The cloud-computing company CoreWeave's stock jumped 19% on Wednesday, lifting other shares tied to the artificial-intelligence build-out. The rally followed CoreWeave's quarterly report, which showed sustained and ever-growing demand for computing power. Its sales backlog climbed to $104 billion during the second quarter, not including $25 billion of net new customer commitments added early in the current quarter. Revenue hit a new record, exceeding Wall Street's expectations.

"Investors underappreciate the opportunity for CoreWeave to develop into a leading hyperscaler," analysts at Raymond James wrote, reiterating a $125 price target. The stock closed at $107.73. The gains spread to other AI-related shares: chip maker Micron Technology rose 4.9%, and competing cloud firm IREN jumped 9.9%. The S&P 500 information technology sector led the broader index to a 0.3% gain.

Nebius Group, a CoreWeave competitor, also reported earnings Wednesday, with a 450% year-over-year revenue jump, sending its stock up 34%.