Global stocks and S&P futures are higher while Nasdaq futures are on a tear after Micron’s sales forecast blew the lights out, brushing aside fears over a near-term pullback in the AI trade, while Qualcomm set aggressive targets at its investor day in New York. As of 8:00am ET, a revival of the AI demand theme is sending contracts on the Nasdaq 100 up 2.1% while S&P 500 futures are up a more modest 0.7%. MU is +18% pre-market, pushing Semis higher (SOXX +5%, DRAM +12%) while Mag7 - the companies which enable all this chip spending - are mostly lower. As Goldman's Delta 1 desks asks, how much longer will they be willing to see their stock languish while funding semiconductor outperformance? Korea's KOSPI rallied 5.5% overnight (closing well off the highs) and remains ~2.4% below pre-Flash Crash levels. While the AI theme is bid pre-market, this is not an ‘Everything Rally’ with Cyclicals seeing a mixed performance with Banks flat, Regional Banks lower, Energy down with crude, Discretionary mixed, and Materials flat. Within Defensives, Staples are weaker, HC mixed, and AI-related Utils names are higher. Brent crude dropped 1.4% to below $73 a barrel, erasing all Iran war gains, on fears of a supply glut following a ramp-up in flows through the Strait of Hormuz. Bond yields are flat to +2bp as the yield curve steepens, but the USD starts the session lower for the first time in 6 sessions. US economic data calendar includes May personal income/spending, 1Q GDP revision, May durable goods orders, weekly jobless claims and May Chicago Fed national activity index (8:30am) and June Kansas City Fed manufacturing activity (11am). Fed speaker slate includes Bowman (8:45am), Goolsbee (2pm, 6:30pm) and Williams (3:40pm).In premarket trading, Micron is 16% higher premarket after its quarterly sales forecast blew past estimates; Qualcomm is up 12% after it estimated more than $15 billion of annual revenues by fiscal 2029 from AI components in data centers. Both look set to challenge all-time highs today. Meanwhile, as semiconductor stocks surge after Micron’s update, the Mag 7 hyperscalers who fund them are all down: Microsoft (MSFT) -0.4%, Amazon (AMZN) -0.5%, Meta Platforms (META) -0.2%, Apple (AAPL) -0.5%, Alphabet (GOOGL) -1.2%ARS Pharmaceuticals (SPRY) sinks 20% after the biotech company said there has been no new commercial formulary additions or coverage decisions for its epinephrine nasal spray, neffy, in the July 1 cycle.Bio-Techne (TECH) climbs 20% after Merck agreed to acquire the company for $73 per share in cash, representing a total enterprise value of around $11.3 billion.BlackBerry’s (BB) US-listed shares rise 8% after the software company boosted its revenue forecast for the full year.Dollar Tree (DLTR) falls 5% after saying Mantle Ridge and another stockholder sold 12.8 million shares to JPMorgan and Goldman Sachs.HB Fuller (FUL) slips 8% after agreeing to acquire Advanced Medical Solutions Group Plc, a British maker of tissue-healing medical products, for $868 million.IBM (IBM) gains 3% after the technology giant unveiled the world’s first sub-1 nanometer chip technology.Jefferies Financial (JEF) inches about 1% lower after posting second-quarter earnings that missed analyst estimates as the bank pulled in less fees from Point Bonita, which bet on the embattled auto-parts supplier First Brands Group.Micron Technology (MU) jumps 18% after its quarterly sales forecast exceeded Wall Street estimates, signaling that an AI-fueled growth run remains strong.Trip.com ADRs (TCOM) fall 13% after the company reported adjusted earnings for the first quarter that missed analyst estimates. The online travel agency also expects slower 2Q revenue growth.Qualcomm (QCOM) gains 10% after the chipmaker forecast sales of more than $15 billion a year by fiscal 2029 in the market for AI components in data centers.Wendy’s (WEN) climbs 13%, on track to extend gains after rallying 26% on Wednesday, as the meme-stock crowd rallies behind the fast-food chainIn other corporate news, Lockheed Martin has been awarded a contract worth as much as $35 billion from the Defense Department to quadruple production of missile-defense interceptors as part of a broader effort by the Trump administration to bolster munitions output.