Micron shares jumped 7.3% in early trading on Wednesday, leading a broad rebound in memory and chip stocks after CoreWeave's strong quarterly results calmed fears about AI infrastructure spending. ## Memory stocks lead the comeback SanDisk rose 10% and optical networking group Lumentum gained 9%, while hard-drive makers Seagate and Western Digital advanced 7% and 5.2% respectively, [Barron's](https://www.barrons.com/articles/sandisk-memory-stock-rally-ai-965b9891) reported. The iShares Semiconductor ETF rose 5% in premarket trading. The rally followed CoreWeave's third-quarter revenue of $3.66 billion, up 168% year on year, and a raised full-year forecast, which reassured investors that demand for AI computing capacity remains strong, [MarketWatch](https://www.marketwatch.com/story/micron-and-other-ai-stocks-surge-as-coreweave-calms-wall-streets-worst-fears-0a18152a) reported. ## Still well below recent highs The rebound comes after a brutal month for the sector. Micron, Seagate and Western Digital are each down more than 20% over the past month, while SanDisk has fallen 46% and Lumentum 47% over the same period, making them the S&P 500's two worst performers in that stretch. Goldman Sachs analyst James Schneider described AI stocks as "clearly in oversold territory" but cautioned that catalysts for a sustained rally could be limited before the year end. A Wall Street Journal report that OpenAI's quarterly revenue grew about 50% to $10 billion also supported the sector.