AI infrastructure provider CoreWeave delivered a breakout third quarter, sending related chip stocks higher before a report about Nvidia’s leadership injected late-session volatility. Micron Technology shares surged nearly 12% as AI buying returned, while Nvidia and Broadcom joined the recovering technology stock rally.
CoreWeave reported third-quarter revenue of $3.66 billion, up 168% year over year and above the $3.55 billion analyst consensus. The company raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion. CoreWeave co-founder and CEO Michael Intrator called it “a breakout quarter,” noting revenue increased by more than $1 billion sequentially and adjusted operating margins reached double digits ahead of plan.
Adjusted operating income came in at $379 million, well above the $200 million to $260 million guidance range. The revenue backlog reached about $132.5 billion, up from $104 billion at the end of June. Full-year capital expenditures are now expected at $37 billion to $39 billion, up from the prior $35 billion to $39 billion range. CoreWeave ended the quarter with about $4.12 billion in cash and cash equivalents. Its adjusted loss per share of $0.95 beat the expected $1.16 loss, although GAAP net losses widened to $709 million partly due to $846 million in interest expense.
CoreWeave shares initially rallied about 14% in pre-market trading on 11 November and extended gains during the regular session, closing approximately 25% higher at $60.77. The stock then fell about 6.4% after hours to $56.90 after a Wall Street Journal report that Nvidia’s board was preparing to oust CEO Jensen Huang unsettled investors. Nvidia gained 2.9% in regular trading but fell more than 8% after hours.
Nvidia invested $2 billion in CoreWeave in January 2026, purchasing about 22.9 million Class A shares at $87.20 per share. The transaction made Nvidia CoreWeave’s second-largest shareholder with an approximately 12% stake. Nvidia is also CoreWeave’s core chip supplier, and CoreWeave’s business model depends on leasing high-performance Nvidia GPUs to AI companies. In September 2025, Nvidia signed a $6.3 billion order under an existing Master Services Agreement, committing to purchase any residual unsold capacity through 13 April 2032.
Analyst reactions were mixed. Citi raised its price target to $149 from $128 while maintaining a Buy rating, while Jefferies cut its target to $90 from $150. The leadership uncertainty adds a strategic question that CoreWeave’s strong quarterly numbers cannot answer: whether Nvidia under new leadership would maintain the same commitment to CoreWeave’s buildout.
