From “it’s so over” to “we’re so back” – market sentiment turns quickly these days on social media.
Just days after AI bubble fears resurfaced, Micron ( MU ), a critical supplier of memory chips used in AI infrastructure and data centers, has posted blowout earnings, reversing that gloom in an instant.
As a result, U.S. technology futures are rising in premarket trading on Thursday, with the Invesco QQQ up nearly 1% premarket after falling nearly 2% on Wednesday. Bitcoin has also stabilized above $87,000 after its wild swings in both directions on Wednesday. BTC and tech stocks tend to move in lockstep, with the AI boom at the center of the positive correlation since late 2022.
According to the latest 10-Q filing via TradingView, Micron reported Q1 2026 revenue of $13.6 billion, up 57% year-over-year. Gross margins increased to 56% compared to 38% a year earlier, while operating income increased to 6.1 billion. Net income reached $5.24 billion, nearly triple last year’s level, with diluted EPS of $4.60.
AI-driven demand was the standout theme. Micron’s cloud memory business unit doubled year over year, while mobile and client revenue increased 63%. According to Bloomberg, management is now forecasting Q2 2026 revenue of $18 billion to $19 billion, above expectations, noting that it is effectively sold out of key AI memory products through 2026. Shares rose about 12% premarket to around $250.
The strong results provided relief amid ongoing AI jitters at Oracle ( ORCL ), Broadcom ( AVG ) and CoreWeave ( CRWV ). AI and crypto-linked stocks edged slightly higher pre-market, highlighting the growing crossover being driven by the AI narrative.
