Micron Technology, Qualcomm and SK Hynix combined Wednesday and Thursday to undo this week's $1.3 trillion artificial-intelligence selloff, with Micron posting an 84.9 percent gross margin that topped every major U.S. tech company, Qualcomm nearly doubling its 2029 non-handset revenue forecast to $40 billion, and SK Hynix surging more than 12 percent on a plan to raise as much as $29.4 billion in a Nasdaq listing.

The three-stock rebound reframes Tuesday's rout, which had carried Asian and European chipmakers down with the Nasdaq and prompted questions about whether the AI capital-expenditure case had cracked. Instead, Wednesday's after-hours tape and Thursday's Asia session pushed the trade in the opposite direction, with hyperscaler demand for memory and data-center silicon producing record results and fresh forecasts on consecutive days.

Micron's margin

Micron's fiscal third-quarter gross margin of 84.9 percent, up from 74.9 percent in the prior period and 39 percent a year earlier, exceeded Meta's 81.9 percent and Nvidia's 75 percent, according to CNBC. Revenue of $41.46 billion was more than $20 billion above the prior quarter, itself a company record. Net income of $28.24 billion more than doubled the previous high. The stock, already up over 700 percent in the past year, rose another 14 percent in extended trading.

"Fiscal Q3 gross margin more than doubled from a year ago and was a new company record," Chief Financial Officer Mark Murphy said on the earnings call. The company projected a roughly 86 percent margin for the fiscal fourth quarter and said it expects "the market to remain tight beyond 2027."

Qualcomm pivots

Qualcomm shares jumped 15 percent in extended trading after the company told investors at its shareholder meeting that fiscal 2029 non-handset revenue will reach $40 billion, up from a prior $22 billion forecast, with $15 billion of that from data-center sales. Earlier Wednesday, the chipmaker unveiled a data-center central processing unit called Dragonfly C1000 and said Meta will use it when production begins in 2028.

Chief Executive Cristiano Amon said the company has "just been executing, collecting assets, and when we got to this point, we feel that we have a comprehensive portfolio to enter the next phase of the data center." Qualcomm also said it has secured two custom-silicon deals with hyperscalers and acquired the AI software startup Modular for an undisclosed price.

SK Hynix's listing

In Seoul on Thursday, SK Hynix climbed more than 12 percent after filing to issue 17.79 million American depositary receipts on Nasdaq, an offering that could raise 45.45 trillion won, or $29.65 billion, with trading expected to begin July 10. Samsung Electronics rose more than 5 percent, Tokyo Electron climbed about 7 percent and Taiwan's TSMC added 0.63 percent.

"This is a very positive read-across for SK Hynix, who are exposed to the exact same market dynamics," Rolf Bulk, head of semiconductors and infrastructure at Futurum Group, told CNBC of the Micron print.

The caveat

Today's reporting comes off the wire and business desks; partisan reactions to the AI complex's two-day reversal had not surfaced by press time. The substantive risk in the file is technical. CNBC Markets reported that traders bought puts on the iShares Semiconductor ETF at 1.5 times the 20-day average volume Tuesday, and that the South Korean Kospi has suffered three drawdowns exceeding 10 percent this year, one near 20 percent, each compressed into three sessions or fewer. Sector volatility has doubled since January.

SK Hynix's ADR trading debut is scheduled for July 10. Micron's fiscal fourth-quarter results, the first test of the company's 86 percent margin guidance, are due in late September.