Today’s top stories: Micron’s results, Qualcomm’s AI outlook, and oil prices lead Thursday’s session

TLDR

• Micron stock beat earnings expectations and gave a strong outlook, sending semiconductor stocks higher
• Qualcomm raised its forecast for artificial intelligence data center revenues to $15 billion by 2029.
• SK Hynix has announced US listing plans as strong demand for AI-powered memory chips continues
• Apple stock fell more than 5%, weighing on the Nasdaq as investors turned to the names of artificial intelligence devices.
• Lower oil prices lifted broader market sentiment and eased concerns about inflation

---

Artificial intelligence led Wall Street again today. Strong results from Micron, bold forecasts from Qualcomm, and continued momentum in AI memory stocks have investors focusing on companies building the infrastructure behind AI. Apple was the notable exception, falling sharply while chip makers rose.

Micron and AI memory trading

Micron technology It reported better-than-expected quarterly earnings and provided an upbeat outlook. Its shares jumped, sending the broader semiconductor sector rising with it.

The company pointed to strong demand for high-bandwidth memory, the type of chip used in artificial intelligence servers. Investors took this as a sign that spending on AI infrastructure is still growing.

Micron’s findings reinforced the view that memory chips are now an essential part of the AI ​​supply chain, rather than just a commodity product.

SK Hynix also gained on the day. The South Korean chipmaker has announced plans for a major U.S. listing, and continues to see strong orders for its advanced AI memory products.

Both companies have become favorite names for investors looking to learn about AI hardware without buying bigger names like Nvidia.

Demand for high-bandwidth memory has grown sharply as cloud providers and enterprises expand their AI computing capabilities.

Qualcomm raises the level of artificial intelligence

Qualcomm The company has updated its long-term forecast for AI data centers, and now expects about $15 billion in annual revenue from the sector by 2029.

The company is working to reduce its reliance on smartphones and delve deeper into its AI infrastructure. These forecasts are part of this effort.

Management said enterprise and cloud customers are investing heavily in next-generation AI hardware, which it expects will drive sustained demand.

Investors reacted positively. Qualcomm offers a different angle on the AI ​​business compared to chipmakers, and its updated numbers have given the market another reason to remain optimistic.

The forecast places Qualcomm among companies actively trying to shape the next phase of AI hardware development.

Apple falls as investors rotate

apple It’s down more than 5% on the day, one of the worst performers across big tech stocks.

This decline came despite the rise in the semiconductor sector. Investors appear to be rotating money from consumer technology to companies directly related to AI infrastructure.

Apple has been investing in AI, but has yet to show the same kind of direct AI revenue that chipmakers like Micron or Qualcomm offer.

The stock’s decline weighed on the Nasdaq, although broader market sentiment remained relatively flat.

Oil prices fell, lifting the broader market

Oil prices The pair continued lower today, returning to levels seen before recent geopolitical tensions pushed them higher.

Lower energy costs tend to help a wide range of businesses, from airlines to manufacturers to consumer goods companies. It also reduces pressure on inflation.

For the Federal Reserve and other central banks, easing energy prices gives more room to consider future interest rate decisions without the added worry of rising fuel costs.

Oil’s decline added a positive layer to an already upbeat trading session for most markets.