Micron and Qualcomm earnings sparked a $400 billion AI chip stock rally, with $22 billion in customer commitments and sold-out memory supply fueling

Micron stock is trading in record high territory as the memory-chip maker benefits from huge demand from AI data centers.

Micron Technology shares fell 13% ahead of its fiscal Q3 earnings report, dragging the semiconductor sector lower as investors reassess AI spending growth.

Micron said demand for AI memory chips is higher than supply and is likely to stay that way for years.