Stock Market Today: S&P 500 Hits 7,619 as AI Trade Returns

The S&P 500 rose 1.3% to 7,619 and the Nasdaq gained 1.6% on Wednesday as CoreWeave earnings and Anthropic's IPO outlook revived the AI trade on Wall Street.

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U.S. equities rallied broadly on Wednesday, November 11, as renewed appetite for artificial intelligence companies pulled the major indexes sharply higher. The S&P 500 finished at 7,619.38, up 1.31%. The Nasdaq Composite closed at 25,466.19, up 1.6%, which wiped out the losses it had booked since the midterm elections. The Dow Jones Industrial Average added 254.60 points, or 0.49%, to 52,486.49. Technology led the advance, and the Nasdaq 100 outpaced the broader market with a gain of about 2.3%.

What Happened in the Stock Market Today?

Wednesday's session reversed a week of pressure on AI-linked shares. The S&P 500 came within reach of recovering all of the ground it lost in the prior week's sell-off, which was triggered by concern over a possible slowdown in AI-related spending.

Gains were concentrated in semiconductors, data-center operators and large-cap platforms. The gap between the Nasdaq's 1.6% advance and the Dow's 0.49% gain showed how much of the move depended on the AI trade rather than on cyclical or defensive sectors. Index funds tracking the benchmarks, including the SPDR S&P 500 ETF Trust (SPY) and the Invesco Nasdaq QQQ trust (QQQ), moved in line with the underlying gauges.

Why Did CoreWeave Revive the AI Trade?

CoreWeave restored confidence because its results addressed the central concern of recent weeks: whether debt-funded AI infrastructure can be paid for by customer demand. The cloud-computing provider reported a narrower-than-expected loss of $1.27 per share on revenue of $3.66 billion, above forecasts, and raised its guidance for the year.

Management also said it expects to turn profitable on an adjusted basis in the first half of 2028. That timeline gave investors a concrete path from heavy capital spending to earnings. CoreWeave shares rose more than 20% in their biggest one-day gain since June 2025.

The result carried across the sector. CoreWeave is a major buyer of accelerators from NVIDIA (NVDA), so stronger demand commitments at the cloud provider eased worries about the order pipeline for chipmakers. AI stocks that had sold off on spending fears recovered a large share of their losses.

How Does Anthropic's IPO Affect AI Stocks?

Anthropic's planned public offering supports AI valuations because it sets a market price for a leading model developer and signals deep investor demand. The company is seeking to raise as much as $64.4 billion in its IPO, alongside a separate $26 billion private placement. Together the two transactions total as much as $90.4 billion.

Taiwan Semiconductor Manufacturing (TSM) said on Tuesday that its board approved investments of up to $500 million in Anthropic shares at the IPO price. It also approved up to $500 million in OpenAI preferred stock. The commitments tie the largest contract chipmaker directly to the model developers that consume its output.

The improved valuation outlook for Anthropic fed into sentiment across the AI supply chain, from chip designers to power and networking suppliers. For the market, an offering of this size also tests how much new equity supply investors can absorb without pulling capital from existing technology holdings.

Market Context After the Midterms

The rally followed a choppy stretch after the November midterm elections, when AI-related names fell on spending concerns and the Nasdaq gave up ground. Wednesday's move put the Nasdaq back above those post-election levels. The Nasdaq 100 was on track for its best week since May.

The session also showed how sensitive the index is to a narrow group of companies. Mega-cap technology and AI infrastructure names carry large weights in the S&P 500, so a sharp move in that group can lift the headline figure even when other sectors trade quietly, as the Dow's smaller gain showed.

What Comes Next for the Market?

The next test for the rebound is whether AI spending commitments hold up in coming earnings reports and whether Anthropic's offering is priced and received as expected. Further guidance from large technology companies on capital expenditure will show if CoreWeave's outlook reflects the wider industry or one company's order book.

Interest-rate expectations, bond yields and the pace of the IPO calendar remain the other variables that can shift equity valuations. A strong reception for the Anthropic offering would reinforce the current leadership in technology. A weak one would raise questions about how much capital the AI sector can draw on.

Outlook

Wall Street ended Wednesday with the S&P 500 at 7,619 and the Nasdaq at 25,466, after CoreWeave's earnings and Anthropic's IPO plans lifted the AI trade. The recovery erased the Nasdaq's post-midterm losses and left the major indexes close to levels seen before last week's sell-off. Whether the advance broadens beyond technology, and whether AI spending data continues to support it, will shape trading in the sessions ahead.