Market sentiment on social media has rapidly shifted from skepticism to optimism in recent days, particularly following Micron’s impressive earnings report. The company, a key supplier of memory chips essential for AI infrastructure and data centers, has helped to alleviate fears surrounding the AI bubble. Micron’s results have contributed to a positive outlook for U.S. technology futures, as evidenced by the Invesco QQQ, which climbed nearly 1% in pre-market trading after a near 2% decline on Wednesday.
Bitcoin also showed signs of stabilization, trading above $87,000 after experiencing significant fluctuations earlier in the week. Historically, Bitcoin and tech stocks tend to exhibit a strong correlation, especially since the AI boom began in late 2022. Micron’s latest earnings report revealed Q1 2026 revenue of $13.6 billion, marking a remarkable 57% increase compared to the previous year. Gross margins expanded to 56%, a stark contrast to the 38% seen a year ago, while operating income surged to $6.1 billion. Micron’s net income reached $5.24 billion, nearly tripling last year’s figures, with a diluted earnings per share (EPS) of $4.60, surpassing Wall Street’s estimate of $3.96.
The company highlighted AI-driven demand as a pivotal factor in their success. Revenue from its cloud memory division doubled year-over-year, and mobile and client revenue rose by 63%. Management provided an optimistic forecast for Q2 2026, predicting revenue between $18 billion and $19 billion, exceeding the anticipated $17.8 billion. Notably, the firm announced that it is effectively sold out of essential AI memory products through 2026, prompting a pre-market share increase of about 12%, pushing the stock to around $250.
These strong results come as a relief amid ongoing concerns regarding AI developments at competitors such as Oracle, Broadcom, and CoreWeave. The overall sentiment around AI and cryptocurrency-linked equities has slightly improved pre-market, reflecting the growing crossover effect bolstered by the AI narrative in the market.
