CoreWeave, Inc. (CRWV) stock is soaring 7.62% in Thursday's pre-market trading, building on its earlier 5.02% gain. The surge comes as investors react positively to a bullish analyst report and the company's strong position in the rapidly growing AI infrastructure market.

The stock's upward momentum was ignited by Cantor Fitzgerald analyst Thomas Blakey, who initiated coverage of CoreWeave with an overweight rating and a price target of $116. Blakey described the company as a "best-in-class" player in the GPU-as-a-service market, which is projected to reach a staggering $399 billion by 2028. This positive outlook is based on industry checks indicating CoreWeave's leadership as an AI-infrastructure provider and strategic partner, outperforming its peers in the sector.

Investors appear to be reevaluating CoreWeave's potential following a 40% stock decline since its second-quarter earnings call on August 12. The company's recent acquisition of Core Scientific, which provides access to 1.3 gigawatts of power through its national data-center footprint, is seen as a strategic move to address power supply concerns and improve profitability. Additionally, CoreWeave's shift from AI training to inference services is viewed as a larger market opportunity and a potential long-term growth driver, further fueling investor optimism and contributing to the stock's significant pre-market rally.