Key Points
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CoreWeave beat analyst forecasts for sales and earnings last night.
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CoreWeave builds data centers — and buys memory chips from Micron.
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Micron stock already looks cheap, and the better CoreWeave does, the better the news for Micron.
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A strong earnings report from AI cloud provider CoreWeave (NASDAQ:CRWV) Tuesday night is lifting shares of AI data center memory chip provider Micron (NASDAQ:MU) Wednesday morning.
As of 10:35 a.m. ET, CoreWeave stock is up 21.5% — and Sandisk is up 11%.
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CoreWeave Q3 earnings report
CoreWeave “beat earnings” in its Q3 report last night, losing less money ($1.27 per share) than feared, and collecting more revenue ($3.66 billion) than hoped. That company further raised its guidance for full-year 2026 revenue to a range of from $13.0 billion to $13.3 billion, with better-than-forecast adjusted operating income guidance — and promised to spend anywhere from $37 billion to $39 billion on capital investment, which was also more than expected.
This is the part most relevant to investors’ hopes for Sandisk. The more money CoreWeave spends on “capital investment,” the more money it will be spending on computer memory chips from Micron, with which to outfit its data centers. This is therefore a bullish forecast for Micron’s revenue as well.
Just as important is CoreWeave’s ability to pay for all these chips — and CoreWeave had more good news on that front. Not only will 2026 end with revenue above expectations. CoreWeave also predicted that as it exits the year, its annual revenue run rate will hit $20 billion to $21 billion.
And CoreWeave will be getting closer to profitability. CoreWeave predicted it will earn at least “adjusted” profits by early 2028, allowing it to buy even more chips.
What this means for Micron
CoreWeave’s good news means the future is looking brighter for Micron stock, too. At less than 10x trailing earnings and barely 4x forward earnings, you might want to buy some Micron stock today — before it goes up even more.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.
