Nasdaq futures jump as Micron, Qualcomm outlook boosts AI chip sentiment

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Nasdaq futures jump on AI outlook

Highlights

Micron announces $22 billion in customer commitments for AI memory chips, while Qualcomm forecasts $15 billion in data-center revenue by 2029, boosting AI chip sentiment.
European-listed Micron shares surge 18.7%, U.S. shares of Micron and Qualcomm rally over 200% and 50% this quarter, driving a global technology stock rebound.
Nasdaq 100 E-minis rise 2.06% premarket ahead of inflation data, with economists expecting 4.1% annual inflation and traders anticipating at least a 25 basis point Fed rate hike by September.

AI demand signals lift chip-driven market outlook

As reported by Reuters, upbeat forecasts from Micron and Qualcomm help lift sentiment toward technology stocks on Thursday, with both companies pointing to continued spending on artificial intelligence infrastructure. Micron says customers have committed $22 billion to secure its memory chips, while Qualcomm forecasts $15 billion in data-center revenue by 2029.

European-listed shares of Micron rise 18.7%, and the guidance sends technology shares across Asia and Europe sharply higher. Investors are also watching earnings from both companies to assess whether elevated valuations across chip designers, hyperscalers and other parts of the broader AI trade remain justified.

U.S.-listed shares of Micron and Qualcomm have rallied more than 200% and 50% in this quarter alone, while the Philadelphia SE Semiconductor Index is on track for its strongest quarter on record, according to LSEG data. Recent pressure on technology stocks from rising borrowing costs and concerns about debt-funded investment eases after Micron's forecast, even as the company outlines plans to increase capital expenditure.

Inflation data and rate outlook remain in focus

The broader market backdrop remains mixed despite the rebound in futures. The Nasdaq is still on track for its biggest monthly decline since March 2025, while the Philadelphia semiconductor index is headed for its worst week since the start of the Middle East conflict earlier this year.

At 03:00 a.m. ET, Dow E-minis are up 66 points, or 0.13%, and S&P 500 E-minis are up 52.75 points, or 0.71%. Nasdaq 100 E-minis are up 606.75 points, or 2.06%.

Attention later in the day turns to the Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation gauge. Economists polled by Reuters expect annual inflation at 4.1%, more than double the central bank's target, while traders anticipate the Fed will raise interest rates by at least 25 basis points as early as September, according to CME Group's FedWatch Tool.

In our earlier article on AI-driven chip demand lifting Micron and Qualcomm, we highlighted how surging high-bandwidth memory needs tightened supply and helped push Micron to a record 84.9% gross margin. We also noted Qualcomm’s raised longer-term non-handset outlook tied to its data-center ambitions, alongside broader investor focus on how AI infrastructure spending is reshaping chipmaker performance.

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