Nasdaq futures skyrocket 650 points: 5 things to know before Wall Street opens

• Micron reported $22 billion in customer commitments to secure memory chip supply, easing fears that AI infrastructure momentum was slowing and lifting other memory stocks in premarket trading
• Qualcomm projected $15 billion in data-center revenue by fiscal 2029, signaling AI demand is broadening beyond GPUs into inference and custom silicon workloads
• Market concerns persist about whether AI spending can justify stretched valuations, particularly with debt-funded hyperscaler investments and upcoming PCE inflation data that could pressure borrowing costs

Market Summary: Tech Futures Surge on AI Infrastructure Demand

Key Market Movements:

Nasdaq 100 futures jumped 2.2% (650 points), S&P 500 futures rose 0.8%, and Dow futures gained 140 points (0.3%) in premarket trading on Thursday, June 25, 2026. The rally follows two consecutive sessions of losses in tech stocks.

Main Catalysts:

Micron Technology emerged as the primary driver, reporting $22 billion in customer commitments to secure memory chip supply across data-center, consumer, and automotive markets. The company's results demonstrate memory chips have become a critical bottleneck in AI infrastructure, not merely a supporting component. The stock surged in premarket trading, lifting peers including SanDisk, Western Digital, and Seagate.

Qualcomm reinforced bullish AI sentiment by projecting $15 billion in data-center revenue by fiscal 2029. This forecast signals AI infrastructure demand is expanding beyond GPUs into inference chips, custom silicon, and broader server workloads, providing additional earnings support for the semiconductor sector.

Key Risks:

Despite the rally, valuation concerns persist. The Philadelphia Semiconductor Index, while on track for a record quarter, recently experienced its roughest weekly stretch since the Middle East conflict began. Questions remain about whether AI spending justifies current valuations, particularly regarding capital expenditure levels and debt-funded hyperscaler investments.

Critical Data Ahead:

The U.S. Personal Consumption Expenditures (PCE) price index—the Federal Reserve's preferred inflation gauge—is expected to show 4.1% annual inflation, more than double the Fed's 2% target. The reading could determine whether the tech rebound extends or stalls based on implications for borrowing costs.