NEW YORK — Micron Technology reported revenue of $50 billion, exceeding analyst estimates of $43.2 billion. The company raised its capital expenditure guidance to above $25 billion for fiscal year 2026. Following the earnings report on June 24, 2026, Micron Technology stock rose 16% in overnight trading.

Nasdaq futures rose 2.35% and S&P 500 futures rose 0.82% following the report. International markets also reacted, with South Korea's KOSPI index rising 5.42%, Japan's Nikkei 225 index increasing 4.61%, India's Nifty 50 index rising 0.36%, and China's CSI 300 index gaining 1.56% in early trading. Europe's Stoxx 600 index rose 0.52%, and the U.K.'s FTSE 100 index rose 0.29%.

Needham reiterated a 'Buy' rating for the stock and increased its price target to $1,550. Deutsche Bank raised the price target to $1,500. In the second quarter of fiscal year 2026, Micron reported operating cash flow of $11.9 billion. Revenue for the quarter increased 196% year-over-year to $23.9 billion. The company concluded the quarter with $20.2 billion in cash and reported adjusted free cash flow of $6.9 billion. Micron has also commenced manufacturing of 1α DRAM.

J.P. Morgan analysts forecast total AI capital expenditure spending will reach $5.5 trillion through 2030. They also projected AI hyperscaler capital expenditure to exceed $1.1 trillion in 2027. J.P. Morgan analysts Tarek Hamid and Nathaniel Rosenbaum stated, "Hyperscaler capex has increased to $650 billion for 2026 and is likely headed above $1.1 trillion in 2027." They added, "We expect total AI capex spending of $5.5 trillion through 2030, up from [their previous estimate of] $5.1 trillion in November." Another J.P. Morgan quote noted, "It's important to keep in mind that the path upwards will be non-linear, as the market will need to clear various hurdles." This comment was attributed to analysts Dubravko Lakos-Bujas and Bhupinder Singh.

Major technology companies are investing in AI infrastructure. Alphabet, Amazon, Meta Platforms, and Microsoft plan to spend up to $720 billion on AI infrastructure in 2026. Amazon sold $54 billion of bonds in March 2026 to fund AI investments and plans to spend around $200 billion on AI investments in 2026. Investment firms Appaloosa Management, Baupost Group, Generation Investment Management, and Sanders Capital have increased their stakes in Amazon. Sanders Capital doubled its Amazon stake in the first quarter of 2026 to 29.8 million shares, valued at approximately $6.2 billion. Pershing Square holds approximately $2.4 billion in Amazon stock, making it its second-largest position.

On June 23, 2026, the Invesco QQQ Trust Series ETF decreased 3.3% and the iShares Semiconductor ETF decreased 7.9%. Amazon and Alphabet stocks fell about 5% on the same day. South Korea's Kospi index experienced a trading halt on June 23, 2026, due to selling pressure. Over the past 12 months, Micron Technology stock increased 719%. In comparison, Intel stock increased 496%, Nvidia stock increased 35%, and Amazon stock increased 10.1% over the same period.