Chipstocks have bounced back sharply on the Wall Street on Thursday after Micron Technology Inc.'s blockbuster third quarter earnings.
Micron Technology was soared over 19% minutes after the opening bell to a high of $1,255. It pared some gains to trade 19% higher at $1,255.
Major semiconductor companies like Advanced Micro Devices Inc., Intel Corp., and Microchip Technology Inc. have risen 4.23%, 6.72% and 4.07% to $545.97, $140.02, and $96.55, respectively.
Besides this, Sandisk Corp. surged over 18% to $2,263.18. Qualcomm Inc.'s scrip also rose 10% to $216.77.
The rise comes after a consistent rout in these semiconductor companies in in the past few days. A global AI selloff rattled Wall Street indices, with tech-heavy Nasdaq Composite sliding over 2% in the last five days.
Micron Q3 Earnings Beat; Bullish Forecast
Micron Technology's revenue more than quadrupled from $9.3 billion a year earlier to $41.46 billion in the third quarter of fiscal 2026.
Aside from exceeding street expectations of a $36 billion topline, the company has forecasted a $50 billion for the current quarter, an increase from $11.3 billion in the year-ago period.
Adjusted earnings came in at $25.11 per share, well ahead of analysts' expectations of $20.78 per share.
ALSO READ: S&P 500, Nasdaq Bounce Back From Selloff As Micron Earnings Reignite AI Frenzy
In a historic bull run, Wall Street's chip darling has zoomed nearly 900% in the last 12 months, and over 300% year-to-date in a market beset by supply shortages.
The company's technology is an essential for AI-linked tech titans like Nvidia and Google. The surge pushed its market capitalisation past $1 trillion earlier exactly a month ago.
As of 9:51 a.m. EST, the scrip pared some gains to trade 12% higher at $1,168.46.
Wall Street Check
Wall Street rose on Thursday as chip stocks bounced back from sell-off in previous session. S&P 500 opened 0.62% higher at 7,403.65, tech-heavy Nasdaq Composite rose 0.59% at open to 25,627.43, and Dow Jones Industrial Average added nearly 350 points and opened 0.68% higher at 52,207.15.
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