AI Cloud Stocks Rally as Cloudflare Posts Best Quarter

By Sophie Lindqvist

Cloudflare (NYSE:NET) shares jumped 11% to $297.22 on November 9, 2026, according to 24/7 Wall St., after the company beat third-quarter estimates. CEO Matthew Prince called the result “Cloudflare’s best quarter ever,” backed by revenue growth of 39.2% year over year to $782.51 million.

The same 24/7 Wall St. report put Nebius Group (NASDAQ:NBIS) at $140.70, up 9%, ahead of its quarterly results. CoreWeave (NASDAQ:CRWV) rose 6% to $49.18 after signing a multi-year cloud computing deal with British autonomous driving startup Wayve.

NVIDIA (NASDAQ:NVDA) fell 5% to $177.40, breaking away from the AI-cloud move. 24/7 Wall St. said investors were returning to AI shares after the prior week’s post-midterm selloff, described in its linked market report as the worst second trading day after a midterm in nearly a century.

The split matters because the cloud companies have different revenue models, while NVIDIA remains a central hardware supplier to two of them. Investors rewarded earnings, contracts and growth guidance even as a governance headline weighed on the chipmaker.

What powered Cloudflare’s 11% jump?

Cloudflare reported its Q3 2026 results after the close on November 5. According to the company’s earnings release, revenue rose 39.2% year over year to $782.51 million, beating the $738.30 million consensus estimate.

Adjusted earnings were $0.38 per share, above the $0.3434 estimate. On the earnings call, Matthew Prince called it “Cloudflare’s best quarter ever.” He also credited “our fastest revenue growth in nearly four years, while expanding profitability.”

Management raised the full-year 2026 revenue outlook to $2.963 billion to $2.964 billion. It also guided Q4 2026 revenue to $845 million to $846 million. For investors, the report supplied both a stronger current result and a higher forward target.

How does Cloudflare differ from the AI clouds?

24/7 Wall St. describes Cloudflare as a global edge network selling security, networking and developer tools on subscription plans. According to the report, those services reach millions of organizations across a broad customer base.

During the earnings call, Prince presented Cloudflare as the first agentic cloud, with developers building AI agents on its Workers platform. 24/7 Wall St. said that model ties Cloudflare’s growth to developer adoption and continuing security demand.

Nebius and CoreWeave follow a different model, according to the report. They rent GPU computing capacity to AI labs, hyperscalers and enterprises, and both buy their chips from NVIDIA. Their results therefore depend more directly on capacity, long-term contracts and hardware supply.

CoreWeave reported an approximately $104 billion revenue backlog as of June 30. Nebius disclosed $37.5 billion in remaining performance obligations, giving investors a view of contracted business at both companies.

Oracle pairs its AI cloud with an established enterprise software franchise, according to 24/7 Wall St. IREN owns the land, power and data centers behind its transition from crypto mining. The key distinction is broad software subscriptions at Cloudflare versus contracted GPU capacity at the specialist AI clouds.

What must Nebius show on November 12?

Nebius will release its Q3 2026 report before the market opens on November 12, according to 24/7 Wall St. The company’s shares had already climbed 9% to $140.70 as the report approached.

Analysts cited by 24/7 Wall St. expect revenue of $905 million to $907 million. That would represent year-over-year growth of more than 500%, alongside an adjusted loss of 69 cents to $1.11 per share.

Options pricing in the report implied a post-earnings move of 17% or more. 24/7 Wall St. said investors were likely to focus on capacity guidance, 2027 run-rate projections and infrastructure spending.

The report also said a conservative investment approach may be warranted until Nebius publishes its results. Nebius must clear a high bar to keep its run-up intact.

What does the Wayve deal add to CoreWeave?

Under the November 9 agreement reported by 24/7 Wall St., Wayve will use CoreWeave’s NVIDIA Blackwell-based infrastructure to train and test its driving models. The arrangement gives CoreWeave a multi-year customer in autonomous driving.

Wayve already uses Weights & Biases, according to the report. CoreWeave acquired that company in 2025, connecting the new agreement with an existing relationship and its broader tooling portfolio.

The financial terms were not disclosed, so investors cannot yet size the agreement’s revenue contribution. CoreWeave’s quarterly earnings are also approaching, giving the company another opportunity to show how new contracts affect reported performance.

The deal expands CoreWeave’s customer story, but not its disclosed revenue.

Why is NVIDIA falling as cloud stocks rise?

Yahoo Finance reported on November 9 that NVIDIA is investigating CEO Jensen Huang’s relationship with an alleged Chinese spy. The report focused on the CEO’s reported ties and their potential policy consequences for the company.

24/7 Wall St. described NVIDIA’s decline as running on a separate track from the cloud names. That let investors pull back from the chipmaker while continuing to buy companies that rent NVIDIA-powered infrastructure.

CoreWeave’s Blackwell agreement still depends on NVIDIA hardware, while Nebius also buys the company’s chips. Investors separated NVIDIA’s policy-linked headline from the stronger demand visible at two of its cloud customers.

Where do Oracle and IREN fit?

24/7 Wall St. put Oracle (NYSE:ORCL) at $119.16, up 3%. IREN traded at $21.98, up 2%, with both gains smaller than those recorded by Nebius and CoreWeave.

Oracle combines its AI cloud with an enterprise software business, according to the report. IREN controls the land, power and data-center infrastructure supporting its move away from crypto mining.

The broader AI trade rose, but the sharpest gains stayed with the specialist cloud names. The price action suggests investors were placing greater weight on AI-specific growth and customer demand than on broader corporate exposure.

What could test the rally?

24/7 Wall St. said Cloudflare’s next test is whether growth remains near the pace management guided for Q4. The company must deliver revenue within the $845 million to $846 million range while maintaining the profitability investors now expect.

The bullish case rests on accelerating revenue, a 17.5% adjusted operating margin and the higher full-year outlook. Against that, Cloudflare reported a gross margin decline to 71.2% from 74%.

Cloudflare also has $4.4 billion in convertible notes outstanding. Those figures give investors reasons to examine whether Cloudflare can preserve its margin gains while carrying more debt and continuing to expand.

For Nebius, the November 12 report could determine whether its run-up survives against high expectations. Options already imply a move of at least 17%, while revenue is expected to exceed $900 million.

CoreWeave carries an approximately $104 billion backlog and a new Wayve agreement, but the latter has no disclosed financial terms. Cloudflare must hit its Q4 guide, while Nebius and CoreWeave face high expectations before their reports.

The next checkpoints are Cloudflare’s Q4 delivery against its $845 million to $846 million guide, Nebius’s November 12 report, and whether CoreWeave quantifies the Wayve agreement, whose financial terms remain undisclosed.