Today’s Market Movers: Why Micron, Intel, Applied Materials and Qualcomm All Jumped Thursday

TLDR

• Micron Technology shares jumped 18% pre-market after reporting a 346% revenue surge and beating Q3 earnings estimates
• Sandisk, Seagate, and Western Digital all rose in sympathy, gaining between 8% and 15%
• Qualcomm surged 12% after nearly doubling its 2029 non-handset revenue target to $40 billion
• Wendy’s climbed over 15% as Reddit’s WallStreetBets community drove a retail investor surge
• Alibaba’s U.S.-listed shares fell after Anthropic accused the Chinese tech firm of illicitly accessing its AI models

Micron Technology shares jumped 18% in pre-market trading on Thursday after the memory chip maker posted results that blew past Wall Street expectations.

Micron Technology, Inc., MU

Revenue surged 346% from a year ago. For the upcoming fourth quarter, Micron guided for adjusted earnings of $30 to $32 per share, well above the $25.72 analyst estimate.

Sales are expected to come in between $49 billion and $51 billion, compared to a consensus estimate of $43.58 billion.

The strong results lifted other memory and storage stocks. Sandisk rose 15%, Western Digital gained 12%, and Seagate Technology climbed 8.4%.

Other chip-related names also moved higher. Applied Materials gained 7%, Intel rose 5.1%, Marvell Technology added 3.7%, and Corning climbed 8.8%.

Corning also declared a quarterly dividend on Thursday, adding to investor interest in the stock.

Qualcomm Sets Ambitious Revenue Targets

Qualcomm shares surged 12% after the company laid out updated revenue targets at an investor event.

The chipmaker set a goal of more than $15 billion in data center revenue by fiscal 2029. It also targets $10 billion in automotive revenue and over $14 billion from IoT.

Combined, that puts Qualcomm’s non-handset revenue target at $40 billion by 2029. The company also named Meta Platforms as a customer.

Qualcomm now expects handsets to make up just one-third of its chip revenue by 2029, down from its current mix.

WallStreetBets Sends Wendy’s Higher Again

Wendy’s shares rose another 15% on Thursday, extending a rally that started after posts on Reddit’s WallStreetBets forum pushed retail investors into the stock.

Research firm Vanda said the move had “clear echoes” of the retail-driven short squeezes seen in 2021.

Alibaba Falls on Anthropic Accusation

Alibaba’s U.S.-listed shares dropped 3% as its Hong Kong-traded stock fell to a 16-month low.

The sell-off followed reports that AI company Anthropic sent letters to White House officials and U.S. senators, accusing Alibaba of running a large-scale effort to illicitly access its Claude AI models.

Other Chinese tech firms also fell. Xiaomi and Baidu each dropped more than 3%.

ARS Pharmaceuticals fell 23% after reporting no new insurance coverage decisions for its epinephrine nasal spray product in the July 1 cycle.

Taysha Gene Therapies dropped 10% following the pricing of a public stock offering aimed at raising around $200 million.

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