Micron and Qualcomm Show AI Demand Is Broadening Beyond GPUs

Micron Technology (MU) reported fiscal Q3 earnings per share of $25.11, crushing the $20.78 consensus estimate by 21%, while revenue hit $41.46 billion. The beat sent U.S. equities higher Thursday as traders bet AI infrastructure spending is accelerating beyond Nvidia's GPU dominance into memory and communications chips.

Qualcomm (QCOM) added fuel to the rally by doubling its 2029 non-handset revenue target to $40 billion, a clear signal that AI monetization is spreading into data centers and edge devices. The revised forecast marks a sharp expansion of Qualcomm's addressable market as chipmakers diversify revenue streams away from smartphones.

Both earnings reports revived confidence in the AI trade despite persistent inflation pressures that have clouded the macro outlook. The outperformance suggests demand for AI-enabling components remains robust across the supply chain, not just concentrated in training infrastructure.