Stock market futures edged higher on Wednesday morning as investors eye Micron Technology’s earnings report later today, seeking a signal that the artificial intelligence boom remains on track after a brutal selloff in semiconductor stocks.
The Nasdaq and S&P 500 futures ticked up on June 24, according to Reuters, with tech shares stabilizing after the previous session’s losses.
On Tuesday, the market had taken a sharp turn downward. The Nasdaq fell 2.21% and the S&P 500 dropped 1.44%, according to CNBC, as a global rout gripped semiconductor and AI stocks. The selloff was driven by mounting concerns about the sustainability of artificial intelligence spending and fears about chip demand, according to reporting from the Wall Street Journal and Reuters.
Micron is at the center of this week’s market drama. The company will report its fiscal third-quarter earnings after the market close on June 24 at 4:30 PM ET, according to its investor relations site. Analysts expect the company to report earnings per share of $20.20, according to data from Zacks Investment Research and public.com.
Micron’s stock had surged to $1,213 on June 23 before the earnings announcement, according to Vantage Markets, driven by exceptional demand for high-bandwidth memory chips used in AI applications. The company has confirmed that all of its calendar 2026 HBM supply is sold out under multi-year contracts, according to Investing.com, a structural advantage that sets it apart from peers facing demand uncertainty.
The memory chip maker’s rally this year reflects a fundamental shift in the semiconductor industry. HBM chips are in severe short supply as AI data centers scramble to secure inventory, and Micron has locked in design wins with major AI leaders including NVIDIA and AMD, according to 24/7 Wall St.
The tech selloff represents a sharp reversal from the AI-fueled gains that dominated markets earlier in June. Investors are now looking to Micron’s results as a barometer for whether the AI infrastructure buildout will sustain the spending levels that have propelled semiconductor stocks higher.
Sources
- Reuters — Nasdaq futures movement on June 24 and tech stock stabilization
- CNBC — Nasdaq and S&P 500 closing figures for June 23 selloff
- Wall Street Journal — AI spending concerns driving the tech rout
- Micron Investor Relations — Q3 earnings call date and time
- Zacks Investment Research — Analyst EPS expectations for Q3
- Vantage Markets — Micron stock price on June 23
- Investing.com — Micron’s 2026 HBM supply sold-out status
- 24/7 Wall St. — Micron’s design wins with NVIDIA and AMD
