Micron and SanDisk Shares Rise on CoreWeave Spending Forecasts
CoreWeave shares surged after the AI cloud provider raised its 2026 revenue guidance and announced up to $39 billion in capital investments.
Shares of CoreWeave drove a rally for AI memory chip providers on Wednesday after the cloud provider released a third-quarter earnings report that outperformed market expectations. CoreWeave reported revenue of $3.66 billion and a loss of $1.27 per share, while raising its full-year 2026 revenue guidance to a range between $13.0 billion and $13.3 billion.
The company announced plans to spend between $37 billion and $39 billion on capital investments to outfit its data centers. This projected expenditure signaled a surge in demand for high-performance memory chips, causing shares of Micron Technology to rise more than 13% to $823.86. SanDisk Corporation also saw its stock price increase following the announcement.
CoreWeave projected an annual revenue run rate of $20 billion to $21 billion by the end of 2026 and anticipates achieving adjusted profitability by early 2028.
