CoreWeave led a near-uniform green session for the compute stack as the neocloud and power-and-cooling names ripped, and Amazon crossed a $3 trillion market cap.

CoreWeave led the vertical and the tape, jumping +19.5% to $85.76 as the neocloud complex went vertical on a broad risk-on session (Nasdaq +2.3%, S&P 500 +1.6%). The catalyst was a mix of upgrade and thesis: Truist moved CRWV to Buy after a roughly 42% pullback, and Oppenheimer reiterated Outperform with a $150 target, framing AI compute demand at about four times current supply. CoreWeave is the purest listed proxy for the rented-GPU chokepoint — the layer that turns Blackwell capacity into billable hours — so a demand read that says supply is the binding constraint is the cleanest possible signal for the stock. Its Q2 print on August 11 now becomes the vertical's near-term test.

There was almost no red to find. The laggard was Cleveland-Cliffs at −2.6% to $11.22, with Modine alongside it at −2.6% to $195.92 — a steel name and a cooling name easing fractionally on a day the rest of the basket melted up. Neither is a structural tell: Modine's liquid-cooling franchise sits at the thermal chokepoint that only tightens as rack density climbs, and the pullback reads as profit-taking into an all-green tape rather than any crack in the data-center thesis.

The heart of the move was the power-and-cooling and optics chokepoints doing the heavy lifting. Vertiv rose +8.9% to $263.05 and Eaton +5.5% to $438.23 on the electrical-buildout demand, with nVent +3.6% to $159.41; on the grid side, Vistra gained +5.2% to $155.94 and Talen +3.1% to $344.49. Optics and interconnect were the standout — Applied Optoelectronics +16.8% to $110.21 and Coherent +9.6% to $288.14 as the second-wave AI fiber build accelerated. The mega-cap buyers all rose (Amazon +4.6% to $284.02, crossing a $3 trillion market cap for the first time; Meta +6.0% to $590.24; Microsoft +4.9% to $487.65; Alphabet +4.9% to $373.51), and memory took a breather rather than a break — Micron +0.8% to $829.50 after last week's surge, with semicap firm (Camtek +5.5% to $139.79).

The calendar stress-tests the demand read down the stack. AMD reports Q2 on August 4; Eaton and Vertiv both report August 5, the direct read on whether the electrical order book is still compounding; and SoftBank reports August 7. Applied Materials' fiscal Q3 lands August 13 alongside Coherent. The private demand that anchors the neocloud backlog stays in focus, with CoreWeave's own Q2 on August 11 the single most important print before the semicap cluster.