Micron’s (MU) third quarter earnings on Wednesday delivered a powerful signal to AI trade skeptics, lifting the chipmaker’s stock 17% in premarket trading and buoying the broader markets. Micron beat analysts’ expectations on the top and bottom lines and surpassed estimates for the company’s Q4 revenue outlook. Micron also declared a quarterly dividend of $0.15 per share. Tech stocks turned higher on Thursday morning as the report eased concerns about the artificial intelligence trade. On the semiconductor front, IBM (IBM) stock rose after the company said it could produce chips smaller than 1 nanometer. Qualcomm (QCOM) also surged after the company raised its non-handset revenue target to $40 billion by fiscal year 2029. Meanwhile, shares of Alibaba (BABA) fell to a 16-month low after Anthropic (ANTH.PVT) sent a letter to several senators and White House officials, accusing the company of “illicitly” accessing its AI model.
