Two of the semiconductor industry’s biggest names just reminded Wall Street why it fell in love with AI stocks in the first place. Micron Technology and Qualcomm reported earnings on June 24 that blew past expectations, and the market responded with over $400 billion in added market value across chipmaker stocks.
Micron’s stock alone surged 12-15% in after-hours trading. Qualcomm, meanwhile, laid out a roadmap projecting $15 billion in data center sales by 2029, a bold pivot for a company most people still associate with the chip inside their phone.
The numbers behind the frenzy
Micron disclosed that its customers have committed $22 billion toward chip purchases. Its supply of high-bandwidth memory, the specialized DRAM that AI data centers chew through like candy, is completely sold out for 2026.
For Qualcomm, the company has traditionally been the king of mobile processors. But Qualcomm is making a calculated bet on AI accelerators and data center hardware, targeting $15 billion in data center revenue by 2029.
