Cloudflare Jumps 11% to $297 as AI Cloud Stocks Defy NVIDIA's 5% Slide

Cloudflare stock jumped 11% to $297.22 in afternoon trading on November 9, one day after the company posted the strongest quarter in its history — a 39.2% year-over-year revenue jump to $782.51 million that beat the $738.30 million consensus. The rally isn't happening in isolation. The whole AI cloud cohort is climbing while NVIDIA, the chipmaker that supplies much of their hardware, slides 5% to $177.40.

Nebius Group is up 9% to $140.70 as investors position ahead of its own quarterly report. CoreWeave has gained 6% to $49.18 on a fresh customer win. All of this comes as AI shares recover from last week's post-midterm selloff — the worst second day after a midterm in nearly a century — with NVIDIA conspicuously left behind.

What made Cloudflare's quarter 'the best ever'?

Cloudflare reported Q3 2026 results after the close on November 5, and the numbers landed well above expectations. Revenue rose 39.2% year over year to $782.51 million, topping the $738.30 million consensus, according to the company's earnings release. Adjusted earnings of $0.38 per share beat the $0.3434 estimate.

CEO Matthew Prince didn't hold back on the call. He called it "Cloudflare's best quarter ever" and credited "our fastest revenue growth in nearly four years, while expanding profitability." Management backed the optimism with numbers, raising full-year 2026 revenue guidance to between $2.963 billion and $2.964 billion and guiding Q4 revenue to $845 million to $846 million.

Not everything moved the right way. Reported gross margin fell to 71.2% from 74%, and $4.4 billion in convertible notes remain outstanding. The bulls counter with a 17.5% adjusted operating margin and an accelerating top line.

Why is CoreWeave up 6%?

CoreWeave's gain carries a dated catalyst: a multi-year cloud computing deal with Wayve, the British autonomous driving startup, reported on November 9. Under the agreement, Wayve will use CoreWeave's NVIDIA Blackwell-based infrastructure to train and test its driving models. Financial terms weren't disclosed.

There's an existing thread here, too. Wayve already runs on Weights & Biases, the developer-tools platform CoreWeave acquired in 2025. CoreWeave's own quarterly earnings are also on the calendar.

What's riding on Nebius's November 12 report?

Nebius reports before the market opens on November 12, and expectations are enormous. Analysts expect revenue of $905 million to $907 million — growth of more than 500% year over year — alongside an adjusted loss of 69 cents to $1.11 per share. Options pricing implies a post-earnings move of 17% or more.

Investors will likely focus on three things:

• Capacity guidance
• 2027 run-rate projections
• Infrastructure spending plans

Until the print, a conservative approach may be warranted; the run-up has priced in a lot.

Why is NVIDIA moving the other way?

NVIDIA's decline runs on a separate track from the cloud names. Yahoo Finance reported on November 9 that NVIDIA is investigating CEO Jensen Huang's relationship with an alleged Chinese spy — a story that also puts a spotlight on Trump's purchase of up to $5 million in NVIDIA stock. The chipmaker sits at $177.40, down 5%, even as its biggest cloud customers rally.

Elsewhere in the orbit, Oracle is up 3% to $119.16, and IREN has gained 2% to $21.98 — both trailing the neocloud names.

How do these companies actually make money?

Cloudflare runs a global edge network, selling security, networking and developer tools on subscription to millions of organizations. Prince pitched the company on the call as "the first agentic cloud," with developers building AI agents on its Workers platform. That model ties Cloudflare's growth to developer adoption and broad-based security demand.

Nebius and CoreWeave are different animals. Both rent GPU capacity to AI labs, hyperscalers and enterprises, and both buy their chips from NVIDIA. The scale shows in their backlogs: CoreWeave reported roughly $104 billion in revenue backlog as of June 30, while Nebius disclosed $37.5 billion in remaining performance obligations. Oracle pairs its AI cloud with an enterprise software franchise, and IREN owns the land, power and data centers behind its pivot from crypto mining.

The immediate test comes November 12, when Nebius's report decides whether the cohort's rebound holds against expectations priced for a 17% move — and whether Cloudflare can keep trading near the growth rate its Q4 guidance implies.