Micron Leads Tech Stocks Rally on Blowout Earnings

Micron Leads Tech Stocks Rally on Blowout Earnings

Micron Technology MU led memory and artificial intelligence chip stocks higher on Thursday after fiscal third-quarter results drew bullish analyst reaction and pointed to stronger AI-related DRAM demand. Micron Technology also said it had signed 16 strategic customer agreements.

Micron Technology shares rose about 10%, and the move spilled into other memory names. Sandisk climbed about 13%, Western Digital gained nearly 3% and Seagate Technology added about 2%. In South Korea, SK Hynix jumped about 13% after outlining plans to raise as much as $29.4 billion through a U.S. listing, while Samsung Electronics advanced around 5%.

Micron Technology's rally came in a mixed broader market. The Nasdaq Composite fell about 0.35%, while the S&P 500 rose about 0.29% and the Dow climbed nearly 1.3%. Nvidia, Advanced Micro Devices and Broadcom slipped, while Qualcomm jumped about 4% after setting a 2029 data-center revenue target above $15 billion.