Shares of chipmakers surged late on Wednesday, adding over $400 billion in market value after strong forecasts from Micron Technology and Qualcomm breathed fresh life into Wall Street’s recently waning AI stock rally.
Chipmakers’ Forecasts
Micron surged 12% in extended trade after forecasting quarterly earnings above analysts’ estimates, signaling that heavy investments in AI-related infrastructure will drive strong demand for its memory chips. Qualcomm said it expects $15 billion in sales from its data center business by 2029 as it moves beyond its core smartphone chip business and shifts its focus to AI.
Western Digital, Sandisk and Seagate Technology, which compete with Micron, all jumped more than 8%. Arm Holdings rallied about 6%, Marvell added almost 4% and Broadcom climbed 2%. Applied Materials and ASML, which sell specialized manufacturing equipment to semiconductor companies, both rose more than 4%.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
