Seagate Surges 11% as CoreWeave Earnings and $9 Billion in AI Prepayments Revive Storage Stocks

Seagate Technology Holdings shares jumped as much as 11 to 12 percent on November 11 as a sweeping AI-sector rally, triggered by a blowout earnings report from cloud computing provider CoreWeave, lifted memory and storage stocks out of a bruising multi-week decline. CoreWeave reported third-quarter revenue of $3.66 billion, up 168% year over year and ahead of Wall Street estimates of roughly $3.55 billion, then raised its full-year 2026 revenue outlook to $13.3 billion. The company also secured $9 billion in customer prepayments, a development investors interpreted as direct evidence that large-scale AI infrastructure spending remains intact.

The results arrived just days after an AI selloff had pushed CoreWeave to a 52-week low, making the reversal particularly dramatic. The broader rally added approximately $1.2 trillion to US stock market capitalization in a single session, even as the dollar index hit a 19-month high. CoreWeave itself surged 25%, Sandisk gained 17%, Nebius climbed 17%, Micron rose 13%, and Marvell added 8.5%, while Nvidia recovered roughly 4% after its own recent slide.

For Seagate specifically, the rally reflected renewed confidence in nearline storage demand tied to AI data center buildouts. Analysts remain divided on whether the bounce has legs, with the debate centering on how AI infrastructure projects will be financed going forward, and CoreWeave's prepayment structure offering one possible answer to that question.