What just happened to Micron is unlike anything in semiconductor history. On a night when the entire AI trade was being questioned — after Tuesday’s -7.9% Philadelphia Semiconductor Index crash, after GOOGL lost two Nobel Prize-level AI researchers, after the “AI bubble” narrative was being printed in every financial headline — Micron walked to the podium and delivered a $41.46 billion revenue quarter against a $35.84 billion consensus. That’s a $5.62 billion beat. The Q4 guide of $50 billion — against analyst expectations of $43.58 billion — is not a quarterly earnings report. It is a declaration that the AI memory supercycle is real, it is accelerating, and it has years to run. Everything about Thursday’s session flows from this single after-hours print. Here’s all the Stocks to Watch Tomorrow!
Micron Q3 FY2026: The Historic Numbers
| Metric | Actual | Consensus | Beat |
|---|---|---|---|
| Revenue | $41.46 billion | $35.84B | +$5.62B (+15.7%) |
| Revenue YoY Growth | +346% | +283% est. | Massive beat |
| Adj. EPS | $25.11 | $20.60 | +$4.51 (+21.9%) |
| EPS YoY Growth | +1,214% | — | — |
| GAAP Gross Margin | 84.9% | 81.6% est. | +330bps |
| GAAP Net Income | $28.24 billion | — | +1,398% YoY |
| GAAP Diluted EPS | $24.67 | — | — |
| Data Center Revenue | 7x YoY | — | Record |
| Mobile/Client Revenue | $11.52B (+250% YoY) | — | — |
| Automotive/Embedded | $4.63B (>4x YoY) | — | — |
| Quarterly Dividend | $0.15/share (+30%) | $0.115 prior | Raised |
Q4 FY2026 Guidance — The Number That Will Move Every Chip Stock Thursday:
| Q4 Metric | Guidance | Analyst Consensus | Beat |
|---|---|---|---|
| Revenue | $50.0B ± $1.0B | $42.915B–$43.58B | +$6.4–$7.1B |
| GAAP Gross Margin | ~86% | ~81% est. | +500bps |
| Non-GAAP EPS | $31.00 ± $1.00 | ~$22–$23 est. | +35%+ |
| GAAP EPS | $30.73 ± $1.00 | — | — |
CEO Sanjay Mehrotra: “Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.” He also confirmed that approximately half or more of Micron’s future revenue will be locked under multi-year Strategic Customer Agreements — transforming MU from a cyclical chipmaker into a contracted AI infrastructure provider.
After-Hours Reaction:
- MU regular close (June 24): $1,048.51
- MU post-market (after report): $1,196.54 (+$148.03, +14.12%)
- CNBC confirmed the stock rose 15% in extended trading
Stocks to Watch Tomorrow: The MU Cascade
1. MU — Micron Technology | AH at $1,196 | +14.12%
MU leads Thursday’s open as the session’s defining momentum trade. Every analyst price target published before Wednesday is now stale. The Q4 guidance of $50B for a single quarter means Micron is on track to do approximately $180+ billion in annualized revenue — a figure that would rank it among the five largest revenue-generating companies in the S&P 500.
What Thursday’s session will show:
- Gap up at open of approximately $140–$160 per share from Wednesday’s close
- Volume will be enormous; day traders, index rebalancers, and momentum funds all competing for the same float
- Key resistance: UBS street-high target of $1,625; at Thursday’s implied open ~$1,190+, that is no longer far
2. NVDA — Nvidia | Bounce Incoming
Nvidia fell 4.1% Tuesday on AI skepticism. MU’s Q4 guidance of $50B for memory alone — the chips that power Nvidia’s Blackwell and Vera Rubin systems — destroys the AI spending doubt narrative.
| Metric | Value |
|---|---|
| Tuesday Close | Down 4.1% |
| Wednesday Recovery | Modest during session |
| AH Reaction to MU beat | Positive; sector bid rising |
| Forward read from MU | HBM demand through 2026–2027 locked |
| Next Earnings | August 2026 |
The logic: Nvidia is the single largest buyer of HBM memory for its AI GPUs. MU confirming that demand is real, accelerating, and being locked into multi-year contracts directly validates Nvidia’s own forward revenue. Thursday should see NVDA gap up 3–6% at minimum.
