10 AI Infrastructure Stocks to Watch After CoreWeave’s Earnings

Page 3 of 3

4. Western Digital Corporation (NASDAQ:WDC)

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.

3. Sandisk Corporation (NASDAQ:SNDK)

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.

2. IREN Limited (NASDAQ:IREN)

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.

1. Applied Digital Corporation (NASDAQ:APLD)

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.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years

Follow Insider Monkey on Google News.

Page 3 of 3