Nasdaq Futures Surge 2% Following Strong AI-Driven Earnings from Micron and Qualcomm

The tech sector caught a fresh boost as Nasdaq futures rallied 2% on Thursday, fueled by upbeat earnings forecasts from chip giants Micron and Qualcomm. Both companies highlighted strong commitments from customers investing heavily in artificial intelligence infrastructure, shifting market sentiment in favor of tech stocks.

Micron revealed orders worth $22 billion for its memory chips, while Qualcomm forecasts data center revenues hitting $15 billion by 2029, underscoring a solid demand trajectory for AI-related hardware.

Across Europe and Asia, shares in Micron climbed nearly 19%, sparking a ripple effect that lifted broader tech equities. Investors appear eager to assess the sustainability of this growth, as earnings season rolls on, especially for chipmakers, cloud providers, and other AI beneficiaries.

Despite these promising figures, the Nasdaq is still facing pressure, on track for its worst monthly loss since March 2025. The Philadelphia Semiconductor Index, a key barometer for chip stocks, also showed signs of weakness recently, this week marking its poorest performance since regional geopolitical tensions flared earlier in the year.

While the earnings outlook soothed some investor doubts about tech spending amid rising interest rates and debt concerns, Micron's announcement to boost capital expenditures indicates confidence in future growth, though it may raise questions about potential financial strain.

At 03:00 a.m. ET, futures tied to the Dow added 66 points (0.13%), S&P 500 futures advanced by 52.75 points (0.71%), and Nasdaq 100 futures jumped 606.75 points, reflecting the 2.06% surge.

Looking ahead, all eyes remain on the Federal Reserve's upcoming Personal Consumption Expenditures (PCE) Price Index release, the Fed's favored inflation gauge. Economists forecast a reading above 4%, a level still well beyond the central bank's 2% target, bolstering bets on further rate hikes, possibly as soon as September.

Such economic signals keep the debate alive on how rising borrowing costs will weigh on tech firms' capital allocation decisions and growth forecasts. With Nasdaq futures rebounding but the broader indices still under clouded skies, this delicate balance between optimism and caution continues to play out.