Bankers advising the company are reportedly considering increasing the offering price above the previously indicated range of $70 to $78 per share.
At $78 per share, Anthropic would have an estimated equity valuation of approximately $1 trillion.
Bloomberg News estimated that its fully diluted valuation would reach around $1.4 trillion after accounting for restricted shares, employee stock options and shares designated for charitable donations.
Anthropic also reportedly plans to raise an additional $26 billion through a private placement involving several technology companies.
The proposed investor group includes Alphabet’s Google, Nvidia, AMD, Broadcom, Micron Technology, Microsoft and TSMC.
The reported valuation discussions do not establish the final pricing or terms of the proposed offering.
OpenAI Revenue Reportedly Increases Nearly 50% Quarter on Quarter
OpenAI (NASDAQ:OAI) generated approximately $10 billion in third-quarter revenue, according to media reports citing financial information presented to investors.
The figure would represent growth of nearly 50% from the previous quarter and an almost threefold increase compared with the same period a year earlier.
Bloomberg News reported that the figures were discussed during an investor call on Tuesday.
OpenAI has continued introducing new AI models, reducing prices for certain services and expanding its development of autonomous software agents.
According to The Wall Street Journal, the company’s adjusted operating margin improved to negative 109%. The source’s comparison figure of 150% does not specify a sign, so the precise margin change cannot be established from the supplied information.
The newspaper also estimated that adjusted operating losses increased to $10.9 billion.
Those calculations excluded stock-based compensation, which reportedly rose to $2.6 billion.
The reported figures suggest that revenue growth has been accompanied by continued substantial operating expenditure.
The financial details remain based on media reports rather than independently verified financial statements.
Treasury Yields Rise as Investors Reassess Fed Policy
US government bond yields increased following Tuesday’s consumer inflation report, which exceeded market forecasts.
Comments from Federal Reserve policymakers added to expectations that interest rates could rise more than previously anticipated.
Short-term Treasury yields recorded their largest increase in approximately 19 months, contributing to pressure on equity markets during the previous session.
Higher bond yields can influence stock valuations by increasing borrowing costs and reducing the present value of expected future earnings.
These considerations are particularly relevant to companies undertaking substantial infrastructure investment, including businesses involved in artificial intelligence.
Oil Prices Stabilise as Investors Monitor Iran Developments
Energy markets also remained sensitive to developments involving the United States, Israel and Iran.
At 03:50 ET, Brent crude futures rose 0.5% to $91.92 per barrel, while West Texas Intermediate futures declined 0.1% to $85.93.
Brent had briefly traded below $90 on Tuesday as investors assessed the possibility of reduced regional tensions.
US President Donald Trump had indicated that additional military strikes against Iran might not be necessary, while Iranian authorities said that peace negotiations were not underway.
The developments left traders monitoring potential changes in regional security conditions and their implications for global oil supplies.
Wednesday’s market activity therefore reflected a combination of corporate earnings announcements, AI investment developments, monetary policy expectations and geopolitical news.
