US Stocks | Nasdaq futures surge 2% as chip outlook calms AI jitters; inflation data awaited

U.S. stock futures advanced on Thursday, with the Nasdaq gaining over 2% as strong forecasts from Micron and Qualcomm renewed AI optimism ahead of key inflation data later in the day.

Micron and Qualcomm signaled 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.

Micron ‌soared 18% in premarket ⁠trading while ⁠Qualcomm jumped 11.5%. Other memory chips also moved higher, with Sandisk , Western Digital and Seagate Technology rising between 15.2% and 9.9%. The strong forecasts also sent tech shares across ​Asia and Europe sharply higher.


The results lent fresh support to a tech-driven rally that had retreated in recent sessions, reinforcing the durability of the AI ​trade as markets scrutinised chipmaker earnings to judge whether sector-wide valuations remained justified.

"U.S. equities have recovered some ground as Micron's earnings have provided fresh reassurance that the AI investment cycle remains firmly intact," said Daniela Hathorn, senior market analyst at Capital. com.

"That has helped lift sentiment across the semiconductor sector after recent weakness in high-growth names, suggesting investors remain willing to look through ⁠short-term volatility as ‌long as the earnings outlook continues to justify elevated valuations."

Micron and Qualcomm have rallied over 200% and ​50%, respectively, in this quarter ​alone. The Philadelphia SE Semiconductor Index is on track for its strongest quarter on record, according to LSEG ⁠data.

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 6:55 a.m. ET, Dow E-minis were up 139 points, or 0.27%, and S&P 500 E-minis were up 57 points, or 0.76%. Nasdaq 100 E-minis were up 657.25 points, or 2.24%.

Oil prices falling to levels last seen before the start of the Iran war further buoyed sentiment, as expectations of rising supply from the Middle East outweighed demand concerns.

The focus will now turn to the Fed's preferred inflation gauge, the Personal Consumption Expenditures Price Index, due at 8:30 a.m. ET. Economists polled by Reuters anticipate it ‌to touch 4.1% on an annual basis, which is more than twice the central bank's target.

"A stronger-than-expected set of numbers, however, could further embolden Fed hawks and reverse the post-Micron optimism," said Ipek Ozkardeskaya, senior market analyst at Swissquote ​Bank.

This can bring ​back the unpleasant topic of rising ⁠borrowing costs at a time when Big Tech is taking on increasing amounts of debt to finance its AI ambitions, Ozkardeskaya added.

Mounting price pressures and comments from new Chair Kevin Warsh emphasising the need to tame inflation have led traders to anticipate at least a 25-basis-point ​rate hike as early as September, according to CME Group's FedWatch Tool.

Still, falling oil prices provide a glimmer of hope that inflationary pressures may soften, keeping alive the possibility that inflation can be contained without raising interest rates.

Remarks from New York Fed President John Williams and Chicago Fed President Austan Goolsbee will also be parsed later in the day.

Among other movers, Bio-Techne Corp jumped 20.5% after Germany's Merck KGaA agreed to acquire the biotech firm for $73 per share in cash, representing a total enterprise value of about $11.3 billion.