Relief over neocloud CoreWeave's improving financials was having a spillover effect on Super Micro stock, which was rising sharply Wednesday on some good news of its own.

The artificial intelligence server company, which was nearly delisted from the Nasdaq Composite in 2025 after failing to file required reports, announced that it is now shipping new servers powered by AMD's most powerful central processing units, formerly code named "Venice."

The servers are also designed to work with AMD's Instinct accelerators, its most powerful chip family, and are used for artificial intelligence applications, such as agentic AI. That involves autonomous agents such as Meta's Muse.

Super Micro's announcement, combined with improving financials for its major customer CoreWeave, impressed traders. Super Micro stock was up 11% at $30.81 on Wednesday, while CoreWeave rose 23% to $60 following its third quarter earnings.

"Coreweave is among largest customer of SMCI, if not the largest," Susquehanna's Mehdi Hosseini told Barron's. "With CoreWeave beating and raising last night, SMCI is also ticking up."

CoreWeave stock had fallen sharply over the past month on concerns about its debt load coupled with the prospect of a potential slowdown in the buildout of AI data centers. Even with today's gains, it's still down 25% over the past month and down 16% for the year.

Super Micro is doing better overall, with shares up 4% for the year. But it's still dealing with the fallout over an investigation into two of its employees accused of smuggling Nvidia chips into China. Super Micro has said it isn't a target of the investigation and is working with authorities.

That investigation, along with concerns over customer concentration are among the biggest risks to Super Micro going forward, Raymond James analyst Simon Leopold wrote earlier this month after Super Micro beat earnings expectations. Leopold also named SpaceX as another of the company's major customers, but neither company has confirmed this.