June 25 (Reuters) – Nasdaq futures jumped 2% on Thursday after upbeat forecasts from chipmakers Micron and Qualcomm pointed to strong demand for artificial intelligence infrastructure, lifting sentiment towards technology stocks.
Micron and Qualcomm signalled robust demand for AI infrastructure, with customers committing $22 billion to secure Micron’s memory chips and Qualcomm forecasting $15 billion in data-centre revenue by 2029.
European-listed shares of Micron were up 18.7%, and the strong forecasts sent tech shares across Asia and Europe sharply higher.
Global markets were bracing for earnings reports from both companies to gauge if valuations of these stocks, along with those of chip designers, hyperscalers and other sectors benefitting from the broader AI boom, were justified.
U.S.-listed shares of Micron and Qualcomm have rallied over 200% and 50% in this quarter alone, while the Philadelphia SE Semiconductor Index is on track for its strongest quarter on record, according to LSEG data.
Investor concerns over rising debt-funded spending and higher borrowing costs had weighed on technology stocks in recent weeks, but strong forecasts from Micron helped ease those worries despite the company also outlining plans to increase capital expenditure.
The Nasdaq was still on track for its biggest monthly decline since March 2025, while the Philadelphia semiconductor index was headed for its worst week since the start of the Middle East conflict earlier this year.
At 03:00 a.m. ET, Dow E-minis were up 66 points, or 0.13%, and S&P 500 E-minis were up 52.75 points, or 0.71%. Nasdaq 100 E-minis were up 606.75 points, or 2.06%.
The focus will now be on the Fed’s preferred inflation gauge, the Personal Consumption Expenditures Price Index, due later in the day. Economists polled by Reuters anticipate it to touch 4.1% on an annual basis, which is more than twice the central bank’s target.
In response to rising price pressures, traders anticipate the Fed to lift interest rates by at least 25 basis points by as early as September, the CME Group’s FedWatch Tool showed.
(Reporting by Johann M Cherian in Bengaluru; Editing by Nivedita Bhattacharjee)
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