---
title: "Micron jumps 12% with an 86.8% gross margin as CoreWeave raises its 2026 outlook to $13.3 billion"
description: "Micron jumped 12% and the memory complex followed after CoreWeave raised its outlook, but the filings split the spoils: Micron's gross margin hit 86.8% while CoreWeave's interest bill nearly tripled and its adjusted margin narrowed to 10%. The risk in this rally sits with CoreWeave's lenders."
publisher: "The Inference"
section: "Chips"
published: 2026-11-11T17:10:29.154Z
modified: 2026-11-11T17:10:29.154Z
canonical: https://theinference.org/article/micron-jumps-12-with-an-86-8-gross-margin-as-coreweave-raises-its-2026-outlook-to-13-3-billion
language: en
keywords: "Micron, CoreWeave, Memory, Nvidia, Semiconductors"
---

# Micron jumps 12% with an 86.8% gross margin as CoreWeave raises its 2026 outlook to $13.3 billion

> Micron jumped 12% and the memory complex followed after CoreWeave raised its outlook, but the filings split the spoils: Micron's gross margin hit 86.8% while CoreWeave's interest bill nearly tripled and its adjusted margin narrowed to 10%. The risk in this rally sits with CoreWeave's lenders.

## Memory stocks ran on CoreWeave's raise

[Micron](https://theinference.org/markets/companies/micron), the largest US memory maker, rose about 12% on Wednesday, with [SK hynix](https://theinference.org/markets/companies/sk-hynix) up 10.5% and SanDisk up 15.7% [1]. The spark came after Tuesday's close, when [CoreWeave](https://theinference.org/markets/companies/coreweave), the AI cloud that rents out [Nvidia](https://theinference.org/markets/companies/nvidia) computing power, [posted third-quarter revenue of $3.66 billion, up 168%, and raised its 2026 revenue outlook to $13.0 to $13.3 billion](https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Third-Quarter-2026-Results/default.aspx) [2][3]. Chief executive [Michael Intrator](https://theinference.org/markets/people/michael-intrator) called it "a breakout quarter" [3].

[Nebius](https://theinference.org/markets/companies/nebius), a rival AI cloud that reports Thursday, jumped 17%, and [Marvell](https://theinference.org/markets/companies/marvell) added 10% [1][4]. Nvidia rose 3.7%, its first gain in three sessions, though it remains down about 14% this month after a board investigation into its chief executive and a Baird cut to Neutral [5].

*Chart: **Memory suppliers jumped 10 to 16% on CoreWeave's raised outlook** Bar chart of November 11 share moves: CoreWeave +22.6%, Nebius +17.2%, SanDisk +15.7%, Micron +12.2%, SK hynix +10.5%, Marvell +10.2%, Nvidia +3.7%. Memory names are highlighted.*

*Intraday changes on November 11, 2026, as reported late morning EST, a day after CoreWeave raised its outlook. Sources: Yahoo Finance/TIKR, Investor's Business Daily, Yahoo Finance. [1][4][5]*

## The supplier keeps the margin, the buyer pays the interest

CoreWeave buys Micron and SanDisk output under long-term supply deals and holds priority access to Solidigm's enterprise SSDs [1][3]. The two filings split the money. Micron's September quarter, [reported September 30, earned an 86.8% gross margin on $54.2 billion of revenue](https://investors.micron.com/financials/quarterly-results/default.aspx) and $37.7 billion of net income, guided its December quarter to $61.5 billion, and collected $12.7 billion of customer deposits in fiscal 2026 [6].

CoreWeave's quarter ran the other way: adjusted operating margin narrowed to 10% from 16%, net interest expense rose to $846 million from $310 million, and the net loss widened to $709 million [3]. Its guided fourth-quarter interest bill, $1.05 to $1.15 billion, sits beside full-year adjusted operating income guidance of $1.275 to $1.375 billion [3]. Micron kept 87 cents of every revenue dollar as gross profit; CoreWeave paid 23 cents of every revenue dollar to its lenders [3][6].

*Chart: **CoreWeave's interest bill has closed in on its operating income** Column chart of CoreWeave net interest expense: $310 million in the June 2026 quarter, $846 million in the September 2026 quarter, and $1.05 to $1.15 billion guided for the December 2026 quarter.*

*Net interest expense by quarter, USD billions; the December 2026 quarter is CoreWeave's own guidance of $1.05 to $1.15 billion. Full-year adjusted operating income is guided at $1.275 to $1.375 billion. Source: CoreWeave Q3 2026 results. [3]*

*Chart: **Micron's revenue has run from $8.7B to $54.2B in eight quarters** Column chart of Micron quarterly revenue from $8.7B in the quarter ended November 2024 to $54.2B in the September 2026 quarter, with the December 2026 quarter guided at $61.5B and marked as an estimate.*

