After-market Wednesday should provide some insight into the US Semiconductor industry as Micron reports its Q3 earnings, Qualcomm hold their Investor Day and Nvidia has its Annual Shareholder Meeting.
Micron
Micron Technology is heading into its fiscal Q3 earnings report at a pivotal moment, as the memory‑chip industry has transformed from a cyclical, commodity-like business into a core beneficiary of the AI boom. Surging data‑center demand has pushed memory and storage chip prices sharply higher.
Analysts expect Micron to post adjusted earnings of $20.83 per share, far above its prior guidance and up nearly 10× from last year’s $1.91. Revenue is projected at $35.9 billion, a 285% jump from 2025. Its gross margin is forecast to hit a record 81%, signalling exceptional pricing power.
The market is now focused on Micron’s Q4 guidance—any hint of slowing growth or margin pressure could trigger a selloff. That fear already hit the stock on Tuesday, when shares fell 13%, the biggest drop in over a year.
Qualcomm
During Investor Day, Qualcomm is expected to outline a strategic shift away from its traditional handset‑centric business toward a broader AI compute platform that spans edge, automotive, Internet of Things and data‑center applications. The company’s stated objective is to generate most of its sales from non‑smartphone segments by the end of the decade.
Bank of America has raised its price target on Qualcomm from $165 to $195, though the firm is maintaining its "Underperform" rating. The bank's underlying financial estimates remain unchanged, which includes projecting roughly $2.5 billion in CY 2028 AI revenue.
BofA anticipates Qualcomm will provide five key updates:
- Data Centre Market Sizing: Outlining a near-term addressable opportunity of $2 billion to $5 billion by fiscal years 2027–2028.
- HUMAIN Agreement Progress: An update on the 200-megawatt agreement for accelerators, which is expected to ramp up in the second half of 2026.
- Hyperscaler ASIC Deal: Details on a previously announced multi-generation ASIC contract.
- Dragonfly Roadmap: Performance targets and specifics for the AI200 and AI250 inference-focused data centre accelerators.
- Customer Pipeline: Additional AI customer announcements and design wins.
However, BofA remains cautious for two primary reasons:
- Priced to Perfection: Even if Qualcomm hits $10 billion in CY 2028 data centre and AI sales at 20% earnings, that success is already priced in.
- Execution Risk in a Crowded Market: Current data centre revenues remain minimal. Qualcomm still needs to prove it can scale its strong consumer-device CPU and NPU performance to handle complex data centre workloads.
Nvidia
Nvidia’s shareholder meeting comes at a pivotal moment, as the company races to scale production of its Blackwell GPUs and its new Vera CPU architecture. Investors want clarity on how quickly the company can turn overwhelming demand into actual shipments.
Nvidia has committed to releasing a new AI architecture every year — Blackwell in 2024, Blackwell Ultra in 2025, and the Vera‑Rubin platform in 2026. Blackwell supply remains tight even with Nvidia locking down most of TSMC’s packaging capacity. Vera, still in trial production, is expected to ship to early customers in late 2026 and is positioned as Nvidia’s next major growth engine.
Huang has suggested Blackwell and Rubin could generate $1 trillion in revenue across 2026–2027. But the company’s biggest constraint is the supply chain — shortages in HBM memory, advanced packaging, optical components, and liquid cooling will limit output for at least 18 months. This meeting will be scrutinized for signs of easing bottlenecks: better CoWoS‑L yields at TSMC, early 3nm test results for Vera and Rubin, shorter lead times, and potential diversification beyond TSMC and SK Hynix.
Another key storyline is AI monetization. Nvidia disclosed that about 40% of data‑center revenue last year came from inference. A rising share would signal sustainable demand; a falling share would raise questions about whether the AI boom is translating into real commercial use.
And while hardware dominates the narrative, Nvidia’s software stack — CUDA, NIM, and Omniverse — remains a small but high‑margin piece of its long‑term AI strategy.
