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Shares of Micron Technology Inc (NASDAQ:MU) are trading sharply higher on Wednesday after customer CoreWeave Inc (NASDAQ:CRWV) raised its 2026 revenue outlook and eased fears that spending on AI infrastructure is slowing.

• Micron Technology stock is charging ahead with explosive momentum. Why is MU stock surging?

CoreWeave’s Raised Outlook Lifts Micron

CoreWeave raised its 2026 revenue outlook after Tuesday’s close to $13 billion to $13.3 billion, up from $12.4 billion to $13.2 billion. Backlog reached $132.5 billion, and CEO Michael Intrator called it a “breakout quarter.”

On the company’s earnings call, Intrator said CoreWeave is largely sold out of AI compute capacity through 2027. He added that any infrastructure brought to market for 2028 has also been sold.

The numbers matter to Micron because CoreWeave is one of the biggest buyers of AI hardware, and the AI cloud company has long-term supply deals with Micron. Micron has said more than 75% of its fiscal 2027 output is already committed, so strong demand from customers like CoreWeave supports its order book.

The relief was needed. Last week, chip stocks sank on fears that the Democratic win in the midterms could slow the AI infrastructure build-out, which could reduce orders for Micron’s memory chips. Micron shares fell more than 20% over five days and hit a recent low of $650 on Thursday.

Anthropic’s IPO Adds to the Momentum

Micron is also getting positive attention from Anthropic’s updated IPO prospectus on Tuesday, which showed that Micron is among seven tech companies that have agreed to buy a combined $26 billion of Anthropic’s stock. The purchases will happen through a private placement at the IPO price.

Anthropic is expected to make its stock market debut on Nov. 19. The company is expected to offer 825 million shares at $70 to $78 each, which could raise up to $64.35 billion.

On Tuesday, Goldman Sachs analyst James Schneider reiterated a $1,250 price target on Micron and kept a Neutral rating, according to Benzinga Pro. The target sits well above where the shares currently trade.

Micron has a consensus Buy rating among analysts with an average price target of $1,463.15, according to Benzinga data.

MU Shares Rebound

MU Price Action: Micron shares were up 13.19% at $820.76 at the time of publication on Wednesday, according to Benzinga Pro.

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