CoreWeave and Nebius Group surged in overnight trading after Nasdaq said both stocks will be added to the Nasdaq-100 on June 22. The move matters because index inclusion often triggers buying from funds that track the benchmark.
The Nasdaq-100 covers the 100 largest non-financial companies listed on Nasdaq and is heavily tilted toward technology and growth stocks. That profile has helped make membership in the index a powerful near-term catalyst for companies that attract a spot.
Why the Stocks Are Moving
Stocks often rise when they are added to major indexes because ETFs and index funds must buy the shares to mirror the benchmark. That expected demand can lift both trading volume and short-term sentiment.
Along with CoreWeave and Nebius, Nasdaq also added Astera Labs, Rocket Lab Corporation, and Teradyne to the index. Charter Communications, Cognizant, Insmed Incorporated, Verisk Analytics, and Zscaler were removed.
AI Infrastructure Keeps Driving Interest
CoreWeave and Nebius both provide cloud computing capacity to technology companies, putting them squarely in the path of the AI boom. Their businesses have drawn more attention as demand has grown for infrastructure that can support advanced AI applications.
CoreWeave is widely seen as one of the largest independent providers of on-demand cloud computing capacity after Amazon, Microsoft, and Alphabet, especially for AI workloads. The company said revenue rose 111% year over year to $2.08 billion in the last quarter, and sales have doubled in every quarter since its IPO in March last year.
Nebius has also become a closely watched AI infrastructure name. The Amsterdam-based company emerged in 2024 after Yandex spun off its international assets following the Russia-Ukraine war and refocused the business on AI infrastructure.
Since then, Nebius has expanded quickly after securing a major contract from Microsoft last September. It later bought startups Eigen AI and Tavily, and in March announced a $27 billion contract win with Meta Platforms plus a $2 billion investment from Nvidia.
Retail and Analyst Sentiment
Stocktwits said sentiment on CRWV shifted to bullish from neutral after the Nasdaq-100 news, while NBIS remained at neutral. On the platform, one trader described the CoreWeave move as a setup for “forced ETF inflows.”
Analysts also appear more upbeat on CoreWeave than on Nebius. Twenty-three of 36 analysts rate CRWV Buy or higher, compared with 9 of 16 for NBIS.
Over the past 12 months, Nebius stock has climbed 342%, while CoreWeave remains down 35% but still trades at more than twice its IPO price. The Invesco QQQ Trust Series 1 gained 35% over the same period.