So much for the artificial-intelligence trade revival as investors on Thursday continued to rotate out of high-flying AI stocks even after blockbuster earnings from Micron. Following a key Federal Reserve inflation gauge matching expectations, the Dow Jones Industrial Average rose while the tech-heavy Nasdaq Composite fell 0.8%.
Micron Technology rallied 13% after the company beat analysts' third-quarter earnings target and revenue surged 346% from a year ago.
Other memory stocks also got a boost from those results: flash memory product manufacturer Sandisk jumped 15%, while hard disk drive makers Seagate Technology and Western Digital were up 2.6% and 4.8%, respectively.
Qualcomm gained 3.8% after the chip maker almost doubled its fiscal 2029 non-handset sales target and revealed that Facebook parent Meta Platforms was one of its customers.
Nvidia dropped 2% to $195.18. Nvidia appeared to be establishing a trading range with a floor of roughly $200 after breaking through that level in April. However, shares fell through that floor on Thursday.
These stocks also were making moves:
Bio-Techne rose 20% to $70.53, leading the S&P 500. Germany's Merck KGaA announced it agreed to acquire Bio-Techne for $73 a share, representing a 24% premium based on the stock's closing price from Wednesday.
Apple fell 5.5%, making it one of the worst performing S&P 500 components. The tech giant implemented price hikes on some of its products, increasing investor concerns after what started out as a comeback year.
Chip equipment company Applied Materials advanced 6.7% and glassmaker Corning rose 8.3%.
Chip manufacturer Intel fell 1.3%. Chips and networking company Marvell Technology declined 0.8%.
SpaceX moved 0.9% lower as the volatile trading of Elon Musk's rocket and AI company seems to be subsiding.
Wendy's surged earlier in the session before falling 5%. Retail investors have been piling into the fast-food chain following a flurry of posts about it on Reddit's WallStreetBets investing forum.
Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com
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(END) Dow Jones Newswires
June 25, 2026 11:40 ET (15:40 GMT)
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