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- All eyes on Micron guidance
- Qualcomm expected to shift focus to compute
- Nvidia investors seek supply-chain update
Robert Lane
LiveSquawk News
16:00 GMT | 24 Jun 2026
After-market Wednesday should provide some insight into the US Semiconductor industry as Micron reports its Q3 earnings, Qualcomm hold their Investor Day and Nvidia has its Annual Shareholder Meeting.
Micron
Micron Technology is heading into its fiscal Q3 earnings report at a pivotal moment, as the memory‑chip industry has transformed from a cyclical, commodity-like business into a core beneficiary of the AI boom. Surging data‑center demand has pushed memory and storage chip prices sharply higher.
Analysts expect Micron to post adjusted earnings of $20.83 per share, far above its prior guidance and up nearly 10× from last year’s $1.91. Revenue is projected at $35.9 billion, a 285% jump from 2025. Its gross margin is forecast to hit a record 81%, signalling exceptional pricing power.
The market is now focused on Micron’s Q4 guidance—any hint of slowing growth or margin pressure could trigger a selloff. That fear already hit the stock on Tuesday, when shares fell 13%, the biggest drop in over a year.
Qualcomm
During Investor Day, Qualcomm is expected to outline a strategic shift away from its traditional handset‑centric business toward a broader AI compute platform that spans edge, automotive, Internet of Things and data‑center applications. The company’s stated objective is to generate most of its sales from non‑smartphone segments by the end of the decade.
Bank of America has raised its price target on Qualcomm from $165 to $195, though the firm is maintaining its "Underperform" rating. The bank's underlying financial estimates remain unchanged, which includes projecting roughly $2.5 billion in CY 2028 AI revenue.
BofA anticipates Qualcomm will provide five key updates:
- Data Centre Market Sizing: Outlining a near-term addressable opportunity of $2 billion to $5 billion by fiscal years 2027–2028.
- HUMAIN Agreement Progress: An update on the 200-megawatt agreement for accelerators, which is expected to ramp up in the second half of 2026.
- Hyperscaler ASIC Deal: Details on a previously announced multi-generation ASIC contract.
- Dragonfly Roadmap: Performance targets and specifics for the AI200 and AI250 inference-focused data centre accelerators.
- Customer Pipeline: Additional AI customer announcements and design wins.
However, BofA remains cautious for two primary reasons:
- Priced to Perfection: Even if Qualcomm hits $10 billion in CY 2028 data centre and AI sales at 20% earnings, that success is already priced in.
- Execution Risk in a Crowded Market: Current data centre revenues remain minimal. Qualcomm still needs to prove it can scale its strong consumer-device CPU and NPU performance to handle complex data centre workloads.
Nvidia
Nvidia’s shareholder meeting comes at a pivotal moment, as the company races to scale production of its Blackwell GPUs and its new Vera CPU architecture. Investors want clarity on how quickly the company can turn overwhelming demand into actual shipments.
Nvidia has committed to releasing a new AI architecture every year — Blackwell in 2024, Blackwell Ultra in 2025, and the Vera‑Rubin platform in 2026. Blackwell supply remains tight even with Nvidia locking down most of TSMC’s packaging capacity. Vera, still in trial production, is expected to ship to early customers in late 2026 and is positioned as Nvidia’s next major growth engine.
Huang has suggested Blackwell and Rubin could generate $1 trillion in revenue across 2026–2027. But the company’s biggest constraint is the supply chain — shortages in HBM memory, advanced packaging, optical components, and liquid cooling will limit output for at least 18 months. This meeting will be scrutinized for signs of easing bottlenecks: better CoWoS‑L yields at TSMC, early 3nm test results for Vera and Rubin, shorter lead times, and potential diversification beyond TSMC and SK Hynix.
Another key storyline is AI monetization. Nvidia disclosed that about 40% of data‑center revenue last year came from inference. A rising share would signal sustainable demand; a falling share would raise questions about whether the AI boom is translating into real commercial use.
And while hardware dominates the narrative, Nvidia’s software stack — CUDA, NIM, and Omniverse — remains a small but high‑margin piece of its long‑term AI strategy.