Nasdaq futures jump 2.24% after Micron and Qualcomm forecasts
Nasdaq futures jumped 2.24% Thursday, fueled by upbeat AI demand forecasts from chip giants Micron and Qualcomm.
Micron locked in $22 billion worth of memory chip orders, while Qualcomm expects $15 billion in data center revenue by 2029.
After a rough patch for tech stocks recently, these numbers gave investors a much-needed boost.
Micron and Qualcomm lead chip rally
Micron and Qualcomm shares soared, up 18% and 11.5%, sparking major gains for other chipmakers like Sandisk, Western Digital, and Seagate Technology (rising between 15.2% and 9.9%).
The good vibes spread globally as tech indexes in Asia and Europe also climbed.
Meanwhile, everyone is watching for new US inflation data later today, with oil prices dropping to pre-Iran war levels, there is hope it might ease worries about interest rate hikes.