Micron kicks off a robust opening for US shares

US stock markets opened strongly on Thursday as Micron beat earnings and raised guidance well above Wall Street estimates. Shares are higher by 18% and challenging the all-time high set last week.

Coming into the report, the market had been anxious that the memory darling company could report some kind of slowdown in demand. If that was the case, it could cut the legs out of the highly cyclical memory industry and lead to larger questions about AI and capex. Instead, the party continues and the broad memory chip space is all higher today.

Chins in general also got a lift from Qualcomm, which was upgraded at Morgan Stanley and expanded its relationship with Hugging Face. Shares of QCOM are up 10%.

Elsewhere, shares of Wendy’s are getting the meme stock treatment again today, rising 8% in volatile trade after a 25% gain yesterday. Banks are in focus after Fed stress tests with most of the big names up around 0.5% today as Goldman, Citi, Morgan Stanley and Wells Fargo said they were raising dividends.

The S&P 500 is up 0.75% just after the open.