CoreWeave Q3 earnings beat lifts AI infrastructure outlook and spikes Micron shares
CoreWeave reported third‑quarter revenue of $3.66 billion, up 168% year over year, and a record $132.5 billion backlog, prompting the company to raise its full‑year revenue forecast to $13 billion‑$13.3 billion. The strong results revived confidence in AI data‑center spending, sending CoreWeave shares up about 22% and driving Micron Technology’s stock higher, first 6% in pre‑market trading and later nearly 12% intraday. Micron highlighted its fiscal fourth‑quarter revenue of $54.23 billion and GAAP net income of $37.7 billion.
Why it matters
The rally suggests investors expect higher demand for Micron’s high‑bandwidth memory, which could improve its near‑term earnings outlook. The surge also reflects broader optimism for AI‑related semiconductor demand, potentially supporting sector pricing power.
Key facts
- 1CoreWeave reported Q3 revenue of $3.66 billion, a 168% year‑over‑year increase. finance.yahoo.com
- 2CoreWeave’s contracted revenue backlog reached $132.5 billion in the quarter. finance.yahoo.com
- 3CoreWeave raised its full‑year revenue forecast to a range of $13 billion to $13.3 billion. finance.yahoo.com
- 4Micron shares jumped roughly 6% in pre‑market trading following the news. finance.yahoo.com
- 5Micron stock rose about 11.7% during the day, its biggest gain in the session. coinpaper.com
- 6Micron generated $54.23 billion in fiscal Q4 revenue. coinpaper.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.