5 AI Infrastructure Stocks to Watch After CoreWeave’s Earnings Faheem Tahir Sat, November 14, 2026 at 2:23 PM EST 9 min read ^IXIC -0.91% NBIS -12.31% WDC -7.13% SNDK -7.70% IREN -9.27% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
AI infrastructure stocks have faced considerable selling pressure in recent weeks, as concerns over data center expansion, rising borrowing costs, and regulatory uncertainty have weighed on investor sentiment. According to Bloomberg, hedge funds sold global technology shares during the week ending November 6 at a pace approaching the highest recorded in Goldman Sachs' data since 2016.
Much of the uncertainty stems from the U.S. midterm elections, which raised concerns about potential restrictions on data center construction. Reuters reported on November 5 that the Nasdaq Composite plunged 5.5%, while UBS analysts estimated that nearly 30% of anticipated U.S. data center capacity additions in 2028 could be at risk from potential construction pauses. The selloff also prompted Wall Street to reassess opportunities across the technology sector, as discussed in our recent coverage of 10 Stocks Analysts Just Upgraded.
Against this backdrop, the prominent AI cloud infrastructure provider offered some relief following its latest earnings announcement. On November 11, the company raised its annual revenue forecast and eased financing concerns by indicating that cash flows from existing contracts would cover its debt repayments. The developments also lifted other major AI infrastructure stocks.
However, the recovery proved short-lived as a leadership crisis at a major AI chipmaker introduced fresh uncertainty across the sector. On November 12, shares of the cloud infrastructure provider fell 9.1% after gaining more than 27% in the previous session, while the chipmaker declined 8.2% following its CEO's resignation amid an ongoing scandal.
Beyond these market swings, financing remains a concern. Reuters reported on November 12 that approximately 70% of record U.S. convertible bond issuance in 2026 was AI-linked, highlighting the industry's reliance on capital markets. Meanwhile, the selloff has renewed scrutiny of elevated technology valuations, a concern explored in our recent analysis of 10 High P/E Stocks Under the 200-Day SMA.
So, what are the best AI infrastructure stocks to buy now? Our full list of AI Infrastructure Stocks to Watch After CoreWeave's Earnings features 10 stocks, with the top five highlighted below.
Upside Potential: 93.90%
Nebius Group N.V. (NASDAQ:NBIS) joins our list with 93.90% analyst upside, as CoreWeave's results strengthened confidence in demand for the GPU cloud capacity it also provides. Shares gained 15.4% on November 11, ahead of its own earnings release.
Nebius Group N.V. subsequently reported third-quarter revenue growth of 571% to $980.8 million. However, approximately $325 million came from nonrecurring revenue associated with deploying its architecture and platform on partner-funded infrastructure. That contribution makes headline growth less representative of recurring cloud activity.
Capacity delays prompted Nebius Group N.V. to narrow its 2026 revenue outlook toward the low end of its previous $3.0–$3.4 billion range, while raising planned capital spending to approximately $27 billion. Shares fell 17% on November 12 (as of the time of writing), underscoring investors' sensitivity to execution.
Nebius Group N.V.'s management preliminary 2027 revenue forecast of $12–$13 billion illustrates the opportunity if deployment improves. Nevertheless, the business is valued at approximately 13.3 times forward sales on an enterprise-value basis. Short interest reached 21.57% of the float as of October 30, reflecting substantial skepticism.
Citi retained a Buy rating with a reduced $265 target on November 4, supporting the demand argument, although that assessment preceded earnings. Our analysis of whether Nebius Group N.V. can turn pricing power into profits examines the central challenge: strong GPU demand supports pricing, but construction costs, financing, and depreciation determine what shareholders ultimately earn.
Upside Potential: 98.70%
Western Digital Corporation (NASDAQ:WDC) ranks in this list with 98.70% analyst upside, as CoreWeave's expansion reinforces demand for storage infrastructure supporting AI computing. Its high-capacity hard drives serve cloud operators, and shares gained 8.3% on November 11 as CoreWeave's results lifted the sector.
Western Digital Corporation is already converting storage demand into earnings. Cloud customers generated approximately 88% of fiscal first-quarter revenue. Total sales increased 55% to $4.38 billion, adjusted earnings rose 161% to $4.64 per share, and free cash flow reached $1.38 billion.
Pricing is central to this improvement. Exabyte shipments increased 22% year-over-year, while revenue per terabyte rose 28%. That provides two sources of growth, although sustained profitability requires pricing to hold as storage capacity expands. Evercore retained an Outperform rating and $575 target on Western Digital Corporation, highlighting pricing strength despite removing the stock from its tactical list.
Western Digital Corporation trades at approximately 12.7 times estimated fiscal 2027 adjusted earnings as of November 12, 2026. That looks reasonable if profits prove durable. Our analysis of whether Western Digital Corporation is a good investment at today's price explores the risk of mistaking unusually favorable storage pricing for permanent earnings strength.
