Micron earnings test whether AI demand justifies valuations

What happened

S&P 500 futures rose 0.2% and Nasdaq futures gained 0.5% on Wednesday morning, signaling a modest recovery after technology and semiconductor stocks suffered losses. Meanwhile, Nvidia's advanced AI systems are selling for more than 8 million yuan ($1.1 million（約1.8億円）) on China's black market, roughly double the price from six months ago, despite U.S. export restrictions.

Why it matters

Micron Technology, a major memory-chip maker whose products are widely used in data centers and advanced computing systems, is expected to report quarterly results that will reveal whether demand for AI-related equipment remains strong enough to support the sector's current valuations. The black-market surge for Nvidia hardware suggests robust global demand for advanced AI chips persists even under geopolitical constraints, but underscores the risks and opportunities facing AI leaders as restrictions shape where technology can be sold.

What to watch

Micron's upcoming earnings will serve as a key test of AI spending strength. Nvidia's DGX B300 server—which contains eight Blackwell AI processors—has doubled in price on China's black market from roughly 4 million yuan six months ago to more than 8 million yuan ($1.1 million（約1.8億円）) today.