Nasdaq rises as CoreWeave and Nvidia gain

Nasdaq rose in early trading Wednesday as CoreWeave jumped after reporting higher revenue and Nvidia recovered part of a two-day slide.

About 25 minutes into trading, the Nasdaq Composite Index was up 1.3% at 25,391.40. The S&P 500 rose 0.9% to 7,588.88, while the Dow Jones Industrial Average was down 0.1% at 52,205.56.

CoreWeave gained 13.5% after the artificial intelligence company reported that revenue more than doubled to $3.7 billion. Chief Executive Michael Intrator told CNBC that demand for AI "remains overwhelming."

Nvidia rose 2.5%, partly reversing two sessions of losses. The company had announced it would investigate an affair involving CEO Jensen Huang and a woman whom US intelligence officials believe was working for Chinese intelligence.

The CoreWeave results helped reassure investors after concerns about a slowdown in AI investment following midterm US elections that showed public opposition to data centers.