Micron Technology rocketed 19.3% on Tuesday to close at $895.88, pushing its market cap above $1 trillion for the first time in its history. The move came after UBS analyst Timothy Arcuri tripled his price target from $535 to $1,625, re-framing Micron as an "AI-native infrastructure giant" with Nvidia-like earnings visibility through 2029 thanks to long-term supply agreements covering 60-70% of industry server DDR5 volumes.
Snowflake reported Q1 FY2027 product revenue of $1.33 billion, up 34% year-over-year, with adjusted EPS of $0.39 versus the $0.32 consensus. The company also announced a significant new partnership with Amazon Web Services. Shares surged nearly 37% in after-hours trading, marking one of the biggest post-earnings moves of the year.
SK Hynix jumped as much as 11% on Wednesday, lifting the South Korean chipmaker's market capitalization above $1 trillion for the first time. Shares have skyrocketed roughly 250% since the start of 2026, with Q1 revenue exceeding 50 trillion won for the first time — a 198% year-over-year surge — driven by insatiable demand for high-bandwidth memory chips used in AI servers.
Goldman strategist Ben Snider lifted his 2026 year-end S&P 500 forecast from 7,600 to 8,000, implying roughly 6.4% upside from Tuesday's record close. He raised his 2026 EPS estimate to $340, representing 24% profit growth, noting that AI infrastructure beneficiaries will account for roughly half of S&P 500 earnings growth this year.
Salesforce reported record fiscal Q1 2027 results after the bell, with non-GAAP EPS of $3.88 crushing the $2.96 consensus by 31%. Total revenue hit $11.1 billion, up 13% year-over-year, while Agentforce — the company's AI agent platform — crossed $1 billion in annual recurring revenue with 3.8 billion agentic work units delivered. The company also announced a $25 billion accelerated share repurchase.
Samsung Electronics shares surged over 7% after 73.7% of the company's 62,616 unionized workers voted to ratify a wage agreement, averting what would have been an 18-day strike involving 48,000 employees. The deal includes a 6.2% salary increase and a 10.5% profit-linked stock bonus for the semiconductor division, with Samsung set to distribute roughly $26.6 billion to chip employees.
The Dow Jones Industrial Average gained 182.60 points (0.36%) to a record close of 50,644.28, while the S&P 500 eked out a new closing record at 7,520.36. Oil prices declining 5.55% to $88.68 helped the broader tape, though chip stocks kept gains in check on the Nasdaq, which barely budged at 26,674.73.
Broadcom's Q1 AI revenue reached $8.4 billion, up 106% year-over-year, with Q2 AI semiconductor revenue expected to hit $10.7 billion. The custom chip maker continues to build accelerators for Google, Anthropic, OpenAI, and Meta, with Mizuho estimating $21 billion in AI revenue from Anthropic alone in 2026. OpenAI's 10-gigawatt custom accelerator deal is expected to ramp in late 2026.
Cerebras Systems, the AI chipmaker that surged 68% on its IPO debut at $311 on May 14, is now trading around $267 as the post-IPO volatility settles. The stock hit a high of $386.34 on its first day and an intraday low of $250.27 on May 22. The wafer-scale chip company's IPO priced at $185 and was the largest public offering of 2026.
Amazon ($200B), Alphabet ($175-185B), Meta (up to $135B), and Microsoft ($120B+) are collectively pouring nearly $700 billion into AI infrastructure in 2026, a figure rivaling Sweden's entire GDP and representing a 60% increase from 2025's already-historic levels. Alphabet's Google Cloud now sits on a $460 billion backlog, while Google Search posted a record $60.4 billion in Q1 revenue, up 19%.
