Nasdaq 100 futures rose 2% on Thursday after Micron Technology’s upbeat earnings outlook bolstered optimism about the artificial intelligence sector. S&P 500 futures gained 0.6%, while Dow futures inched up 0.1%.
In after-hours trading, Micron shares jumped more than 15% after the memory-chip maker reported fiscal third-quarter results that beat expectations and projected current-quarter revenue of $50 billion — a sharp increase from $11.3 billion a year earlier and well above analysts’ forecast of $43.58 billion.
Qualcomm also rallied 13% after raising its fiscal 2029 non-handset revenue target to $40 billion, up from a prior forecast of $22 billion.
Strength in Micron and Qualcomm helped lift other semiconductor-related names, including Sandisk, Western Digital, Marvell Technology, Applied Materials, and Lam Research.
Investors now turn their attention to the latest reading of the PCE price index, the Federal Reserve’s preferred gauge of inflation.
