Sandisk stock rises 13% as CoreWeave’s strong quarter lifts AI memory names

CoreWeave reported third-quarter results after the bell on November 10. By the next morning, one of the biggest beneficiaries was a company that doesn’t rent out a single GPU.

Shares of Sandisk, which makes memory chips that go into AI data centers, were up 13% as of 10:10 a.m. ET on November 11. CoreWeave itself was up 20.3% at the same moment.

What CoreWeave actually reported

CoreWeave, which sells specialized GPU computing capacity to AI customers, posted Q3 2026 revenue of $3.66 billion. That figure came in above what analysts hoped for and represents a 168% increase from the same quarter a year earlier.

The company is still losing money, just less of it than Wall Street expected. The GAAP net loss was $709 million, or $1.27 per share.

On an adjusted basis, the picture looks healthier. Adjusted operating income reached $379 million, which also topped Wall Street’s expectations. The gap between those two numbers reflects costs that remain high, including interest expense on the debt used to build out data centers.

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.

Then came the backlog. As of September 30, 2026, CoreWeave’s revenue backlog stood at $132.5 billion, up from approximately $104 billion at the end of Q2. Backlog is essentially signed future business: work customers have committed to but CoreWeave hasn’t yet delivered or billed.

The company also said its active power capacity exceeded 1.7 GW by the end of the quarter.

Why a memory chipmaker cares about CoreWeave’s spending

The detail that moved Sandisk was capital expenditure. CoreWeave raised its 2026 capex guidance to a range of $37 billion to $39 billion. The research findings tie that increase primarily to commitments from investment-grade customers.

Not every memory vendor gets an equal slice. CoreWeave’s announcement included a multi-year supply agreement with Solidigm, another memory supplier. The deal underscores how tightly AI cloud providers and memory makers are now linked, even if it also shows that Sandisk has competition for those contracts.

Still, traders appear to be reading the overall spending number as a rising tide. Sandisk’s move, reported in a range of 11% to 13% across early trading, suggests investors see the capex boost as good news for the broader memory supply chain rather than a win reserved for one vendor.

What this means for investors and the AI supply chain

The Solidigm agreement is worth watching. Multi-year supply deals lock in demand for whichever vendor signs them, and they can shape market share for years.

For CoreWeave, the risks haven’t disappeared. A $709 million quarterly loss, alongside elevated interest costs, means the company is spending heavily ahead of revenue. The bet only works if that $132.5 billion backlog converts into cash on schedule and customers keep their commitments.

For now, the market has delivered its verdict on this quarter. CoreWeave beat on revenue, narrowed its loss relative to expectations, raised its outlook, and committed to spending $37 billion to $39 billion this year. Suppliers like Sandisk are positioned to collect part of that bill, and investors moved quickly to price that in.