The Nasdaq is leading a broad-based rally at midday Monday, and the AI infrastructure trade is doing the heavy lifting. With the S&P 500 up 1.27%, the Nasdaq up 1.85%, and the Dow up 1.07%, tech growth names are outperforming decisively. The Invesco QQQ Trust is up 1.52% intraday, but three AI infrastructure stocks are running well ahead of the pack. Each ties directly to the hyperscaler capex cycle: two are GPU cloud operators feeding frontier model training, one supplies the indium phosphide substrates that make high-speed optical interconnects possible. Here is how the trio ranks by today’s intraday move, with the fundamental case behind each surge.
1. CoreWeave (CRWV)
CoreWeave (NASDAQ:CRWV) is the biggest mover of the three, rising 17.35% intraday to $84.22. The AI cloud provider had been under pressure recently, falling 16.24% over the past month and 37.12% over the trailing year, which sets up a sharp mean-reversion snapback on any risk-on session.
The fundamentals justify why beta-chasers pile in first. Q1 2026 revenue reached $2.08 billion, up 111.7% year over year, beating the $1.96 billion consensus. The revenue backlog stands at $99.4 billion, including a $21 billion Meta commitment. CEO Michael Intrator said the company “surpassed 1 GW of active power and believe we are well on our way to more than 8 GW by 2030.”
The risks remain material. Q1 posted a $740 million net loss, capex hit $7.70 billion, and total liabilities sit at $50.8 billion. With EV/revenue of 11.57 and an analyst target price of $138.03 against 20 Buy and 4 Strong Buy ratings, the Street still sees upside if execution holds.
2. AXT Inc. (AXTI)
AXT Inc. (NASDAQ:AXTI) is up 14.02% intraday to $68.90, extending a remarkable run. Shares are up 269.6% year to date and 2,805.29% over the trailing year. The move traces directly to indium phosphide substrates, which sit at the heart of the optical interconnects wiring AI accelerators together inside hyperscale data centers.
Q2 2026 numbers, filed just last Thursday, validate the thesis. Revenue reached $47.59 million, up 164.8% year over year, beating consensus by 39.6%. Non-GAAP EPS came in at $0.19 versus a $0.07 estimate. Gross margin expanded to 44.9% from 8.0% a year earlier, and cash swelled to $412.2 million. CEO Morris Young called it “one of the most consequential chapters in our company’s history.”
Valuation is the sticking point. Forward P/E of 196 and price-to-sales of 31.5 price in flawless execution, while beta of 1.867 guarantees violent moves in either direction. China-US export permit uncertainty for InP substrates is the primary tail risk.
3. Nebius Group (NBIS)
Nebius Group (NASDAQ:NBIS | NBIS Price Prediction) rounds out the trio, gaining 13.86% intraday to $216.81. The Amsterdam-based AI cloud operator has been the most consistent performer of the group, up 127.48% year to date and 249.83% over the past year.
The story is scale and contracted demand. Q1 2026 Nebius AI Cloud segment revenue reached $389.7 million, up 841% year over year, with segment adjusted EBITDA of $174 million and a 45% margin. Remaining performance obligations stand at $33.6 billion, anchored by a $27 billion five-year Meta agreement and a $2 billion strategic NVIDIA equity investment. FY 2026 guidance calls for revenue of $3.0 billion to $3.4 billion, ARR of $7 billion to $9 billion, and roughly 40% adjusted EBITDA margin. Contracted power was raised to more than 4 GW by year-end 2026.
Sentiment is mixed. Reddit activity today skews cautious, with a bearish sentiment score of 32, tied to broader AI selloff chatter rather than company-specific news. Analysts remain constructive with an average target of $258.13, though forward P/E of 68 leaves little room for error.
Conclusion
Today’s rally is a clean referendum on the AI infrastructure trade. All three names sit on the same value chain: CoreWeave and Nebius rent the GPUs, AXT supplies the compound semiconductor substrates that connect them. Common tailwinds include hyperscaler capex, NVIDIA partnerships, and multi-year customer commitments. Common risks: capital intensity, GPU supply dependence, and export controls. When the Nasdaq runs on risk-on flows, this basket runs harder, and today’s action confirms the pattern.
Contact [email protected] for any questions or corrections.
Top Gaining Stocks
Top Losing Stocks