By Noel Randewich <\/p>\n
June 24 (Reuters) – Shares of chipmakers surged late on Wednesday, adding over $400 billion in market \u200cvalue after strong forecasts from Micron Technology and Qualcomm \u200cbreathed fresh life into Wall Street’s recently waning AI stock rally. <\/p>\n
Micron surged \u200b12% 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. <\/p>\n
Also after the bell, Qualcomm \u200csaid it expects $15 billion \u2060in sales from its data center business by 2029 as it moves beyond its core smartphone \u2060chip business and shifts its focus to AI. <\/p>\n
Western Digital, Sandisk and Seagate Technology, which compete with Micron, all jumped more than \u200b8%. <\/p>\n
Arm Holdings \u200brallied about 6%, Marvell added \u200balmost 4% and Broadcom \u200cclimbed 2%. <\/p>\n
Applied Materials and ASML, which sell specialized manufacturing equipment to semiconductor companies, both rose more than 4%. <\/p>\n
The blowout forecasts from Micron and Qualcomm follow recent worries on Wall Street that valuations for AI-related companies have become stretched following years \u200cof gains. The PHLX chip \u200bindex tumbled 8% on Tuesday, with \u200binvestors also concerned that \u200bmassive spending to build AI data centers may \u200ctake too long to pay \u200boff in the \u200bform of increased revenue and profits. <\/p>\n
However, even after this week’s weakness, the PHLX chip index remains up 90% \u200bso far in 2026. \u200cNot including its late-day rally on Wednesday, Micron has \u200bgained over 260% year to date. <\/p>\n
(Reporting by Noel \u200bRandewich; Editing by Chris Reese) <\/p>\n","protected":false},"excerpt":{"rendered":"By Noel Randewich June 24 (Reuters) – Shares of chipmakers surged late on Wednesday, adding over $400 billion…\n","protected":false},"author":2,"featured_media":85105,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[24,25,33960,585,1340],"class_list":["post-85104","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ai","tag-ai","tag-artificial-intelligence","tag-forecasts","tag-micron-technology","tag-qualcomm"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/85104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/comments?post=85104"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/85104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media\/85105"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media?parent=85104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/categories?post=85104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/tags?post=85104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}