By Leonie Kidd
Publication Date: 2026-11-11 11:56:00
This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.
Hello, this is Leonie Kidd with today’s edition of Morning Squawk.
CoreWeave is providing the tailwind for futures today, helping lift neocloud stocks, while a rebound for Nvidia is also supporting the chip space.
But is it enough to dull the lingering doubts around the AI trade?
Happening now: Silver linings
CoreWeave shares are surging in premarket trading, up over 16% overnight, after the neocloud group posted a 168% spike in third-quarter revenue.
The group also lifted its 2026 guidance, driving other neocloud stocks higher.
But bear in mind that shares are down 65% from their May highs, losing over 40% of their value in the last month alone.
- Analysis: Zack’s Chief Equity Strategist John Blank told CNBC early Wednesday that the shares are “so beaten up that you have to believe there is more value.”
- “Inflection point”: Freedom Capital Markets’ Paul Meeks said he is steadfastly bullish on CoreWeave, saying improving margins signal the turning point is here.
- Coming up: “Squawk on the Street” will speak with CEO Michael Intrator. Catch that interview, First on CNBC.
Jonathan Raa | Nurphoto | Getty Images
