US Memory Stocks Rebound Overnight as Western Digital, Micron Rise Over 5%, SanDisk Gains Over 6%

TradingKey - On November 11, U.S. memory chip and data storage sectors rallied across the board in pre-market trading. Memory stocks, which had undergone continuous pullbacks, rebounded, with Western Digital (WDC) and Micron Technology (MU) both rising more than 5% in overnight trading, while SanDisk (SNDK) gained over 6%. As AI infrastructure firm CoreWeave (CRWV) delivered strong quarterly results and raised its full-year revenue guidance, market concerns over AI compute demand and data center return on investment eased, providing support for the semiconductor and storage sectors.

SanDisk stock price chart in overnight trading, source: TradingView

In terms of individual stock performance, SanDisk, Micron, and Western Digital were key drivers of the pre-market storage sector rebound. SanDisk had previously experienced a sharp correction driven by NAND flash demand and AI data center investment expectations, while Micron was simultaneously affected by DRAM and HBM market demand as well as memory product price fluctuations. Western Digital primarily benefited from cloud computing and data center demand for high-capacity storage devices. Although the three companies have different business focuses, all are closely tied to global data center infrastructure investment.

A key driver behind this rebound was CoreWeave's latest third-quarter financial report. The company's revenue for the quarter reached $3.66 billion, up 168% year-over-year, exceeding market expectations of $3.55 billion. Meanwhile, the company raised its full-year 2026 revenue guidance to between $13 billion and $13.3 billion. CoreWeave also noted that customer demand for its 2027 computing capacity is approximately 10 times its current available capacity. Following the earnings release, the company's shares surged over 18% in overnight trading, easing some market concerns regarding AI infrastructure demand and corporate financing pressures.

Previously, growing investor scrutiny over AI data center construction costs, debt financing scale, and capital return cycles had triggered notable corrections across related tech and memory stocks. CoreWeave's latest performance and guidance indicated that demand for AI computing power continues to grow, while its financing arrangements also drew market attention. Overnight, Nasdaq 100 Index futures gained about 1.6%, reflecting an improvement in overall tech sentiment.

From an industry fundamentals standpoint, AI server buildouts still require substantial volumes of HBM, DRAM, NAND flash, and enterprise-grade SSD products. As data center expansions continue, demands for storage capacity and data transmission are also rising. However, the short-term stock rebound does not mean that prior concerns over valuations and capital expenditures have been completely eliminated.