US stock futures posted solid gains on Thursday, with Nasdaq futures jumping 2.2% as investors reacted to blockbuster earnings from Micron Technology.
The memory chip giant’s report provided fresh evidence that artificial intelligence-led capital expenditures are translating into tangible revenue growth, helping to ease recent pressure on technology valuations.
The rally in chip stocks followed a similar surge in Asian markets earlier in the day, where robust earnings and optimistic forecasts from US semiconductor leaders Micron and Qualcomm had already driven indices higher.
The positive sentiment carried over to US pre-market trading, reversing a recent trend of caution among tech investors who had grown wary of stretched multiples.
While the semiconductor sector led the advance, energy markets moved in the opposite direction.
Brent crude futures slipped $1.45 a barrel, falling to a four-month low as demand concerns weighed on oil prices.