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Following several weeks of market decline, spurred by concerns over a potential artificial intelligence (AI) bubble, U.S. tech stocks witnessed a significant rebound on Thursday. The primary catalyst for this upturn was the stellar earnings report from Micron Technology, which far exceeded market expectations. In the first quarter of fiscal year 2026, Micron's revenue soared to $13.64 billion, marking a remarkable 57% increase year-over-year. Additionally, the company's adjusted earnings per share stood at $4.78, both metrics comfortably surpassing analysts' predictions.
Furthermore, Micron offered robust guidance for the upcoming second fiscal quarter, projecting revenue of $18.7 billion and earnings per share of $8.42. These promising forecasts fueled investor optimism, leading to a dramatic surge in Micron's stock price, which jumped over 7% in after-hours trading.
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