Semiconductor stocks surge over $400 billion after Micron, Qualcomm forecasts
Big day for semiconductor stocks: the sector jumped by over $400 billion in market value after Micron Technology and Qualcomm shared some seriously upbeat forecasts.
Micron's shares shot up 12% thanks to strong demand for memory chips, as more businesses invest in AI infrastructure and next-generation data centers.
Qualcomm $15 billion data center plan
Qualcomm announced plans to earn $15 billion a year from its data center segment by 2029, moving away from just smartphone chips and leaning into AI-driven markets.
Their optimism gave a boost to other chip makers too: Western Digital, Sandisk, and Seagate saw over 8% gains after hours, while Arm Holdings, Marvell Technology, and Broadcom also climbed.
Despite some worries about high valuations lately, the PHLX Semiconductor Index is up 90% this year, with Micron leading the charge at over 260% growth year-to-date.