NEW YORK, June 24, 2026, 20:02 (EDT)
- Invesco QQQ Trust (NASDAQ:QQQ) jumped 2.03% in after-hours trading. SPDR S&P 500 ETF Trust (NYSEARCA:SPY) rose 0.58%, while SPDR Dow Jones Industrial Average ETF Trust (NYSEARCA:DIA) inched up 0.11%.
- Micron Technology (NASDAQ:MU) jumped 16.34% after hours, with shares at $1,219.80. Qualcomm (NASDAQ:QCOM) closed up 13.28% to $223.63.
- Stocks were mixed at the close. The S&P 500 (INDEXSP:.INX) edged down 0.10%. The Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 0.43%. The Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.35%.
Micron said it had locked in about $100 billion worth of future customer deals, and Qualcomm laid out a $15 billion data-center sales target by 2029. Both items steered the after-hours session.
Nasdaq 100 ETF QQQ pushed almost two points higher than DIA in after-hours action, reversing the session’s move when the Dow edged up and the Nasdaq slipped. Trading stayed tight late, but the bid held up. Post-close, buyers focused on chips, memory, and suppliers instead of lifting the broad tape.
Micron said fiscal Q3 revenue soared to $41.46 billion, up from $9.30 billion in the same quarter last year. The chipmaker sees fiscal Q4 revenue at $50.0 billion, plus or minus $1.0 billion. Non-GAAP gross margin jumped to 84.9% from 39.0%. CEO Sanjay Mehrotra called the quarter proof of the “strategic value of memory in the AI era.” Micron Technology
Micron Technology (MU) customers have lined up $22 billion in supply deals, according to Reuters. The company has about $100 billion in remaining performance obligations tied to big customer agreements. That figure is roughly 2.4x Micron’s latest quarterly revenue. The number isn’t listed on the company’s income statement.
This week’s fall was linked to questions about how fast AI data-center spending turns into real sales for suppliers. For memory investors, concrete contract terms—like deposits, take-or-pay requirements, and pricing floors—offer more certainty than the big tech companies’ capex plans.
Daniel Newman, CEO of Futurum Group, said the “size and scale of the AI build out has been underestimated at every turn.” He thinks memory prices will keep a premium as long as supply stays tight. But Jake Behan, head of capital markets at Direxion, disagrees. If supply improves, he said, “pricing power is the first thing at risk.” Reuters
Qualcomm wants to push past smartphones and reach $15 billion in data-center sales and $40 billion from non-handset chips by 2029. “We will be truly diversified,” CFO Akash Palkhiwala said. Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) are set to use Qualcomm’s AI chips. Qualcomm also said that custom chip sales from two unnamed hyperscalers will kick in before year-end. Reuters
Qualcomm data-center chief Tony Pialis says the company’s chips give buyers a “performance per cost advantage.” “Hyperscale customers have been pulling us in,” he said. Qualcomm is going after Nvidia’s (NASDAQ:NVDA) lead in the space. Other companies with custom chips are Broadcom (NASDAQ:AVGO) and Marvell Technology (NASDAQ:MRVL). Reuters
Chip names ran higher in late trade, with more than $400 billion in value added, Reuters reported. Western Digital (NASDAQ:WDC), SanDisk (NASDAQ:SNDK), and Seagate Technology (NASDAQ:STX) each surged over 8% after the bell. Arm Holdings (NASDAQ:ARM) was up nearly 6%. Marvell rose close to 4%, Broadcom gained 2%.
Tech stocks edged higher after falling earlier. The Nasdaq 100 has dropped more than $1 trillion this week, hit by concerns around hyperscaler debt-driven spending, according to Reuters. “People like the recipients of the spend and have been punishing those doing the spending,” Michael Monaghan, partner and portfolio manager at Founder ETFs, told Reuters. Reuters
Breadth was still weak before the chip news hit after hours. On the NYSE, decliners led advancers 1.03 to 1. Nasdaq had a 1.08 to 1 ratio. U.S. exchange volume finished at 25.84 billion shares, above the 20-day average of 22.92 billion.
