On August 12, the cloud computing sector saw significant gains, with CoreWeave rising over 23%, NEBIUS up over 17%, IREN increasing over 8%, and Hut 8 climbing over 6%. Additionally, Oracle and Riot Platforms both rose over 3%. In terms of news, cloud computing giants' earnings have confirmed a surge in computing demand. CoreWeave reported Q2 revenue of $2.575 billion, a 112% year-over-year increase, exceeding expectations; its core revenue backlog reached approximately $104 billion. Furthermore, NEBIUS reported a 454% year-over-year increase in Q2 revenue to $582 million, with AI cloud business revenue skyrocketing by 514%, and it has raised its guidance for contracted power capacity for 2026.
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Cloud Computing Concept Soars, CoreWeave Rises Over 23% as Earnings Validate Surge in Computing Demand
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