Corporate America: November 11, 2026 — CoreWeave’s 25% Surge Revives the AI Trade

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Corporate America shook off Tuesday’s inflation shock on Wednesday and bought the artificial intelligence trade back, on a Veterans Day session when the bond market was closed and no major economic report was due. The S&P 500 rose 1.31% to 7,619.38, the Nasdaq Composite gained 1.60% to 25,466.19 and the Dow Jones Industrial Average added 0.49% to 52,486.49, with technology up 2.7%, semiconductors up 5.6% and every S&P 500 sector higher except consumer discretionaries, according to Reuters. The rebound came even as investors priced a possible 50-basis-point Federal Reserve rate increase in December, after Governor Chris Waller put that size of move on the table on Tuesday, and even as the dollar hit its highest since April last year and gold fell about 1% below $4,000 an ounce.

The engine was a single earnings report, followed on our Corporate America desk. CoreWeave, the AI cloud provider that rents out Nvidia chips, closed up 24.7% to $60.77 after reporting third-quarter revenue of $3.66 billion, up 168% from a year earlier, above its own forecast of $3.45 billion to $3.60 billion and above the $3.56 billion consensus. It raised its full-year revenue forecast to $13.0 billion to $13.3 billion, said its backlog reached about $132.5 billion and put its run-rate revenue at $20 billion to $21 billion exiting the year. The costs remained the argument against it: interest expense was $846 million and the net loss was $709 million. Nvidia, which had fallen for two straight sessions, closed up 2.9% to $173.73, and the relief spread across the memory names that sell into AI data centres, with Sandisk up 13.7% to $977.69 and Micron up 11.9% to $811.30.

Earnings: Beats Well Beyond the AI Trade

The day’s other winners showed the pattern our Earnings Season Playbook describes, in which guidance decides the move. B&G Foods was the biggest gainer, closing up 37.97% to $3.67 after adjusted earnings of $0.21 a share beat the $0.15 consensus, net sales rose 4.7% to $459.8 million and management raised its full-year sales outlook to $1.76 billion to $1.80 billion, even as a $40.7 million impairment left a GAAP net loss of $32.5 million. Gevo closed up 30.9% to $1.82 after record revenue of $82.95 million, nearly double a year earlier and well above the $54.5 million expected, adjusted earnings of $0.12 a share against $0.02 expected, and a raise in its 2026 adjusted EBITDA view to more than $90 million from $60 million. Fossil closed up 26.7% to $9.97 after swinging to net income of $11.7 million from a loss a year earlier, with sales of $271.2 million, a raised 2026 outlook of $980 million to $990 million and a five-year extension of its Diesel licence.

Smaller reports filled out a broad beat sheet. CGI reported fiscal fourth-quarter revenue of C$4.15 billion, up 3.3%, net earnings up 20.8% to C$460.7 million and diluted earnings up 30.2% to C$2.24 a share, with a backlog of C$32.07 billion. Riskified grew revenue 41% to $115.2 million and raised its guidance for the third time this year. Rumble’s RUM Group reached its first positive adjusted EBITDA quarter, at $4.4 million, as revenue jumped 290% to $96.6 million on its Quake AI business, which contributed $68.2 million. Alcon grew revenue 5% to $2.72 billion and core earnings 15% to $0.91 a share, and Mercury Systems beat with adjusted earnings of $0.52 a share against $0.29 expected. The misses were just as clear: BrightView closed down 13.7% to $9.87 after revenue fell 3.6% to $677.3 million and its fiscal 2027 forecast came in soft, and Rigetti closed down 8.6% to $11.11 after revenue of about $1.4 million missed estimates near $3.5 million. After the close, Tetra Tech beat with adjusted earnings of $0.49 a share against $0.47 expected on revenue of $1.34 billion and a backlog up 13% to $4.67 billion. By Wednesday, 450 of the S&P 500 had reported, with 84% beating estimates and third-quarter earnings now expected to climb 31%, according to Bloomberg Intelligence data cited by Barchart, up from a 22% estimate in July.

Deals, Capital and the Two AI Balance Sheets

Costco supplied the day’s largest capital return, declaring a special dividend of $30 a share, about $13.3 billion in total and double its previous $15 special paid in January 2024, payable December 4 to holders of record November 24, and reauthorising a $4 billion buyback through November 2030, replacing the 2023 programme under which $3.1 billion had been used. Tetra Tech added a smaller version of the same theme, raising its quarterly dividend 11% to $0.072 a share, its 46th consecutive double-digit increase, after repurchasing $100 million of stock in the quarter. Anthropic’s initial public offering, which began its roadshow on Tuesday, was reported by Bloomberg to be multiple times oversubscribed, with the book covered on the first day at the $70 to $78 range and a fully diluted valuation of about $1.4 trillion implied. OpenAI told investors its third-quarter revenue rose about 50% to $10 billion, its first $10 billion quarter, against an adjusted operating loss of $10.9 billion, according to the Wall Street Journal. Microsoft felt that competition directly, closing down 2.3% to $521.13 for a second straight day after Anthropic unveiled workplace AI tools that could compete with Office, one of the few large technology names in the red on a strong Nasdaq day.

Jobs, Footprint and Strategy

Skydance confirmed on Wednesday that it is cutting jobs across its video game business, telling Variety it is implementing reorganisation and operational shifts to position Skydance Games for long-term growth, without disclosing how many people are affected. The cuts come about a month after the $110 billion Warner Bros. Discovery merger closed, shortly after a five-day in-office mandate and a voluntary buyout programme, and alongside the at least $6 billion of annual cost savings Skydance has targeted within three years. Elsewhere, MBA mortgage applications rose 6.2% in the week ended November 6, with purchase applications up 7.5%, as the average 30-year fixed rate fell 9 basis points to 7.21%.

The one to watch is Thursday, November 12, which tests whether the rebound holds. Nebius, whose shares closed up 15.44% to $154.69 in CoreWeave’s slipstream, reports before the open, and Cisco Systems and Applied Materials report after the close, with consensus looking for $1.33 a share on $18.11 billion at Cisco and $4.06 a share on $10.30 billion at Applied Materials. The Treasury sells $22 billion of 30-year bonds and Federal Reserve officials speak, before Nvidia reports on November 17 and Anthropic’s offering is expected to price on November 18.

This is not investment advice. Corporate America is AI-assisted research produced with automated data checks; figures are verified against the cited sources at publication time.