On June 23, 2026, Micron Technology Inc., the leading US computer memory chip manufacturer, saw its stock surge 13% after issuing a sales forecast that surpassed analyst expectations. This positive outlook reignited confidence in the artificial intelligence (AI) trade, a key driver of the market rally from previous lows.
The enthusiasm for AI extended beyond Micron. A nearly $500 billion exchange-traded fund (ETF) that tracks the Nasdaq 100 index experienced a 1.5% increase in after-hours trading. This indicates a widespread positive reaction in the technology sector to Micron's performance, suggesting that the AI-powered demand for components like memory chips is continuing to drive prices and market sentiment.
However, the market experienced some volatility around this period. On June 25, just two days later, after an early rally fueled by Micron's bullish forecast, Apple Inc. declined 6.1% due to price increases on its Macs, iPads, and home devices. This caused a mixed open for Asian stocks and led to renewed selling in megacap technology shares, despite the Nasdaq 100 Index still closing up 0.8% after climbing as much as 2.1% earlier. This shows that while chipmakers were a strong positive, other factors could still introduce market choppiness.
