**What happened: **AI infrastructure stocks jumped on Wednesday after blowout results from AI server hardware maker Supermicro (SMCI) and neocloud providers CoreWeave (CRWV) and Nebius Group (NBIS ). AI hosting peers Applied Digital (APLD) and IREN (IREN) moved higher.
Other areas of the AI infrastructure trade also gained, including optical product maker Lumentum (LITE), and the memory and storage complex trade also gained with the Roundhill Memory ETF (DRAM).
**What's behind the move: **Signs of accelerating demand for everything from computing power to AI server racks to liquid cooling technology sent the entire AI infrastructure complex higher as companies within the space posted their results.
Nebius stock surged after the company posted quarterly revenue that topped analyst expectations. Supermicro reported fourth quarter results that beat analyst expectations on earnings . The company's upbeat forecast sent shares higher by more than 6%.
Neocloud and AI hosting players Applied Digital (APLD) and IREN (IREN) also moved higher after artificial intelligence cloud provider CoreWeave (CRWV) posted quarterly results highlighting accelerating demand and a surging backlog.
And Lumentum (LITE) shares gained after the maker of optical and photonic products for data centers posted fiscal fourth quarter revenue more than doubled to $1.01 billion. Peers Coherent (COHR) and Ciena (CIEN) both jumped.
The memory and storage complex also rose with the Roundhill Memory ETF (DRAM) up 4%, while high-flyer SanDisk (SNDK) rose 4%.
Memory maker Micron (MU) jumped 4%, along with rival SK Hynix (SKHY). **What else you need to know: **As companies adopt AI, investors have been backing the "picks and shovels" trade, with companies forecasting strong demand for the infrastructure needed to support the technology.
Fundstrat noted Wednesday that, among S&P 500 companies that have reported this earnings season, 87% have beaten estimates, with those that "beat" exceeding expectations by a median of 7%.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance