Memory-chip maker Micron surged 15–18% on fiscal Q3 results, sending Nasdaq 100 futures up 1.8% and global markets higher despite core PCE inflation holding at 4.1%.

Micron's Results

Micron Technology reported fiscal Q3 adjusted earnings of $25.11 per share on $41.46 billion in revenue. The results sent the stock surging 15–18% in after-hours and pre-market trading, reigniting confidence in the artificial intelligence supply chain that has powered semiconductor stocks since late 2023. Memory chips are foundational to AI infrastructure, making Micron's performance a key indicator of whether the AI investment cycle has real staying power.

Market Reaction

Micron's strength lifted the broader market. Nasdaq 100 futures jumped 1.8%, while S&P 500 futures ticked up 0.6%. The rally extended globally—South Korea's Kospi surged 6%, reflecting demand for semiconductor and AI-related exposure. Tech-heavy indices benefited most.

Inflation Backdrop

The market gains arrived as core PCE inflation, the Federal Reserve's preferred measure, came in at 4.1% annually—the highest reading since April 2023. Persistent inflation and the prospect of higher-for-longer interest rates could pressure valuations if growth slows. For now, strong chip-sector earnings appear to be sustaining investor appetite for AI and semiconductor bets.

The Significance

Bellwether earnings can shift sentiment quickly. Micron's results suggest demand for AI hardware remains intact—a critical detail because the bull case depends on sustained capital spending from cloud providers and tech giants. One quarter doesn't prove a trend, but it does keep institutional and retail buyers focused on the semiconductor and AI infrastructure space.