U.S. stock index futures pushed higher on Thursday morning as investors gravitated toward technology and semiconductor shares following optimistic company updates from firms linked to the artificial intelligence ecosystem.
By 05:20 ET, S&P 500 futures had gained 0.7%, Nasdaq 100 futures were up 2.1%, and Dow Jones futures rose 0.1%. Chipmakers and other AI-connected names were among the top performers in premarket activity after a wave of robust earnings results and growth forecasts underpinned expectations for continued AI-related spending.
Notable premarket movers
Micron Technology was a standout, with shares leaping nearly 20% in early trading. The memory-chip maker reported fiscal third-quarter revenue and adjusted earnings that substantially beat Wall Street expectations, posting revenue of $41.46 billion and adjusted earnings per share of $25.11. Company commentary attributed results to strong demand for AI-related memory products.
Qualcomm also saw a significant advance, jumping 11.8% after presentations at its Investor Day emphasized initiatives aimed at AI data centers and broader expansion beyond its traditional smartphone market. Investors welcomed the long-term growth strategy revealed during the event.
SpaceX rose more than 1% in premarket trading as the stock attempted to steady after a turbulent week. Shares have pulled back sharply from their post-IPO highs after KeyBanc raised valuation concerns earlier in the week following the stock's rapid rally.
Wendy's extended its recent gains, climbing 14.2% after the fast-food chain named Steve Cirulis as chief financial officer and chief strategy officer. The appointment continued to draw positive market reaction to the chain's management changes.
By contrast, Hertz slipped 2.3% in premarket trading, adding to losses from the previous session. The rental-car company cut its second-quarter earnings outlook and disclosed two capital-raising transactions, moves that the article states have raised concerns about Hertz's near-term financial position.
Market context
The early-morning action highlighted the market's sensitivity to corporate results and strategic road maps tied to AI demand. Chipmakers and other technology firms with exposure to AI hardware and infrastructure led gains, while company-specific weakness and financing actions weighed on some consumer and travel-related names.
Outlook
Premarket flows reflected a bifurcated market where positive earnings and bullish growth projections for AI-related products supported strong rallies in semiconductors and related technology stocks, even as concerns over valuation and financing needs tempered sentiment for select issuers.