CoreWeave, Core Scientific 'Pick-and-Shovel' Rally After Nvidia Earnings

Core Viewpoint - Shares of CoreWeave, Inc. and Core Scientific, Inc. rose in after-hours trading following NVIDIA Corp.'s strong third quarter earnings report, indicating a positive sentiment in the AI sector and a "pick-and-shovel" rally [1][2] Company Performance - NVIDIA's earnings report reassured investors about the ongoing strength of the AI trade, with CEO Jensen Huang stating, "AI is going everywhere, doing everything, all at once," which reflects the company's pivotal role in the AI revolution [3] - CoreWeave's business model is closely linked to GPU availability as NVIDIA's premier cloud partner, and the recent earnings beat suggests an acceleration in the "AI factory" build-out, positively impacting CoreWeave's utilization rates [4] - Core Scientific's stock also benefited from the situation, as it has existing contracts to host over 500 MW of compute for CoreWeave, making it a key beneficiary of NVIDIA's success and linking the three companies together [4]