- Micron's Q3 revenue surged to $41.46 billion, beating street expectations of $36 billion
- Micron forecasted $50 billion revenue for the current quarter, up from $11.3 billion last year
- Micron shares rose as high as 18% in pre-market trading, reaching $1,233.75 by 7:45 a.m. EST
Micron Technology's blockbuster earnings have sent its chipmaker peers soaring ahead of Wall Street open, with its own stock rising as high as 18% in pre-market trade.
Shares of other major semiconductor companies like Advanced Micro Devices Inc., Intel Corp., and Microchip Technology Inc. have risen 3.8%, 4.5% and 3% to $539.47, $137.64, and $95.01, respectively.
Besides this, futures tied to Sandisk Corp. surged 16% to $2,213.19. Jensen Huang's Nvidia Corp. also edged 0.8% higher ahead of market open on Thursday.
The rise comes after a consistent decline 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.
ALSO READ: SK Hynix, Micron Technology Solidify Memory Chips as Runaway Stars of AI
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.
As of 7:45 a.m.EST, MU's scrip jumped 17.7% to $1,233.75, hinting at a gap up opening on the Nasdaq index after it closed at $1,048.51 levels, 0.31% lower.
ALSO READ: New AI Bellwether? Micron Shares Soar Nearly 20% Pre-Market On Blockbuster Earnings
In a historic bull run, Wall Street's chip darling has zoomed over 700% in the last 12 months, and nearly 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.
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