Micron Technology experienced a dramatic 18% surge in pre-market activity Thursday following the release of quarterly earnings that significantly exceeded Wall Street’s forecasts.
The memory chip manufacturer reported a staggering 346% year-over-year revenue increase. Looking ahead to the fourth quarter, Micron provided guidance calling for adjusted earnings per share between $30 and $32, substantially higher than the analyst consensus of $25.72.
Revenue projections for the coming quarter range from $49 billion to $51 billion, well ahead of the $43.58 billion Wall Street estimate.
The impressive performance created a ripple effect across the memory and storage industry. Sandisk shares climbed 15%, Western Digital advanced 12%, and Seagate Technology rose 8.4%.
Broader semiconductor and technology hardware stocks also participated in the rally. Applied Materials increased 7%, Intel advanced 5.1%, Marvell Technology gained 3.7%, and Corning jumped 8.8%.
Corning received an additional boost after announcing a quarterly dividend payment on Thursday, further attracting investor attention.
Qualcomm shares skyrocketed 12% following the company’s presentation of updated long-term financial objectives at its investor day.
The semiconductor giant established an ambitious goal of generating more than $15 billion from data center operations by fiscal year 2029. Additional targets include $10 billion from automotive applications and over $14 billion from Internet of Things products.
These projections combine to create a $40 billion non-handset revenue objective by 2029. The company also disclosed Meta Platforms as a new customer relationship.
Qualcomm’s strategic shift anticipates smartphone chips representing only one-third of total chip revenue by 2029, a significant reduction from current levels.
Wendy’s shares climbed an additional 15% Thursday, continuing a rally that began after discussion on Reddit’s WallStreetBets community attracted retail investor interest.
Market research provider Vanda characterized the movement as having “clear echoes” of the retail-fueled short squeeze phenomena witnessed during 2021.
Alibaba’s U.S.-traded shares declined 3% while its Hong Kong-listed stock tumbled to a 16-month low.
The selloff was triggered by reports that artificial intelligence company Anthropic sent correspondence to White House officials and members of the U.S. Senate, alleging that Alibaba orchestrated a widespread campaign to illegally obtain access to its Claude AI technology.
Other Chinese technology companies also experienced losses. Xiaomi and Baidu each fell more than 3%.
ARS Pharmaceuticals plunged 23% after disclosing that no additional insurance coverage determinations were made for its epinephrine nasal spray during the July 1 review cycle.
Taysha Gene Therapies declined 10% following the announcement of a public equity offering designed to generate approximately $200 million.
The post Semiconductor Stocks Rally: Micron (MU), Qualcomm (QCOM), Intel (INTC) Lead Thursday’s Gains appeared first on Blockonomi.
