CoreWeave Jumps 11%, Snowflake Gains 6%, Oracle Climbs 5% as Risk-On Mood Lifts AI Cloud

David Moadel

Mon, August 3, 2026 at 5:40 PM GMT+3 5 min read

Quick Read

CoreWeave and Oracle stocks climbed after President Trump called off planned Iran strikes, triggering a broad risk-on rally lifting beaten-down AI cloud names.
Nebius stock advanced on Monday but remained down since July 1, while the WCLD cloud-computing ETF's rise confirmed that the rebound is sector-wide rather than a single-name bounce.
BTIG raised its Snowflake stock price target to $340 ahead of Q2 earnings, citing strong demand signals and encouraging AI product traction.
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Shares of AI cloud infrastructure names are pushing higher Monday morning as a broad risk-on tone lifts large-cap tech. CoreWeave (NASDAQ:CRWV) stock leads the group, up 11% to $79.60, while Snowflake (NYSE:SNOW) shares climb 6% to $311 and Oracle (NYSE:ORCL) shares gain 5% to $136.

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Nebius Group (NASDAQ:NBIS) stock is up 8% to $206, while the WisdomTree Cloud Computing Fund (NASDAQ:WCLD) tracks the group as the WCLD ETF is up 2% to $36 and change. The move reflects broader index strength, with the NASDAQ 100 up 0.7% on easing geopolitical concerns after President Trump called off planned strikes on Iran.

Monday's rally in CoreWeave, Snowflake, Oracle and Nebius shares reflects a rotation back into AI-linked infrastructure, some of which had been under pressure for weeks.

The backdrop matters here for CoreWeave, Snowflake, Oracle and Nebius. Risk-on sessions tend to lift beta-heavy AI names disproportionately, and this group carries some of the highest revenue-growth profiles in cloud infrastructure, a combination that cuts both ways when sentiment shifts.

Risk-On Bid Lifts AI Cloud Names

CoreWeave stock trades at $79.60 in early Monday action, recovering ground after a rough July that saw the shares fall 16% over the month. Today's bounce plays into a broader pattern for beaten-down AI-infrastructure names catching a bid alongside the index.

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Nebius shares show a similar rebound pattern. The stock advanced 8% to $206, still down from its July 1 level of $229.18, though the name remains one of the stronger AI cloud performers on a longer horizon.

Oracle is the largest name in the group by market cap. The stock is climbing 5% to $136 but remains down 29% year to date (YTD), so today's pop reclaims only a slice of recent losses.

WCLD shares are up 2% to $36.21, offering a cleaner sector-level read than any individual name. The ETF holds a basket of cloud-software companies, so its move confirms that today's action is broader than just the CoreWeave and Nebius rebounds.

Snowflake's BTIG Preview Adds a Company-Specific Nudge

Snowflake stock is the one name with a fresh company-specific data point today. BTIG raised its Snowflake price target to $340 from $325 and kept a Buy rating ahead of Snowflake's Q2 FY2027 results.

The firm cited "strong" industry-contact commentary that left the firm more confident in near-term demand, plus encouraging data points on product initiatives including Cortex Code, Snowpark and Unistore, and broader AI-adoption tailwinds. Snowflake shares had already climbed 12% over the past month heading into Monday, so the raised price target lands into existing strength.

Snowflake also carries strong buy-side conviction on Wall Street. Analyst ratings tally 44 buys against 6 holds and 1 sell, with a consensus price target of $301.98. BTIG's $340 mark now sits at the more constructive end of that range.

Valuations Diverge Across the Group

The valuations across these AI cloud names vary widely. Oracle looks comparatively reasonable at a 23.59x trailing 12-month P/E ratio, while Nebius sits at an elevated 77.7x. CoreWeave and Snowflake have no trailing 12-month profit and consequently carry no trailing P/E ratio.

The WisdomTree Cloud Computing Fund serves as an on-theme sector proxy for cloud-software names, and the ETF carries a 33.73x holdings-weighted P/E ratio. WCLD shares are not leveraged. Thematic funds like WCLD concentrate exposure inside a specific sector, so single-name shocks can move the ETF meaningfully.

The mix says something useful about how the group trades. When risk sentiment turns, these names tend to move together despite very different fundamental profiles, from Oracle's cash-generative franchise to CoreWeave's high-growth, unprofitable GPU cloud model.

What to Watch

The immediate question is whether Monday's gains in CoreWeave, Snowflake, Oracle and Nebius hold into the close, or whether the group fades as the session progresses. CoreWeave and Nebius have been volatile, and both names have retraced meaningful chunks of prior rallies inside the past month.

Beyond today's session, Snowflake's Q2 FY2027 report is the next scheduled catalyst on the calendar, and BTIG's raised price target frames the setup. Oracle's Q1 FY2027 print is another data point on the near-term calendar that market watchers can weigh for the group.

For readers tracking sector sentiment, the WisdomTree Cloud Computing Fund offers a broader read on cloud-software breadth than any single name. If WCLD shares hold today's gains while the underlying names fade, that could signal broader rotation into the theme rather than a narrow AI-infrastructure squeeze. Investors may want to size their positions carefully around a group this volatile.