AI infrastructure stocks rose broadly on Aug. 12 local time, blockchain media outlet Cointelegraph reported. CoreWeave, Super Micro Computer and Nebius Group all posted quarterly results above market expectations.

One of the biggest gainers was Nebius Group. The neo-cloud company’s quarterly revenue far exceeded market expectations, sending its shares up about 23 percent to $238.47. AI cloud company CoreWeave traded up about 19 percent at $107.87. AI server hardware maker Super Micro Computer rose 13 percent to $35.80. Yahoo Finance reported the stock added more than 6 percent on the company’s earnings guidance alone.

The strength was not limited to individual names. AI hosting firms including Applied Digital and IREN also rose. Lumentum, which makes optical and photonic components for data centers, climbed after fiscal fourth-quarter revenue more than doubled to $1.01 billion, and rivals Coherent and Ciena also joined the uptrend.

Market attention focused on CoreWeave’s backlog. CoreWeave’s backlog topped $100 billion. That was about 50 percent higher than the previous quarter. After the quarter ended, it also received an additional $25 billion in customer orders. Still, funding costs remain a key variable alongside the pace of growth. Westwood Chief Investment Officer Adrien Helpert (에이드리언 헬퍼트) referred to CoreWeave’s recent corporate bond issuance yield as being at a "9 and 5/8 level" and said the cost of capital is one of the key questions surrounding the sector.

In Super Micro Computer’s results, supply capacity stood out as a bigger constraint than demand. Helpert assessed that actual demand far exceeded what the company could produce in the quarter. Super Micro Computer told investors it could not capture more orders due to limits in "power, cooling and energy". The same constraints also fed into pricing power. That is why price increases were cited as a factor behind margins coming in higher than the company had expected.

The rally also spread to memory and storage. The Roundhill Memory ETF rose 4 percent, while Micron and SanDisk each gained 4 percent. South Korea’s SK Hynix shares also rose.

AI demand expectations held up in overseas markets as well. South Korea’s KOSPI has maintained its best monthly trend since August began. Deutsche Bank said the earnings confirmed the presence of AI demand. Against that backdrop, market participants see Nvidia, which reports earnings on the 26th, as a key variable that will determine the next quarter’s direction.

The rebound in share prices showed money continuing to flow into companies that supply computing power, server racks and cooling equipment rather than AI application services. It also reaffirmed that physical infrastructure such as power and cooling remains a bottleneck to AI expansion.