Micron's Post-Earnings Pop Leads Chip Stocks Higher

1 hr 46 min ago

Micron Technology (MU) shares surged Thursday after the memory chip maker’s revenue and outlook blew past expectations, leading Nvidia (NVDA) and other semiconductor stocks higher. 

Shares of Micron were up over 16% in early trading, while shares of partner Nvidia gained close to 3%. Advanced Micro Devices (AMD), Broadcom (AVGO), and Taiwan Semiconductor Manufacturing Company (TSM) and other chipmakers were all solidly higher in the first half hour of Thursday’s session.

Nvidia, Micron, and other chip companies have seen their revenue and stock prices climb amid a boom in demand for infrastructure to support artificial intelligence (AI).

Micron CEO Sanjay Mehrotra said Wednesday the company's fiscal fourth-quarter sales nearly doubled from a year ago to $7.75 billion, driven by "robust AI demand." Mehrotra also said the company's sales are expected to continue growing, projecting current-quarter revenue could reach a record high between $8.5 billion to $8.9 billion.

–Aaron McDade

Meta Price Levels to Watch as Stock Hits Record High

2 hr 57 min ago

Meta Platforms (META) shares are rising in premarket trading after hitting a record high on Wednesday as the tech giant kicked off its annual Connect conference. The company unveiled a lower-cost Quest 3S headset, Orion augmented reality glasses, new artificial intelligence (AI) features, and other tech gadgets at the highly anticipated event.

The stock broke out from a five-month ascending triangle on above-average volume earlier this month, with the share price continuing to track higher into the company's conference.

The measuring principle forecasts a price target in the stock of $700, while a bars pattern predicts an upside target of around $790.

Investors should also keep an eye on the $535 level, an area on the chart where prior resistance could become future support near the ascending triangle's upper trendline.

Read the full technical analysis piece here.

–Timothy Smith

Futures Point to Higher Open for Major indexes

3 hr 33 min ago

Futures tied to the Dow Jones Industrial Average were up 0.4%.

S&P 500 futures were up 0.8%.

Nasdaq 100 futures were up 1.5%.

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