Nebius and CoreWeave led Nasdaq gains on Wednesday, each jumping more than 20% after quarterly results topped expectations and softer July consumer price data boosted risk appetite for technology stocks. Nebius reported $582.3 million in revenue, up 454% from a year earlier, helped by four major agreements that Chief Executive Arkady Volozh said each averaged more than $1 billion, plus a separate deal to supply computing power to Reflection AI worth more than $1 billion through 2029. CoreWeave posted revenue of $2.58 billion, up 112% and slightly above the $2.56 billion consensus estimate, while contracted revenue not yet recognized stood at $104 billion at the end of June, with about $25 billion in new commitments added since then. Both companies raised or improved guidance, with CoreWeave forecasting third-quarter revenue of $3.45 billion to $3.60 billion and lifting its full-year outlook. The rally was reinforced by moderating inflation data that reduced expectations of a Federal Reserve rate hike in September, supporting growth-stock valuations. Still, investors face a familiar trade-off in the neocloud market, where specialized AI computing providers rent GPU capacity but also absorb heavy spending on chips, power and data centers. Nebius posted a GAAP net loss from continuing operations of $190.4 million and spent $5.66 billion on quarterly capital expenditure, while CoreWeave also remains under pressure from net losses and negative free cash flow tied to debt-financed expansion.