Premarket Movers: CRWV, AMD And Other AI Stocks Rebound, SpaceX Deal Boosts Tower Shares

• Bloomberg reported that OpenAI expects annualized revenue to reach or exceed $70 billion by year-end, driven largely by enterprise growth.
• This helped reverse Thursday’s AI stock weakness after an earlier report said OpenAI’s annualized revenue was about $50 billion as of the end of September.
• Meanwhile, tower stocks Crown Castle, American Tower and SBA Communications gained premarket after SpaceX agreed to buy a nationwide block of low-band spectrum.

AI stocks rose in premarket trading on Friday after a Bloomberg News report said OpenAI expects its annualized revenue to reach or exceed $70 billion by year-end. The report helped revive optimism. This follows a Thursday selloff after a Financial Times report said OpenAI’s annualized revenue was around $50 billion at the end of September, below the previously indicated $70 billion outlook.

OpenAI Report Lifts AI Stocks

According to Bloomberg, OpenAI expects annualized revenue to reach or exceed $70 billion by the end of the year, with growth in its enterprise business driving much of the increase.

CoreWeave Inc. (CRWV) shares gained more than 2.7% in premarket trading, while Intel Corp. (INTC) stock rose over 2%. Oracle Corp. (ORCL) shares and Super Micro Computer Inc. (SMCI) stock also moved higher, with both gaining around 1.9% before the opening bell.

Meanwhile, Advanced Micro Devices (AMD) shares climbed 2%.

Tower Stocks Rally After SpaceX Spectrum Deal

US mobile tower stocks also moved higher before the opening bell after SpaceX (SPCX) agreed to acquire a nationwide block of low-band spectrum. Bernstein said the deal keeps open the possibility of SpaceX building a ground network.

Crown Castle (CCI) jumped more than 7% in premarket trading. American Tower (AMT) rose nearly 6%, while SBA Communications (SBAC) gained almost 5%.

CRWV, INTC, CCI Stocks: Stocktwits Retail Sentiment

On Stocktwits, retail sentiment for CoreWeave (CRWV) was ‘neutral,’ unchanged over the past 24 hours, with message volume being at ‘normal’ levels. CRWV stock is up nearly 11% year-to-date.

Intel (INTC) sentiment remained ‘bearish,’ also unchanged over the past 24 hours, while message volume was ‘normal’. INTC shares have surged nearly 200% year-to-date.

Crown Castle (CCI) had ‘neutral’ retail sentiment and ‘low’ message volume on Stocktwits. CCI shares have fallen 22% since the beginning of this year.

Meanwhile, retail sentiment for American Tower (AMT) improved to ‘bullish’ from ‘bearish’ over the past 24 hours, though message volume remained ‘low’. AMT stock is down nearly 5% year-to-date. 

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