AI infrastructure stocks had a big day
Three major AI infrastructure companies gave investors the same message this week: demand for computing power is still running ahead of supply.
Shares of Nebius, CoreWeave and Supermicro all jumped Wednesday following strong quarterly reports.
Nebius gained as much as 27%, CoreWeave climbed roughly 20%, and Supermicro rose around 15%.
The results pushed back, at least temporarily, on concerns that the AI infrastructure boom is beginning to slow.
Nebius says it could sell out 2027 capacity
Nebius reported second-quarter revenue of $582.3 million, up from $105.1 million a year earlier, representing growth of roughly 454%.
The company signed four major AI cloud agreements during the quarter, with each contract worth more than $1 billion on average.
Demand is strong enough that Nebius said it could sell all of its planned 2027 capacity at current terms. The company is deliberately keeping some capacity available for customers that need immediate access.
Nebius is spending heavily to keep expanding. Capital expenditures reached $5.7 billion during the quarter, driven largely by GPUs and related infrastructure.
CoreWeave backlog climbed above $100 billion
CoreWeave posted second-quarter revenue of $2.5 billion, more than double the $1.2 billion reported a year earlier.
Its revenue backlog surged 246% to $104.2 billion, reflecting contracts already signed but not yet recognized as revenue.
CoreWeave also said it has signed another $25 billion in deals that will be added to its backlog during the third quarter.
The company spent $9.4 billion on capital expenditures during the quarter as it continued buying chips and building data-center capacity.
Losses remain substantial. Adjusted net losses widened to $567 million, compared with $130 million a year earlier.
Supermicro’s outlook blew past expectations
Supermicro also reported stronger-than-expected results.
Adjusted earnings came in at $1.70 per share, ahead of Wall Street expectations of $1.59.
Revenue was slightly light at $11.1 billion, versus expectations of $11.2 billion, but the company’s outlook drove the stock higher.
Supermicro expects next-quarter net sales between $14.5 billion and $15.5 billion. Wall Street had been expecting roughly $11.9 billion.
The guidance suggests demand for AI servers remains strong as cloud providers and data-center operators continue expanding GPU capacity.
The common thread is still a compute shortage
The three reports cover different parts of the AI infrastructure chain, but the numbers point in the same direction.
Nebius and CoreWeave are locking customers into multibillion-dollar cloud contracts before capacity is fully built. Supermicro is seeing demand for the servers that house the chips powering those data centers.
All three are benefiting from companies trying to secure compute before it becomes available.
The cost is enormous. Nebius and CoreWeave alone spent more than $15 billion on capital expenditures during the quarter.
For now, the contracts and backlog are growing quickly enough to keep investors focused on demand rather than spending.
Nvidia is the next major test
The next major read on the AI infrastructure market comes from Nvidia, which reports second-quarter earnings on August 26.
Nebius, CoreWeave and Supermicro have already shown that customers are still spending aggressively on compute.
Nvidia will give the market the clearest look yet at whether that demand is continuing across the broader AI hardware market.
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