Global equity markets rallied on Thursday, lifted by a blockbuster quarter from memory chip giant Micron Technology and a closely watched US inflation report that met expectations. The tech-heavy Nasdaq 100 futures jumped over 2%, while S&P 500 futures rose 0.7%, pointing to a strong Wall Street open. European chip stocks led gains, with ASM International climbing 5.9% and ASML adding 4.2%. The Stoxx Europe Technology index gained 1.8%.
Micron reported fiscal third-quarter revenue of $41.46 billion – more than four times the year-ago figure and well above the $35.84 billion analysts expected. Adjusted earnings per share came in at $25.11 (estimate: $20.78). The standout was Micron’s data-centre business, where revenue surged more than sevenfold to $11.5 billion, driven by insatiable demand for memory chips used in AI infrastructure. The company guided for current-quarter revenue of around $50 billion, smashing the $43.58 billion consensus. Its shares soared over 18% after hours.
Separately, Qualcomm announced a major push into data-center chips and servers, targeting $15 billion in new revenue, sending its stock up more than 12% in premarket trading. The twin announcements eased fears that heavy AI spending might not be translating into profits.
A slide in oil prices provided additional relief. Brent crude dropped over 1.5% to below $73 a barrel, returning to levels seen before geopolitical tensions in the Persian Gulf, as US–Iran peace talks progressed. Cheaper energy assuaged eurozone inflation worries, reducing pressure on the European Central Bank to extend its rate-hiking cycle.
The Federal Reserve’s preferred inflation gauge – the core PCE index – rose 0.3% in May, exactly in line with forecasts. Headline PCE rose 0.4%, also matching estimates. After recent upside surprises in consumer and wholesale prices, the on-target data calmed markets, sending bond yields lower. The 2-year Treasury yield fell to 4.12% and the 10-year to 4.39%, signalling diminished expectations of further rate increases.
For cryptocurrency markets, the combination of declining energy costs, steady inflation, and robust tech earnings paints a favourable macro backdrop. Risk-on sentiment often spills over into digital assets, and the renewed confidence in AI and growth sectors could provide a short-term tailwind for crypto prices as investors rotate back into higher-beta trades.
