Tech stocks today: CoreWeave and Supermicro results win over investors

Tech stocks closed lower as heavyweights including Amazon, Apple, Google, and Microsoft dragged down the Nasdaq 0.6% Tuesday.

But investors were flying high in after hours trading, thanks to earnings results from AI infrastructure companies CoreWeave (CRWV) and Supermicro (SMCI).

CoreWeave stock climbed 10% as it narrowed Q2 losses per share and said its sales backlog stands at $104 billion, with another $25 billion commitments already earmarked for Q3.

Supermicro, meanwhile, topped earnings projections and provided a robust Q1 outlook. Shares rose more than 9% on the news.

Also on Tuesday, Intel (INTC), said it upsized its share sale from $15 billion in common stock to $20 billion due to massive demand. Intel says it will use the proceeds from the sale to finance capital expenditures as it seeks to build out its manufacturing footprint among other things.