Tech Sector Soars As Chipmakers Report Positive Earnings

Stocks surged on Thursday thanks to strong earnings forecasts from chipmakers like Micron and Qualcomm, sparking an AI rally. Despite this tech surge, the dollar remained high amid dropping oil and Treasury yields. Key markets in Asia and futures in the U.S. Nasdaq rose significantly.

Stocks experienced a notable surge on Thursday following promising earnings and projections from chipmakers Micron and Qualcomm, igniting enthusiasm within the AI market. The dollar remained near a one-year peak against its peers, even as oil prices and Treasury yields exhibited a decline.

Tech-focused Asian markets witnessed a significant rise after Micron revealed commitments of $22 billion for its memory chips, while Qualcomm projected $15 billion in sales for its data center business by 2029. This bolstered Micron’s shares in premarket trading by 17% and Qualcomm by 12%, with Japan’s Nikkei soaring 4.6% and South Korea’s KOSPI climbing 5.4%.

Meanwhile, oil prices continued to decrease as tankers exited the Strait of Hormuz amid peace negotiations. Brent crude futures dropped 0.7% to $73.2 per barrel, reversing gains made during the recent conflicts.