CoreWeave shares jump 25%, Micron gains 13.4% after company results
Key Facts
CoreWeave shares jumped about 25% and Micron rose 13.4% during Wednesday’s session, November 11, according to Associated Press coverage, after the cloud computing company reported quarterly results the previous day. Results showed revenue of $3.661 billion in the third quarter, compared with $1.365 billion in the same period of 2025. The company said revenue increased by more than $1 billion quarter over quarter, bolstering the case for demand for AI-related computing infrastructure. But the growth came alongside a net loss of $709 million, compared with $110 million a year earlier. The company’s report helped sector stocks recover some of their recent steep losses, according to the Associated Press.
The figures reflected a rapid expansion in activity, with adjusted operating margin falling to 10% from 16% in the same quarter a year earlier. At the same time, adjusted operating income rose to $379 million from $217 million. Chief Executive Michael Intrator said the adjusted margin reached double digits a quarter ahead of plan, alongside the quarterly increase in revenue. The balance of contracted revenue expected to be recognized in future periods stood at $132.5 billion at the end of September, up from $104 billion at the end of June. These contracts indicate the scale of the backlog, while the margin comparison shows that expanding activity did not prevent the adjusted rate from declining during the period.
CoreWeave raised its fiscal 2026 revenue forecast to a range of $13 billion to $13.3 billion and lifted its adjusted operating income forecast to between $1.275 billion and $1.375 billion. The midpoint of the new adjusted operating income range represents a 26% increase from the midpoint of the previous guidance. In contrast, the company raised the floor of its annual capital spending forecast to $37 billion, while keeping the ceiling at $39 billion, from a previous range of $35 billion to $39 billion. The company attributed the spending revision to its expectation of deploying infrastructure and delivering it to customers faster than planned. The new guidance puts revenue and operating income growth alongside a greater need to spend on expanding operating capacity.
Funding for that expansion reflects the company’s reliance on a mix of debt instruments and credit financing: it said it raised about $4.2 billion through an upsized offering of senior convertible notes and closed a $2.6 billion credit facility. It also established an at-the-market program to sell up to 35 million Class A shares. Reuters reported that the company does not plan to tap unsecured debt markets at current yields. Contracted revenue stood at $132.5 billion at the end of September, while the company is targeting adjusted profitability in the first half of 2028. CoreWeave forecast fourth-quarter 2026 interest expense of between $1.05 billion and $1.15 billion.
The rebound extended to major indexes during the session: the S&P 500 rose 1.3% and the Nasdaq gained 1.9%, while the Dow Jones was up 57 points, or 0.1%, at 11:45 a.m. Eastern time, according to the Associated Press. The move followed an earlier selloff in stocks tied to building AI data centers. On November 5, CoreWeave shares fell 9.8%, and the Nasdaq was 11.9% below its record high set the previous month. Nebius is scheduled to report third-quarter results on Thursday, November 12, before the market opens. Its results are a near-term milestone for tracking companies involved in expanding computing infrastructure.