Breaking
AI Stocks Trade Mixed Ahead of Key US Inflation Data; Micron, Qualcomm Jump 18% and 10%
Summary
- Micron Technology rose nearly 18% in premarket trading after posting earnings that beat market expectations.
- Hardware supply chain-related stocks including Corning (GLW), Applied Optoelectronics (AAOI) and Coherent (COHR) also traded higher in premarket trading.
- Qualcomm shares rose 10% in premarket trading after the company projected annual revenue from the data-center AI components market will exceed $15 billion by fiscal 2029.
AI-related stocks were mixed in premarket trading in New York ahead of key US macroeconomic data releases. Micron Technology and Qualcomm surged, while major cloud companies traded lower.
Crypto-focused media outlet BlockBeats reported on June 25 that Micron Technology climbed nearly 18% in premarket trading after reporting earnings that beat market expectations.
By contrast, major cloud companies considered key Micron customers edged lower. Microsoft, Amazon, Meta, Apple and Google all traded weaker before the opening bell.
Hardware supply chain stocks also advanced. Optical communications company Corning (GLW) rose 6.81% in premarket trading, while Applied Optoelectronics (AAOI) gained 3.59% and Coherent (COHR) added 4.08%.
Qualcomm also rose. The company said annual revenue from the data-center AI components market will exceed $15 billion by fiscal 2029, helping lift its shares 10% in premarket trading.
Investors are also watching US employment data and the core personal consumption expenditures price index due later on June 25. The indicators are key variables that could affect sentiment toward US stocks and other risk assets.
