Rebounding AI stocks lift Wall Street

NEW YORK — A rebound for stocks in the artificial intelligence industry is lifting the U.S. market on Wednesday. The S&P 500 rose 1.6 percent and was on track for a third gain in four days since its wipeout last week on worries about a potential slowdown for AI-related businesses. The Nasdaq composite rallied 2.2 percent, but stocks outside of AI had more modest gains. The Dow Jones Industrial Average was up 243 points, or 0.5 percent, as of 1:38 p.m. Eastern time. Leading the way on Wall Street was one of the stocks at the center of the AI industry’s manic recent swings. CoreWeave, which rents out access to AI chips to customers over the cloud, leaped 26.5 percent after reporting a smaller loss for the latest quarter than analysts expected. It also made announcements that could allay some of the worries dogging it and the wider industry. For one, concerns are high about how CoreWeave and other companies will handle higher interest rates in the bond market, which make borrowing money more expensive. CoreWeave CEO Michael Intrator said his company has roughly $9 billion in customer pr