Sandisk shares climb 13% the morning after CoreWeave's third-quarter results
In brief
- Sandisk shares were up 13% at 10:10 a.m. ET on November 11, per Crypto Briefing.
- CoreWeave shares rose 20.3% at the same moment following its Q3 report.
- CoreWeave posted Q3 2026 revenue of $3.66 billion, up 168% year over year.
- CoreWeave raised its 2026 capex guidance to $37 billion to $39 billion.
- Investors read the capex boost as good for the wider memory supply chain, per Crypto Briefing.
What CoreWeave reported
CoreWeave released its numbers after the bell on November 10. It posted Q3 2026 revenue of $3.66 billion, a 168% increase from the same quarter a year earlier, and Crypto Briefing said that figure came in above what analysts hoped for.
The company's still losing money (a GAAP net loss of $709 million, or $1.27 per share), though Crypto Briefing said it's less than Wall Street expected. Adjusted operating income reached $379 million, which the outlet said also topped expectations. Crypto Briefing attributed the gap between those two numbers to costs that remain high, including interest on the debt used to build data centers.
Guidance, backlog and capex
CoreWeave raised its full-year 2026 revenue guidance to a range of $13.0 billion to $13.3 billion. It also lifted its adjusted operating income forecast to between $1.275 billion and $1.375 billion.
The backlog grew too. As of September 30, CoreWeave's revenue backlog stood at $132.5 billion, up from roughly $104 billion at the end of Q2, and the company said its active power capacity exceeded 1.7 GW by quarter end.
Then there's spending. CoreWeave raised its 2026 capex guidance to a range of $37 billion to $39 billion, and its announcement included a multi-year supply agreement with Solidigm, another memory supplier.
Why memory names moved
Sandisk makes memory chips that go into AI data centers. Crypto Briefing pointed to one line item in particular:
"The detail that moved Sandisk was capital expenditure."
That's the outlet's reading of the trade, not a statement from either company. Crypto Briefing said the move suggests investors see the capex boost as good news for the broader memory supply chain rather than a win reserved for one vendor.
It's a useful read on how tightly AI infrastructure spending and memory stocks are now trading together.
Frequently asked questions
Why did Sandisk stock rise on November 11?
Sandisk shares were up 13% as of 10:10 a.m. ET on November 11, the morning after CoreWeave reported third-quarter results. Crypto Briefing said the detail that moved Sandisk was CoreWeave's capital expenditure guidance, and that investors appeared to see the capex boost as good news for the broader memory supply chain.
How much is CoreWeave planning to spend in 2026?
CoreWeave raised its 2026 capital expenditure guidance to a range of $37 billion to $39 billion, according to its results as reported by Crypto Briefing. The announcement also included a multi-year supply agreement with memory supplier Solidigm.
