Micron shares rise 13.4% as CoreWeave lifts 2026 revenue outlook to $13.3 billion
Key Facts
Micron shares rose 13.4% on Wednesday, November 11, as AI stocks recovered after CoreWeave reported results and raised its 2026 revenue outlook to a range of $13.0 billion to $13.3 billion. The Associated Press said the company’s results helped sector stocks recoup some of their sharp recent losses amid concerns that AI activity was slowing. Micron’s gain put the company at the center of a broader rebound in the sector, while CoreWeave’s outlook offered a fresh indication of planned spending on computing infrastructure. CoreWeave reported third-quarter results on November 10 and raised its annual revenue outlook, citing continued demand for its services. The change points to higher expected activity among computing capacity providers, a market linked to data centers’ need for memory chips.
CoreWeave’s third-quarter revenue was $3.661 billion, compared with $1.365 billion in the same period of 2025. At the same time, the company reported a net loss of $709 million, compared with a loss of $110 million a year earlier. The comparison shows revenue rising alongside a wider net loss, putting business growth and its cost at the center of the results. The outlook revision was not limited to revenue: the company also raised its 2026 adjusted operating income forecast to a range of $1.275–$1.375 billion. CoreWeave said the midpoint of the new range is 26% above the midpoint of its previous forecast, reflecting an improved estimate of adjusted operating performance for the year.
The balance of contracted revenue expected to be recognized in the future was about $132.5 billion as of September 30, 2026, according to a CoreWeave statement. The balance includes performance obligations and other amounts under customer contracts, but remains subject to service availability and delivery. The figure indicates the scale of business tied to existing contracts, while the pace at which it converts into revenue depends on the company’s ability to deploy infrastructure and provide service to customers. The chief executive said the company expects about $9 billion in customer prepayments and deposits during the three months following the results announcement. The expected upfront payments add a financing dimension to the demand picture as the company continues to expand its operating capacity.
CoreWeave raised the lower end of its 2026 capital spending forecast to $37 billion, while keeping the upper end at $39 billion, compared with a previous range of $35 billion to $39 billion. The company said the spending adjustment reflects its expectation that it will deploy infrastructure and deliver it to customers earlier than planned. The guidance links faster execution with the high spending required to add computing capacity. The plans matter for data center suppliers, including Micron, as demand continues for memory used in these facilities. In its fiscal third-quarter results announced in June, Micron said data center revenue exceeded $25 billion and industrial demand for DRAM and NAND memory exceeded supply.
Micron said in June that industrial bit shipments of DRAM and NAND for data centers in calendar year 2026 are expected to more than double from two years earlier. It also said server unit growth in 2026 could reach high double-digit levels. These forecasts provide context for the importance of cloud computing companies’ expansion plans to memory suppliers, as AI stocks have recently fallen on concerns about slowing activity. The Associated Press reported that CoreWeave’s results helped the sector recoup some of those losses, while Micron shares gained 13.4% on Wednesday. Micron shares closed at $725.11 on November 10, while CoreWeave shares closed at $48.73 in the same session.