Nasdaq rises as Micron revives AI optimism, Wendy's surges premarket

Micron Technology said revenue reached $41.46 billion for the quarter ended May 28, with GAAP net income of $28.24 billion and non-GAAP net income of $28.86 billion. Its record fiscal third-quarter 2026 results pushed Nasdaq futures higher and revived the AI trade before the opening bell.

Micron tied the quarter to demand for the memory hardware that underpins artificial intelligence buildouts. Data-center revenue exceeded $25 billion, a pace that implies an annualized run rate above $100 billion. Micron shares had already risen about 700% over the prior year and pushed the company’s market value above $1 trillion before this earnings release.

In the U.S. Bureau of Economic Analysis's May 2026 personal income and outlays report, the Federal Reserve’s preferred inflation gauge was at a three-year high, with core PCE rising at a 3.4% annual rate. Real personal consumption expenditures rose 0.3% month over month.

The Wendy’s Company shares surged another 10% in premarket trading on June 25 after a 26% jump the previous day, extending a meme-stock-style short squeeze that had sent the stock up as much as 42% intraday on June 24 before it closed up 25.64% at $7.87 on very heavy volume. The rally also coincided with Wendy’s naming Steve Cirulis chief financial officer and chief strategy officer. A viral WallStreetBets post and speculation that short sellers were being forced to cover accompanied the trading frenzy. Even after the burst, Wendy’s remained more than 78% below its June 2021 record highs and still lower for the year before the squeeze.