The Nasdaq and S&P 500 both advanced as CoreWeave and Broadcom rallied on separate AI infrastructure catalysts. CoreWeave gained on a wave of bullish analyst price targets, while Broadcom rose after a competitor's investor day pointed to stronger custom-chip demand.
The Nasdaq Composite and S&P 500 added 0.6% and 0.7% respectively during the session, as a rally in AI infrastructure stocks lifted the broader market. CoreWeave jumped 5.6% to $92.24, up from its prior close of $87.39. Broadcom climbed 4.4% to $378.56, up from $362.51.
CoreWeave rides a record price target
Rosenblatt Securities analyst John McPeake assigned a Wall Street-high $250 price target and a Buy rating, pointing to CoreWeave's demonstrated ability to raise GPU prices even as demand accelerates. Truist Securities reiterated its Buy rating with a $165 price target, citing a cumulative GPU pricing increase of about 37.5% since July — a 25% hike in summer followed by an additional 10% increase.
Compass Point, meanwhile, kept its $150 Buy target, citing the Forge platform CoreWeave unveiled at its Fully Connected conference, which links production feedback with model diagnostics. The rally also spread to peer Nebius, which surged after announcing a new AI inference deal; the two companies often move together because both rent GPU capacity funded by debt ahead of revenue.
Broadcom gains on a rival's investor day
The spark for Broadcom came from Marvell Technology's Investor Day in New York, where Marvell's CEO laid out a custom AI chip roadmap anchored by partnerships with Google, Microsoft, and Amazon, and raised the company's fiscal 2028 revenue target to $20 billion. Because Broadcom is the other major design partner hyperscalers rely on for custom silicon, the market treated Marvell's pitch as a read-through for Broadcom's own demand.
Two analyst notes from the prior session added to the move. Morgan Stanley estimated a 34% net power shortfall across data centers through 2028 but argued Broadcom's pre-planned accelerator deployments leave its 2027 forecasts intact. Separately, UBS said Google is replacing its planned v9 TPU generation with a new 3nm multi-chip module architecture, while Broadcom remains engaged for two chip generations beyond v8i.
A $60 billion AI chip financing deal, in which Wall Street banks began syndicating debt backed by Broadcom to fund Anthropic's chip leasing costs, kept the stock in focus as a central player in the AI infrastructure buildout.
Sources: Investing.com, Investing.com
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