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Micron Surges 15% After Posting Better-Than-Expected Earnings; Philadelphia Semiconductor Index Up 90% YTD

GateNews
StocksIndices
Micron Technology (MU-US) jumped 15% in after-hours trading on June 24 following better-than-expected fiscal results and forward guidance. The U.S. memory chip giant now projects Q2 revenue of $50 billion, more than quadrupling year-over-year and exceeding analyst consensus of $43.58 billion. The company's guidance, highlighting sustained strength in AI infrastructure demand, lifted the broader semiconductor sector; the Philadelphia Semiconductor Index (SOX) surged 3.4% after-hours and has gained 90% year-to-date, on track for its best annual performance since 1999. Qualcomm (QCOM-US) also climbed 15% after-hours following an investor day where it nearly doubled its 2029 non-phone revenue target to $40 billion and outlined $10–15 billion in expected data center chip revenue by 2029.
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Market Whisper06-24 01:52
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