Micron Jumps 2.5% Overnight as Google Raises 2026 CapEx Forecast by $15 Billion

According to Alphabet's earnings report Wednesday evening, Micron Technology jumped 2.5% overnight after the company raised its 2026 capital expenditure forecast by $15 billion. SanDisk, Western Digital, and SK Hynix each rose about 2%, with the Roundhill Memory ETF (DRAM) climbing 2.6%. Google's increased spending is expected to fund AI infrastructure and data centers, boosting demand for memory chips that remain in short supply.

During Tesla's concurrent earnings call, CEO Elon Musk publicly praised Micron for allocating memory supply to the electric vehicle company. "We really appreciate Micron making room for Tesla in the years to come and giving us a very significant allocation on reasonable terms," Musk said, highlighting memory scarcity as memory chipmakers race to meet hyperscaler demand.