Stock Market Today, Oct. 27: CoreWeave Surges on Denmark Data Center Launch
CoreWeave (NASDAQ:CRWV), a specialized AI cloud computing provider, closed at $59.57, up 7.94%. The stock surged after it switched on new compute capacity at a data center in Denmark, as Wall Street banks continue to provide financing to the sector. Investors are watching next for CoreWeave’s Nov. 10 earnings update and any new specifics on financing risk.
Trading volume reached 52.2 million shares, coming in about 39% above its three-month average of 37.5 million shares. CoreWeave IPO’d in 2025 and has grown 49% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,723, up 0.60%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 26,478, up 1.18%. Among AI cloud infrastructure and data center services peers, Nebius Group (NASDAQ:NBIS) closed at $170.47, up 11.22%, and Iren (NASDAQ:IREN) closed at $27.44, up 7.90%.
What this means for investors
CoreWeave’s Denmark data center launch gave investors a fresh sign of global capacity buildout just as several Wall Street banks arranged $63 billion in financing for Broadcom‘s AI chips for Anthropic. That’s a signal that demand for AI infrastructure, including CoreWeave’s, will continue to grow.
Investors recently soured on CoreWeave and its competitors on fears that debt financing could overwhelm the businesses, despite strong demand for its services. In the midst of those fears last week, Goldman Sachs upgraded CoreWeave stock to recommend buying shares after the stock’s plunge.
CoreWeave’s third-quarter earnings are due Nov. 10, where investors can provide updates on demand as well as address concerns about its debt level.
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