US equity futures advanced on Thursday after Micron Technology’s earnings report revived enthusiasm for artificial intelligence–related stocks. Nasdaq 100 futures rose more than 2%, while S&P 500 futures added nearly 1%. Micron shares jumped almost 20% in premarket trading after the company beat earnings and revenue forecasts and projected roughly $50 billion in revenue for the quarter ending in August, well above the consensus estimate of $43.2 billion. Confidence in the AI infrastructure space was further bolstered by Micron’s announcement of 16 new long-term supply contracts.
Qualcomm also surged 15% after the chipmaker doubled its forecast for non-handset revenue over the next three years and disclosed a partnership with Meta. Softer inflation pressures added support across the broader market as energy prices continued to decline, helping lift the Dow Jones Industrial Average to a record high above 52,000. Bank stocks also advanced after major lenders cleared the Federal Reserve’s latest stress tests, paving the way for higher dividends.
