Stock Futures Soar After Micron's AI-Inspired Forecast

U.S. stock index futures surged following Micron Technology's promising forecast, reviving AI-related enthusiasm on Wall Street. As memory chip demand remains robust, optimism spread to other tech and semiconductor stocks. Investors now anticipate economic data and comments from Federal Reserve Chair Jerome Powell.

U.S. stock index futures surged on Thursday, buoyed by Micron Technology's optimistic forecast which rekindled excitement around artificial intelligence in the market. Investors also awaited key economic data and remarks from Federal Reserve Chair Jerome Powell.

Micron Technology's shares jumped 14.7% in premarket trading as the memory chip maker projected higher-than-expected first-quarter revenue. This surge in demand for AI-related memory chips lifted other semiconductor stocks, with Nvidia, Advanced Micro Devices, and Broadcom also experiencing gains.

Additional optimism was seen in semiconductor equipment companies like Applied Materials and KLA Corp, which saw significant premarket rises. Fiona Cincotta, senior market analyst at City Index, noted that Micron's strong revenue guidance reminded the market of AI's continued relevance.

(With inputs from agencies.)