Neocloud shares gain as SpaceX, Super Micro results show strong AI demand

** Shares of US neocloud companies rise in premarket trading after SpaceX SPCX.O and Super Micro SMCI.O results reinforced strong AI demand

** CoreWeave CRWV.O jumps 3.2%, Nebius NBIS.O gains 3.7% and IREN IREN.O up 4%

** SPCX Q3 revenue jumps 161% YoY, led by AI-revenue driven through neocloud rentals, predicated on rapid deployment of computing capacity and renting it out

** SMCI posts Q1 revenue and profit margin comfortably beat Wall Street estimates, signaling resilient AI data center demand

** Shares of SMCI and SPCX up 11.7% and 7.8%, respectively, on Wednesday

** Concerns are emerging over growing debt obligations, which leaves less room for error for companies, Piper Sandler says after trimming PTs of CRWV and NBIS

** Brokerage cuts CRWV PT to $124 from $153 and NBIS PT to $185 from $237

** High infrastructure costs could make it harder for some neocloud companies to stay in the business; scale, power and end exposure matter - Piper Sandler

** As of last close, NBIS stock more than doubled in value YTD, while CRWV and IREN shares were down 13.2% and 29.5%, respectively