Tech stocks rebound as Micron revenue hits $41.46bn

Market tone improves after a volatile session

Tech stocks across Europe and Asia recovered on Thursday, tracking firmer U.S. pre-market cues after a volatile midweek session. Nasdaq futures were last seen up 0.61%, suggesting the tech-heavy index could lead gains when U.S. trading opens. The shift in tone came even as investors monitored renewed Middle East tensions, which have been moving oil prices and inflation expectations. European stocks rebounded despite the geopolitical backdrop, with risk appetite returning to several growth-linked pockets of the market. The move was broad, with semiconductors and technology-related names among the early leaders.

Europe’s tech sector leads the rebound

In early trade, the broader Stoxx 600 technology index added over 1.1%. Another snapshot from the same morning showed a stronger early pop, with the Stoxx 600 Tech index up 2.4%, alongside a roughly 0.5% rise in the broader European Stoxx 600 index about an hour into trading. The market action suggested investors were willing to add exposure to growth stocks after Wednesday’s swings. The rebound also came as energy prices stayed in focus, which can affect rate expectations and equity sector leadership. While the wider market was described as undeterred by renewed Middle East tensions, the day’s leadership still skewed toward technology.

Micron’s earnings drive a chip-stock bid

A major catalyst for chip sentiment was Micron Technology’s quarterly update, which sparked a sharp after-hours move and spilled into Thursday trading. Micron shares surged nearly 15% after-hours, and the strength was cited as a key driver behind the broader chip rally. The company reported fiscal third-quarter revenue of $11.46 billion, up from $1.3 billion a year earlier. That exceeded an LSEG consensus estimate of around $16 billion. The scale of the beat helped set a more constructive tone for the semiconductor complex globally.

Micron’s outlook and market-cap surge in focus

Micron also guided for approximately $10 billion in revenue for the current quarter, versus $11.3 billion last year. The stock was described as up 164% in premarket and 723% over the past year, lifting Micron’s market capitalisation to $1.2 trillion. Investors treated the numbers as evidence that AI-linked memory demand is materially changing the revenue base for certain suppliers. The move mattered beyond Micron because memory pricing and supply discipline often influence expectations for the wider chip cycle. At the same time, the session underscored how quickly sentiment can shift in a market heavily driven by large-cap tech earnings.

Asia tech: SK Hynix rises, then profit-taking appears

In Asia, South Korean memory chipmaker SK Hynix closed 5.3% higher on Thursday ahead of its U.S. debut on Friday. Demand for the U.S. listing was reported to be more than seven times oversubscribed, according to Reuters, citing an unnamed source. The listing became another focal point for investors looking at the AI-memory trade. But a later update highlighted how quickly momentum can reverse: SK Hynix shares later dropped as much as 8.2% in early Seoul trade on Monday after investors booked profits, following a 12.8% surge in its Nasdaq debut on Friday. The sequence illustrated both the strength of demand for the theme and the near-term volatility around high-profile listings.

Oil prices swing on U.S.-Iran tensions and shipping flow

Oil was another key driver for cross-asset sentiment. In one Thursday move, Brent crude futures for September delivery rose 1.03% to $18.82 a barrel and U.S. WTI crude futures for August gained 1.06% to $14.29 per barrel, after prices had risen more than 4% on Wednesday. Separately, oil was also described as retracing earlier wartime gains as investors speculated global supplies could improve after shipping disruptions eased. U.S. crude for August delivery was reported down 1% to $19 a barrel, while Brent fell 1.79% to below $13 a barrel. The reopening of the Strait of Hormuz was linked to improved flows, with more than 20 oil tankers carrying about 35 million barrels said to have navigated through the route since an agreement between the U.S. and Iran to reopen the shipping lane.

China inflation data shows mixed price pressures

China’s June inflation data added another layer to the risk narrative. Consumer prices rose 1% year-on-year, missing economists’ 1.1% estimate in a Reuters poll and slowing from 1.2% in May, according to the National Bureau of Statistics. Core CPI, excluding food and energy, rose 1%, easing from 1.1% in May. Food prices declined 1.6% year-on-year, slightly better than the 1.7% fall in May. Meanwhile, producer prices rose 4.1%, in line with forecasts and above 3.9% in May, which was described as the strongest growth since July 2022 based on LSEG data. The combination pointed to softer consumer momentum alongside firmer upstream pressures, in a period when energy costs were cited as weighing on demand.

India: inflation back above target, equities steady

For India-focused investors, the inflation impulse remained a key watchpoint. India’s retail inflation accelerated to 4.38% in June, breaching the central bank’s 4% target for the first time in 17 months and raising expectations of an interest rate hiking cycle. In market trade cited alongside global updates, India’s Nifty 50 index rose 0.5% in early trading, while the rupee was flat at 95.23 against the U.S. dollar. The mix of higher inflation and stable currency levels can influence sector rotations, especially in rate-sensitive pockets like banks, real estate, and consumer discretionary. The same set of market updates also flagged that oil moves and geopolitical risk were feeding into global inflation concerns.

Key data points to track

Why this matters for equity investors

Thursday’s rebound showed how quickly technology leadership can return when earnings and guidance surprise to the upside, as Micron’s results did. But it also highlighted a second force shaping risk appetite: oil-linked inflation sensitivity during periods of U.S.-Iran tension and shipping disruptions. For global and Indian investors, the combination matters because it can pull rate expectations in opposite directions, depending on whether commodity pressure or growth optimism dominates. China’s mixed inflation signals and India’s move back above the 4% CPI target add to the rate narrative, even as equity markets look for support from corporate results. The next set of macro prints and policy communication will remain central, with markets also monitoring upcoming CPI data and other scheduled events referenced in the broader market commentary.

Conclusion

Tech stocks recovered across Europe and Asia as Nasdaq futures strengthened, helped by Micron’s sharply higher revenue and upbeat outlook. Oil and inflation remained the main cross-currents, with U.S.-Iran developments and China and India price data shaping rate expectations. Investors will keep watching how oil prices settle and how upcoming inflation releases and corporate results influence the next move in global risk assets.