July CPI Meets Expectations as CoreWeave Earnings Signal Booming AI Chip Demand

The July Consumer Price Index report released Wednesday matched expectations, marking a second straight month of cooling inflation and lifting stock futures after two consecutive days of losses for major indexes. CoreWeave, the cloud computing provider, reported strong quarterly results that highlighted surging demand for Nvidia chips, sending its shares sharply higher in premarket trading. Super Micro Computer shares also gained on a strong outlook, while Cava rallied after the fast-casual restaurant chain posted solid results.

Investors were also tracking new options activity, with implied volatility rising in names including IonQ and several others across the market.