3. AMD — Advanced Micro Devices | Chip Sector Recovery
AMD fell -5.8% to -9.4% on Tuesday’s AI selloff. The MU beat changes the narrative for AMD’s MI300X AI accelerator business — if memory demand is growing at 346% YoY and accelerating, the inference and training workloads using AMD’s chips are just as real.
| Metric | Value |
|---|---|
| Tuesday Drop | -5.8% to -9.4% |
| AH Signal (from MU) | Bullish; AI chip demand validated |
| AMD MI300X | AI GPU competitor to NVDA H100/H200 |
| Next Earnings | July 29, 2026 |
4. PCE Price Index for May — 8:30 AM ET
This is Thursday’s macro anchor. The Fed’s preferred inflation gauge — Personal Consumption Expenditures — for May 2026 lands before the opening bell:
| PCE Scenario | WTI Context | Market Reaction |
|---|---|---|
| PCE < 3.5% (dovish surprise) | WTI at $70 → energy drag | Tech rallies; rate cut priced in |
| PCE 3.5%–4.0% (neutral) | In line with oil decline | Mixed; Dow stable, tech mixed |
| PCE > 4.2% (hawkish miss) | Lagged oil data in May | Rate hike fear re-emerges; tech dips |
April PCE was 3.8%. May may be the month the oil-driven energy component begins its dramatic decline — WTI was still at $85–$88 for much of May, suggesting the full oil-deflation impact won’t fully appear until the June PCE (due late July). But any deceleration from 3.8% is a positive signal.
5. INTC — Intel | +14% Thursday?
Intel fell -5.8% to -9.4% Tuesday and was recovering Wednesday. The MU beat changes Intel’s story significantly:
- Intel’s 18A-P process node is optimized for the AI/HPC workloads that MU’s memory serves
- Apple foundry deal + MU beat = both pillars of Intel’s foundry revival confirmed in the same week
- Intel’s next earnings on July 23 carry upgraded expectations following MU’s print
6. Weekly Jobless Claims — 8:30 AM ET
Initial jobless claims for the week ended June 21 will be released Thursday morning. Context:
- Prior week: 230,000 (moderate; below 260K threshold for concern)
- Consensus: ~228,000
- Strong labor market + decelerating inflation (PCE) + MU’s blowout = the “soft landing” macro narrative at its strongest
A claims number below 220K would confirm labor market resilience; above 260K = recession concerns re-emerge. Combined with PCE, this 8:30 a.m. window will set the tone for the first hour of Thursday’s session.
7. SPCX — SpaceX | Testing $153 Support
SpaceX closed Wednesday at $153.60 — down 32% from its $225.64 all-time high. Thursday’s chip rally could provide a floor:
| Metric | Value |
|---|---|
| Wednesday Close | $153.60 |
| All-Time High | $225.64 (June 16) |
| IPO Price | $135.00 |
| Cursor Acquisition | $60B debt concern |
| Sept 2 First Earnings | Only fundamental clarity event |
The MU read-through: MU’s AI supercycle confirmation is indirectly positive for SPCX — it shows AI infrastructure demand is real and accelerating. SpaceX’s Cursor acquisition strategy (embedding AI into its software layer) becomes more defensible when AI demand data like MU’s Q3 results are confirmed. But the $153.60 level remains the line: hold it and the narrative stabilizes; break it and $135 (IPO price) comes into focus.
8. GOOGL — Alphabet | Does the Selloff Stabilize?
Alphabet has fallen 7%+ over two sessions on AI talent departures (Noam Shazeer to OpenAI; John Jumper to Anthropic). Thursday’s question: does MU’s confirmation of the AI boom reverse the sentiment damage?
| Metric | Value |
|---|---|
| Current Price (est.) | ~$341–$350 range |
| Analyst Consensus PT | $432.83 (63 analysts) |
| Implied Upside | ~23–27% |
| Next Earnings | July 28, 2026 |
| Google Cloud Revenue (Q1) | +63.4% YoY — genuinely strong |
MU’s effect: If HBM demand is real and AI spending is the most capital-intensive deployment in enterprise history, Google’s own AI infrastructure spend is justified — which means Google Cloud’s competitive positioning is validated. The talent departure narrative is real, but the business story is intact.
The Complete Thursday Watchlist
| Ticker | Story | Direction Bias | Key Level |
|---|---|---|---|
| MU | $41B Q3 + $50B Q4 guidance | Strong gap-up | +14% at open |
| NVDA | AI demand confirmed | Up 3–6% | Watch $500+ |
| AMD | Chip sector recovery | Up 3–6% | Recovery from Tuesday lows |
| INTC | Apple deal + chip rally | Up 3–5% | Reclaiming $125+ |
| PCE Data | Inflation read at 8:30 AM | Binary | Watch 8:30 a.m. ET |
| SPCX | AI trade restored? | Stabilize/bounce | $153 support |
| GOOGL | Talent drain narrative | Possible bounce | $341–$350 base |
| FDX | Guidance disaster hangover | Continued selling | Post-AH cuts continue |
| XLE | WTI at $70 — energy floor? | Watch for bounce | WTI $68 = pre-war level |
Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss. Always complete independent due diligence prior to executing equity trades. Consult a qualified financial professional before making any investment decisions.
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Sources: CNBC MU Q3, TheStreet MU Earnings Live, 247 Wall St MU Earnings, Seeking Alpha MU, TradingKey MU Analysis, Public.com MU. Data as of June 24–25, 2026. Stocks to Watch Tomorrow
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