Micron Soars 10%, SK hynix Up 9% as CoreWeave Raises Outlook on “A Breakout Quarter”

Detailed summary

Key TakeawaysMicron shares jumped 10% today, along with SK hynix, Sandisk, Nebius and Marvell, after CoreWeave raised its 2026 revenue outlook. CoreWeave’s $132.

Micron Technology (MU:NASDAQ) jumped 10% today, with SK hynix (SKHY:NASDAQ) up 9% and Sandisk (SNDK:NASDAQ) up 13%.

The spark was CoreWeave, which raised its 2026 revenue outlook after Tuesday's close. AI cloud rival Nebius Group (NBIS:NASDAQ) is up 15%, and AI chip supplier Marvell Technology (MRVL:NASDAQ) is up 8%.

CEO Michael Intrator called it "a breakout quarter," and backlog reached $132.5 billion.

Last week, chip stocks sank on fears that the Democrats' midterm sweep would slow data-center construction.

CoreWeave's numbers point the other way. It now expects 2026 revenue of $13 billion-$13.3 billion, up from $12.4 billion-$13.2 billion. It has long-term supply deals with both Micron and Sandisk. Micron says over 75% of its 2027 output is already committed.

SK hynix has a storage deal with CoreWeave through its Solidigm unit, and said in October that long-term agreements with 14 customers cover more than half its 2027 and 2028 capacity. Sandisk's data center revenue rose 61% from the prior quarter to $4.8 billion. Kioxia's warning that NAND price increases are slowing is the risk.

Nebius reports on Thursday, which will show whether this demand runs across the AI clouds. In October it lined up a $3.5 billion Citi facility to buy GPUs and build data centers. Marvell said on Nov. 2 that its quarter is tracking at the midpoint of guidance, and its Dec. 1 report will show whether its outlook goes up.

See the full breakdown of Buy, Hold, and Sell ratings on Micron, along with Wall Street's revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Micron's Analyst Ratings

Analysts expect Micron's normalized EPS to climb from $75.52 in fiscal 2026 to $176.50 in fiscal 2027 and $207.76 in fiscal 2028:

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