Micron shares rise 11.7% as CoreWeave jumps during Wednesday trading
Key Facts
Micron shares rose 11.7% and CoreWeave jumped 21.9% during trading on Wednesday, November 11, according to The Associated Press, after CoreWeave reported third-quarter results the previous day. The company posted revenue of $3.661 billion for the period ended September 30, compared with $1.365 billion in the same period last year. The chief executive said revenue increased by more than $1 billion quarter over quarter. The Associated Press linked the sector’s share gains to the company’s report, which helped stocks recover some of their recent steep losses. The results were released on November 10, while the share gains reflect trading during Wednesday’s session.
Revenue growth came alongside a net loss of $709 million, or $1.27 per share, compared with a loss of $110 million, or $0.22 per share, a year earlier. Net interest expense rose to $846 million from $310 million in the year-ago period. Meanwhile, adjusted operating margin fell to 10% from 16%. The results show expanding activity alongside higher financing costs and a lower adjusted operating margin. Quarterly capital expenditures were also $14.5 billion, compared with $9.4 billion in the previous quarter, according to Reuters via MarketScreener.
The balance of contracted revenue expected to be recognized in future periods stood at about $132.5 billion on September 30. CoreWeave added more than 200 megawatts of active power during the quarter, taking the total above 1.7 gigawatts, and said its active footprint had doubled since the start of the year. Contracted power also increased by more than 900 megawatts, exceeding 4.6 gigawatts, while international contracts topped 1.3 gigawatts. The company said demand was about ten times available capacity and that most of its capacity was sold through the following year. Its business expanded as its contracted revenue base and contracted power continued to grow.
CoreWeave raised its fiscal 2026 revenue outlook to a range of $13.0–$13.3 billion and adjusted operating income guidance to $1.275–$1.375 billion. The midpoint of the adjusted operating income range represents a 26% increase from the previous guidance. No documented comparison was available between the new revenue outlook and analysts’ estimates. The company also raised the low end of its annual capital expenditure forecast to $37 billion, keeping the high end at $39 billion, after previously forecasting a range of $35–$39 billion. It said the revision reflects its expectation of deploying infrastructure and delivering it to customers faster than planned.
The chief executive said the company expects about $9 billion in customer prepayments and deposits in the three months following the results announcement. He added that growth funding also includes financing backed by customer contracts and operating cash flow. Reuters reported that CoreWeave does not plan to tap the unsecured debt markets after borrowing costs rose, and expects cash flows from existing contracts to cover current and future debt payments. The company had total debt of about $46.9 billion at the end of September, while it expected to raise less than $5 billion in additional capital through 2027. The company is targeting adjusted profitability in the first half of 2028.
In the broader market, the S&P 500 rose 1% and the Nasdaq gained 1.6% during Wednesday trading, while the Dow Jones was down 55 points, or 0.1%, at 10:45 a.m. Eastern time. Micron and CoreWeave shares had fallen in the previous session, by 1.1% and 0.5%, respectively. A Reuters report cited Bernstein analysts warning that CoreWeave would be among the first and hardest-hit companies if the AI computing capacity bottleneck eased. Nebius is scheduled to report results before the market opens on Thursday, November 12. CoreWeave also forecast that its active power would exceed 1.85 gigawatts by the end of 2026 and that its exit-year annualized revenue run rate would reach $20–$21 billion.