Shares in Micron Technology and SanDisk surged on Wednesday 11 November 2026, leading a broad rally in memory-chip makers as strong results from AI cloud provider CoreWeave eased fears that spending on artificial intelligence infrastructure is slowing.

Micron jumped 11.89% to close at $811.30, while SanDisk climbed 13.69% to $977.69. South Korea's SK Hynix gained 9.71%, and the Philadelphia Semiconductor Index rose 5.66% as the Nasdaq Composite added 1.6%. Both Micron and SanDisk are among the market's biggest winners of 2026, with SanDisk up more than 200% this year and Micron up about 150%.

CoreWeave results calm AI spending fears

The rally followed CoreWeave's third-quarter results, which showed revenue of $3.66 billion, up 168% from a year earlier, and a contracted backlog of $132.5 billion. The company also raised its 2026 revenue forecast to between $13.0 billion and $13.3 billion. Building more AI servers requires high-bandwidth memory, conventional DRAM and large amounts of storage, so the numbers were read as good news for memory suppliers.

A shortage that could run into 2028

Memory has become one of the main bottlenecks in the AI build-out. The big DRAM makers have shifted capacity towards high-bandwidth memory, pushing up prices for ordinary DRAM and NAND flash. TrendForce expects conventional DRAM contract prices to rise 10% to 15% in the fourth quarter and NAND flash prices to rise 15% to 20%.

Micron's chief executive has said more than 75% of the company's 2027 output is already committed and that demand should exceed supply in 2027 and 2028. SanDisk, meanwhile, reported data-centre revenue up 61% on the previous quarter to $4.8 billion, and an eight-for-one stock split takes effect on 19 November 2026.