CoreWeave is providing a boost to neocloud stocks in premarket trading, with shares surging over 16% after reporting a 168% spike in third-quarter revenue. The company also raised its 2026 guidance, lifting other neocloud stocks as well. However, shares are still down 65% from their May highs, with a 40% drop in the last month alone. Analysts like Zack's Chief Equity Strategist John Blank suggest the shares are 'so beaten up that you have to believe there is more value.' Freedom Capital Markets' Paul Meeks remains bullish, citing improving margins as a sign of an inflection point.
Nvidia shares are also extending gains, up just over 3%, supporting other chip stocks like Broadcom, AMD, Intel, and Nebius. The company's board has hired a law firm to investigate CEO Jensen Huang amid spy allegations. Sen. Charles Schumer has accused President Donald Trump of defending Huang at the expense of U.S. national security.
Anthropic is preparing for its IPO, offering 825 million shares at a price range of $70-78 per share. The AI company plans to price on November 18 and begin trading on November 19. The IPO filing uses the word 'adverse' 257 times, highlighting potential risks. Retail investors could receive roughly 20% of the offering through platforms like Robinhood and Fidelity. Jim Cramer views the IPO as 'bullish for tech and the AI trade.'
The House of Representatives has effectively voted down an attempt to impeach Defense Secretary Pete Hegseth, referring the resolution to a committee. Meanwhile, security concerns persist amid reports of Iranian threats on Treasury Secretary Scott Bessent's life and the arrest of an American soldier suspected of spying for Russia.