Chipmaker shares surged more than $400 billion（約64兆円） in combined market value after Micron and Qualcomm issued strong forecasts tied to AI infrastructure spending. Micron forecast earnings above expectations from memory chip demand, while Qualcomm projected $15 billion（約2.4兆円） in data center sales by 2029. The rally reversed a week of losses driven by investor concerns that AI spending may take too long to generate profits.
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Micron surged 12% after forecasting quarterly earnings above analyst estimates, signaling strong demand for its memory chips from AI-related infrastructure investments. Qualcomm said it expects $15 billion（約2.4兆円） in sales from its data center business by 2029. Competitors including Western Digital, Sandisk, and Seagate jumped more than 8%, while Arm Holdings, Marvell, and Broadcom also climbed.
Why it matters
The forecasts came after Wall Street had grown worried that AI-stock valuations had become stretched and that massive spending on AI data centers might take too long to convert into revenue and profit. The PHLX chip index had tumbled 8% on Tuesday before this week's rally, signaling investor concern about the pace of AI payoff.
What to watch
Despite this week's strength, the PHLX chip index remains up 90% so far in 2026, and Micron has gained over 260% year to date (excluding Wednesday's late-day rally). Equipment makers Applied Materials and ASML, which supply semiconductor manufacturers, both rose more than 4%.
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