CoreWeave rebound puts three Canadian project stocks in focus

CoreWeave reported stronger third-quarter results and raised its annual revenue guidance to more than $13 billion, easing near-term pressure on the AI cloud provider after its bonds had fallen sharply. Lorne Steinberg, co-president of Lorne Steinberg Wealth Management, told BNN Bloomberg on Nov. 11, 2026 that the company now needs to raise only about $5 billion through 2027 to meet promised capacity. For households watching markets, the signal is calmer funding for data centres and continued work tied to building them in Canada.

CoreWeave guidance and Canada buildout picks

Steinberg said improved margins and the smaller funding need, likely at bond yields in the seven to eight per cent range, were a major relief for investors worried about CoreWeave borrowing. He added that CoreWeave described itself as massively oversubscribed on the capacity it can build, which in his view supports stable and strong growth for neocloud providers including Nebius and IREN for the next couple of years. He also said CoreWeave has shown no problem delivering data centres on time, avoiding penalties or cancellation risk so far. The three Canadian stocks he linked to the domestic major project buildout were Finning, Toromont and WSP Global.

Finning and Toromont are the largest Caterpillar dealers in Canada, with Finning the largest and Toromont second, and Steinberg said builders have nowhere else to go in Canada for much of the equipment needed for projects. Both already have a record backlog before the new projects have started, and both are expected to benefit from data centre buildout and infrastructure work, he said. Toromont also has a division selling power supplies and enclosures for data centres, while Canada is already seeing data centre approvals including from Meta. WSP Global, the large engineering company, is positioned for contracts across critical minerals including the Ring of Fire, transportation and data centres, with Steinberg expecting double-digit earnings growth for all three companies for years to come.

What steady data centre spending means for work

For workers and savers, the practical link is demand for equipment, engineering and power systems rather than owning AI stocks directly. Finning has raised its dividend every year for 25 straight years and Toromont every year for 37 straight years, with both described as dividend aristocrats, which matters for income-focused portfolios during volatile technology trading. Steinberg also discussed Constellation Software, Open Text, Adobe and Alphabet, citing Constellation Software at about 15 per cent annualized revenue growth, Open Text at about six times earnings, Adobe at 10 times free cash flow and Alphabet at 15 times earnings with 25 per cent revenue growth and a backlog of over $500 billion. Those figures frame why he sees software and large technology names as inexpensive after recent pressure tied to AI spending fears.

These are one manager’s views, not guarantees of contracts, dividends or returns. Steinberg warned that after 2027 or 2028, U. S. midterm elections and community opposition could mean fewer data centres are built than planned, affecting the sector. He also noted fears that AI could reduce software demand or engineering contracts, saying there was zero evidence of that so far for the named companies. The outlook does not apply equally to all workers or investors, with benefits concentrated in construction, equipment supply, engineering and related services tied to approved projects.