*Micron quarterly revenue by fiscal quarter, calendar labels, USD billions, from SEC filings; final column is company guidance of $61.5 billion plus or minus $1.5 billion for the December 2026 quarter. Sources: Micron SEC filings; Micron Q4 FY2026 release. [6][10]*

## The relief case, and the Kioxia dent

The relief case has receipts: a $132.5 billion backlog of committed contracts, about $9 billion of customer prepayments expected within three months, $4.2 billion of convertible notes and a $2.6 billion loan facility behind a capex floor raised to $37 to $39 billion, adjusted EBITDA margin holding at 62%, and Nvidia committed to buy unsold capacity through April 2032 [3][7]. "Demand for compute is growing faster than the capacity to deliver that infrastructure," Intrator told analysts [5].

The skeptic file is dated too. Kioxia, the Japanese NAND maker, said September-quarter price rises slowed to the mid-20% range from 70% [8]. Consensus puts Micron's fiscal 2027 capital spending at $54.5 billion of coming supply, against a stock at about 4 times forward earnings on EPS expected to climb from $75.52 to $176.50 [1]. And [the funding gap beyond this quarter runs from Goldman Sachs' $23 billion to Bernstein's $76 billion](https://theinference.org/article/coreweave-s-funding-gap-goldman-sachs-says-23-billion-bernstein-says-76-billion-bonds-yield-16), with the 2032 bonds near 16% [9].

## December prices it

Micron's December report, guided to $61.5 billion of revenue at roughly an 86% gross margin, is the pricing test; Nebius on Thursday is the demand test [1][6]. SK hynix has already sold more than half of its 2027 and 2028 capacity to 14 customers [1]. The pricing test lands in December; the interest bill lands every quarter.

## Takeaway

CoreWeave's raised outlook lifted memory stocks, but the filings split the spoils: Micron banked an 86.8% gross margin while CoreWeave's interest bill nearly tripled, and December's Micron report is the pricing test.

## Sources

1. [Yahoo Finance / TIKR, "Micron Soars 10%, SK hynix Up 9% as CoreWeave Raises Outlook on 'A Breakout Quarter'", 11 November 2026](https://finance.yahoo.com/markets/stocks/articles/micron-soars-10-sk-hynix-152239784.html)
2. [Cryptoprowl via Yahoo Finance, "CoreWeave Revenue Climbs 168% to $3.66 Billion, Raises 2026 Guidance", 11 November 2026](https://finance.yahoo.com/technology/ai/articles/coreweave-revenue-climbs-168-3-152900140.html)
3. [CoreWeave Investor Relations, "CoreWeave Reports Strong Third Quarter 2026 Results", 10 November 2026](https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Third-Quarter-2026-Results/default.aspx)
4. [Investor's Business Daily via Yahoo Finance, "Why CoreWeave Earnings, Outlook Sparked 'Sigh Of Relief In The AI Market'", 11 November 2026](https://finance.yahoo.com/m/ad611b90-19b3-3483-8e63-8cdb59726707/why-coreweave-earnings-.html)
5. [Yahoo Finance, "Nvidia stock rebounds, chip stocks surge as CoreWeave earnings boost AI trade", 11 November 2026](https://finance.yahoo.com/markets/article/nvidia-stock-rebounds-chip-stocks-surge-as-coreweave-earnings-boost-ai-trade-151001136.html)
6. [Micron Investor Relations, "Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results", 30 September 2026](https://investors.micron.com/financials/quarterly-results/default.aspx)
7. [Reuters, "Why CoreWeave's troubles are rattling the AI boom", 15 October 2026](https://www.reuters.com/legal/transactional/why-coreweaves-troubles-are-rattling-ai-boom-2026-10-15/)
8. [Bloomberg, "Kioxia Warns Flash Memory Prices Stalling After Outlook Miss", 30 October 2026](https://www.bloomberg.com/news/articles/2026-10-30/kioxia-s-profit-jumps-due-to-ballooning-ai-data-storage-needs)
9. [The Inference, "CoreWeave's funding gap: Goldman Sachs says $23 billion, Bernstein says $76 billion, bonds yield 16%", 23 October 2026](https://theinference.org/article/coreweave-s-funding-gap-goldman-sachs-says-23-billion-bernstein-says-76-billion-bonds-yield-16)
10. [Micron Technology quarterly figures from its SEC filings (EDGAR), retrieved 11 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000723125)


---

Micron jumps 12% with an 86.8% gross margin as CoreWeave raises its 2026 outlook to $13.3 billion — The Inference. Canonical: https://theinference.org/article/micron-jumps-12-with-an-86-8-gross-margin-as-coreweave-raises-its-2026-outlook-to-13-3-billion