Micron’s fiscal Q3 results exceed analyst expectations, driving a broad semiconductor sector rally and lifting global markets.
Micron Technology’s fiscal third-quarter earnings surpassed analyst forecasts across key metrics, sending its shares up 18% in premarket trading. The chipmaker also projected that the memory-chip shortage will extend beyond 2027, fueling optimism in the sector.
Futures tied to the Dow Jones Industrial Average rose 0.2%, while S&P 500 and Nasdaq 100 futures climbed 0.7% and 2.1%, respectively. The rally spread to peers, with Qualcomm shares jumping 10% after revising its non-handset revenue outlook upward for fiscal 2029.
Global semiconductor stocks followed suit, with Samsung Electronics and SK Hynix advancing 5% and 13%. Asian markets surged, led by South Korea’s Kospi and Japan’s Nikkei 225, while European chipmakers lifted the Stoxx 600 by 0.61%.
Brent crude’s decline provided additional support, with futures nearing levels seen at the start of the Middle East conflict.