Nasdaq futures jump after Micron, Qualcomm AI updates

Nasdaq futures rose about 650 points in premarket trading Thursday after Micron reported $22 billion in customer commitments and Qualcomm forecast $15 billion in data‑center revenue by fiscal 2029. S&P 500 futures added 0.8%, Nasdaq 100 futures climbed 2.2% and Dow futures gained roughly 140 points as technology stocks led the session.

Micron reported strategic supply agreements across data-center, consumer and automotive markets and described sizable customer commitments to secure memory supply. Traders interpreted the update as evidence of continued demand for AI infrastructure. Micron shares jumped in early trading and the report lifted other memory suppliers, including SanDisk, Western Digital and Seagate.

Qualcomm set a target of $15 billion in data‑center revenue by fiscal 2029, expanding expectations for where AI spending may flow. The company’s outlook highlighted demand for chips used in inference, custom silicon and server tasks beyond graphics processors.

Market participants noted ongoing questions about valuations in AI-linked stocks, capital expenditure plans at chipmakers, and debt levels at large technology companies funding AI projects. The Philadelphia Semiconductor Index has posted a strong quarter overall while also recording one of its roughest weeks since the Middle East conflict began.

Traders were focused on the US personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, where economists expect an annual reading near 4.1%. A softer PCE print could reduce upward pressure on bond yields and support high-growth technology shares, while a hotter reading could renew concerns about rising borrowing costs.

Earlier in the week, investors had trimmed exposure to crowded chip and hyperscaler trades after rapid price gains. The Micron and Qualcomm updates added data points on demand for AI infrastructure but left broader valuation and macroeconomic questions unresolved, factors that traders said would shape market direction for the rest of the day and beyond.