Micron and Qualcomm Show AI Demand Is Broadening Beyond GPUs

U.S. stocks rallied on Thursday following strong earnings and guidance from Micron Technology and Qualcomm, which revived confidence in the AI trade despite sticky inflation. Micron's fiscal Q3 results significantly beat expectations with EPS of $25.11 versus forecasts of $20.78 and revenue of $41.46 billion. Qualcomm doubled its 2029 non-handset revenue forecast to $40 billion, signaling that AI demand is expanding beyond GPUs into data centers and other sectors.