The next test is its technology transition. Initial HAMR shipments are expected in the first half of 2027, with capital spending running above its long-term range during the transition. Higher drive capacity could improve economics, but qualification progress and cash generation remain important measures of execution.
Upside Potential: 104.60%
Sandisk Corporation (NASDAQ:SNDK) is included in this list with 104.60% analyst upside, as CoreWeave's growth reinforces demand for NAND flash storage across AI infrastructure. Shares rose 13.7% on November 11, supported by the broader AI rally and renewed analyst confidence.
Sandisk Corporation's opportunity extends beyond storing training data. As AI applications process longer conversations and more complex tasks, flash can retain information that is too costly to keep entirely in faster memory. This creates additional demand alongside conventional data-center storage.
Fiscal first-quarter results demonstrate the shift. Data-center revenue increased 61% sequentially to $4.8 billion, outpacing overall revenue growth of 23%. Total sales reached $11.03 billion, with an adjusted gross margin of 85.1%. Management expects second-quarter revenue of $12.2–$12.6 billion.
Sandisk Corporation trades at approximately 4.3 times estimated fiscal 2027 adjusted earnings. The multiple looks inexpensive, but its appeal depends on profits surviving beyond unusually favorable NAND pricing.
Long-term customer agreements and disciplined supply could improve that durability. Our coverage of why Evercore sees more than 100% upside in Sandisk Corporation examines this argument. Analyst Amit Daryanani retained an Outperform rating and $2,500 pre-split target, citing business-model changes that investors may be overlooking.
Sandisk Corporation also returned $5 billion through quarterly buybacks, providing a tangible shareholder benefit from current profitability. Longer term, customer commitments must translate into earnings that remain resilient when storage pricing weakens.
Upside Potential: 163.90%
IREN Limited (NASDAQ:IREN) is here on our list with 163.90% analyst upside, as CoreWeave's results strengthened confidence in demand for GPU cloud services. Its shares gained 5.6% on November 11, joining the broader rebound in AI infrastructure stocks.
IREN Limited is shifting from Bitcoin mining toward AI computing, using its power and data-center infrastructure to host GPU workloads. Fiscal first-quarter AI cloud revenue increased 182% sequentially to $200 million, accounting for most of its $228 million total revenue. Its backlog reached $20.3 billion, approximately two-thirds backed by investment-grade counterparties. Our coverage of how the AI transition helped narrow quarterly losses and spark a 20% rebound examines this changing revenue mix.
Execution remains the immediate test. IREN Limited moved the operational target for more than $4 billion in contracted annualized revenue to January–February 2027 following Microsoft-requested network changes and supplier delays. The customer-requested changes carry no financial penalties, but later deployment still postpones revenue.
Contract pricing provides a counterweight. Management reported renewing older H100 capacity at twice its original price. JPMorgan retained an Overweight rating on November 9, citing improving contract pricing, although it reduced its target to $55 from $65.
IREN Limited also faces considerable skepticism: shares sold short increased to 94.68 million from 81.65 million over the prior month, reaching 23.23% of the float as of October 30. Meeting delivery milestones and funding expansion remain essential to turning contracted demand into shareholder returns.
Upside Potential: 290.80%
Applied Digital Corporation (NASDAQ:APLD) is one of the stocks to watch after CoreWeave's rally with 290.80% analyst upside, as CoreWeave's growth supports demand for the AI data centers it develops and leases. Shares gained 7.4% on November 11 following CoreWeave's results.
Applied Digital Corporation has fully funded the 400-megawatt CoreWeave campus at Polaris Forge 1. Its first two buildings provide 250 megawatts of ready-for-service capacity, while the third remains under development. This makes CoreWeave's ability to finance and utilize additional computing capacity directly relevant to the business.
Applied Digital Corporation reported fiscal first-quarter revenue of $341.9 million, up 322% year-over-year. However, tenant fit-out services contributed $183.5 million, compared with $65.8 million in base rent. Recurring rental income therefore provides a better measure of the operating portfolio's progress than headline revenue growth alone.
Our analysis of whether Applied Digital can afford its next 600 megawatts examines the funding challenge behind its expansion. Applied Digital Corporation ended the quarter with approximately $6.4 billion in debt against $2.9 billion in unrestricted cash, and additional campuses still require financing. B. Riley retained a Buy rating on October 30 but reduced its target to $51 from $75 as borrowing costs rose.
At approximately 33.7 times forward EBITDA on an enterprise-value basis, the stock already anticipates substantial operating growth. The opportunity rests on delivering leased buildings and expanding rental income while controlling financing costs, rather than simply accumulating a larger development pipeline.
While we acknowledge the risk and potential of APLD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
Click to continue reading and see the expanded list of 10 AI Infrastructure Stocks to Watch After CoreWeave's Earnings.Disclosure: None. This article was originally published at Insider Monkey.
