Today, the rise of the US stock market and bitcoin:native is likely due to CoreWeave's earnings report. CoreWeave announced its third-quarter financial results after the market closed on Tuesday on the East Coast, with revenue reaching $3.661 billion, more than doubling from $1.365 billion a year ago. The full-year revenue guidance was raised from between $12 billion and $13 billion to between $13 billion and $13.3 billion, with a revenue backlog of about $132.5 billion. Additionally, the remaining computing power for 2027 has already been overbooked by about 10 times.

Previously, the market's biggest concern was that AI infrastructure was expanding through borrowing money, and if demand slowed, it wouldn't be able to repay it. CoreWeave's earnings report has provided the market with reassurance, as the company also expects to receive about $9 billion in customer prepayments and deposits over the next three months, alleviating the need for complete reliance on borrowing for expansion. Although it still reported a net loss of $709 million for the season, with interest expenses of $846 million, investors at least see revenues keeping pace with investments.

As a result, on Wednesday, CoreWeave's shares rose about 24.7%, the Philadelphia Semiconductor Index increased by about 5.7%, Micron rose about 11.9%, Sandisk increased about 13.7%, AMD rose about 7.3%, and even Nvidia, which had dropped for two consecutive days, rebounded by about 2.9%. The Nasdaq rose approximately 1.6%, the S&P 500 increased about 1.3%, and the Dow Jones rose about 0.5%. On Tuesday, the CPI exceeded expectations, and the yield on the ten-year US Treasury bonds temporarily returned to above 5%, with the market starting to bet on an interest rate hike next month. In this context, the rebound in tech stocks indicates the significant role of the earnings report.

Bitcoin still maintains a certain level of correlation with tech stocks; although it was not immediately impacted after CoreWeave's earnings report, the subsequent rise in tech stocks and AI led to an increase in bitcoin:native. It can be seen that the rise of BTC was almost synchronous with the opening of the US stock market.

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