Shares in neocloud companies CoreWeave (CRWV), Nebius (NBIS), and Iren (IREN) climbed on Wednesday afternoon. The companies appear to be tapping into a rally in chip stocks triggered by chipmaker Advanced Micro Devices (AMD)’s first-quarter earnings beat and stellar second-quarter forecast.
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Trade CRWV with leverageAs of 1:26 p.m. EST, their shares surged as follows:
- CoreWeave (CRWV) — about 7% to $136.55
- Nebius (NBIS) — more than 9% to $192.10
- Iren Limited (IREN) — roughly 11% to $60.57
AMD Earnings Trigger Industry Rally
In Q2 2026, AMD expanded its revenue by 38% year-over-year to $10.3 billion, with earnings from its data center division rising by 57%. The company also saw its earnings per share jump by about 43% from the year-ago quarter to $1.37.
The California-based company attributed the growth to demand for its AI offering and predicted that its Q2 2026 revenue will come in between $10.9 billion and $11.5 billion. At the midpoint, this suggests a 46% year-over-year growth.
AMD’s earnings have triggered a wave of price target boosts from analysts. Notably, Goldman Sachs and Bernstein moved their AMD rating to Buy from Hold.
After the recent earnings reports from Big Tech companies — particularly Alphabet’s (GOOGL) — AMD’s results are the latest showing that demand for AI offerings remains elevated and will likely continue into the future.
Why Neocloud Stocks Are Benefiting from the Rally
CoreWeave, Nebius, and Iren are widely considered proxies for the AI infrastructure play due to the key role they play in supplementing the high-performance cloud computing needs of big tech companies.
Since the start of the year, their shares have all climbed significantly, with Nebius leading the pack with roughly a 130% jump. To compare, CoreWeave’s and Iren’s shares are up about 91% and 60% year-to-date, respectively.
The rally comes as CoreWeave and Iren are set to release their latest earnings results tomorrow, with both seen boosting their revenues but with profitability remaining a headache.
Which Neocloud Stock Is the Best Buy?
Of the three stocks, TipRanks’ Stock Comparison tool shows that Iren currently offers the best investment opportunity. IREN offers about 30% upside based on an average price target of $78.43. In contrast, the other two carry downside risks.
