After weeks of panic over whether the AI boom had peaked, investors are suddenly buying first and asking questions later. Speculative data center and compute names are ripping higher again as confidence returns in Big Tech spending, easier financial conditions, and OpenAI’s seemingly endless fundraising runway.
Over the past two sessions, the so-called neoclouds have surged sharply. CoreWeave $CRWV ( ▲ 22.99% ) is up nearly 20%, Nebius $NBIS ( ▲ 13.95% ) has jumped about 12%, IREN $IREN ( ▲ 10.06% ) is higher by more than 7%, and Cipher Mining $CIFR ( ▲ 7.76% ) has climbed roughly 6%.
What flipped the switch
The last 48 hours delivered a rapid-fire reset for the AI narrative. Citi resumed coverage of CoreWeave with a buy rating and a $135 price target, offering a clear signal that Wall Street still sees upside in outsourced AI infrastructure. Oracle $ORCL ( ▲ 7.58% ) , which had become ground zero for fears around AI-related debt and capex, rebounded sharply as it moves closer to acquiring TikTok’s US operations.
At the same time, OpenAI chatter has turned euphoric again, with reports suggesting its valuation has climbed on consecutive days as new fundraising talks accelerate. That matters directly for neoclouds, since more capital for OpenAI means more spending on compute, data centers, and long-term infrastructure commitments.
Why the macro helps too
Fundamentals did not disappear either. Micron’s earnings reinforced that demand for AI compute and memory remains red hot and continues to outstrip supply. On the macro side, softer-than-expected CPI data has revived hopes for lower interest rates, which disproportionately benefits highly leveraged, long-duration AI infrastructure plays.
Put it all together and investors are once again betting that the AI arms race is far from over. For now, faith in tech CEOs chasing digital godhood is back on the balance sheet.