US Opening Bell | Stocks open lower; Micron Technology jumps 7%, Qualcomm surges 10%; Chip stocks rally

Market

May 11, U.S. stocks opened on a softer note as the Dow Jones slipped 0.08%, the S&P 500 eased 0.06% and the Nasdaq Composite fell 0.17%, with traders cautious ahead of key inflation data even as tech momentum stayed resilient.

Chipmakers led early action: Qualcomm soars 9.93% after upbeat guidance, Lumentum climbs 8.54% on strong photonics demand, Micron Technology advances 7.18% on improving memory pricing, Intel adds 4.35% after unveiling new AI accelerators and Advanced Micro Devices gains 1.66% on a brokerage upgrade. On the downside, Alphabet falls 1.92%, Microsoft slips 1.37% and Tesla Motors edges 0.90% lower as mega-cap names consolidate.

Elsewhere, ProShares Ultra Silver rallies 12.03% as metal prices spike, Destiny Tech100 Inc jumps 11.54%, GraniteShares 2X Long INTC Daily ETF gains 8.64%, uCloudlink Group rises 6.09% on 5G optimism, Li Auto adds 5.25% on record deliveries and XPeng advances 3.59% following a new model launch.

News

Micron Technology raises revenue outlook. Management lifted fiscal-quarter guidance on stronger memory demand, propelling the stock to lead semiconductor gains.

Qualcomm beats earnings estimates and hikes dividend. The mobile-chip giant reported robust handset and AI server sales, driving a near double-digit opening pop.

Lumentum posts better-than-expected results. Improved laser and photonics orders fueled an earnings beat and an 8% share price jump.

Intel unveils next-gen AI accelerator. The product launch signaled competitive progress against NVIDIA and boosted investor confidence.

Alphabet hit by expanded EU antitrust probe. Potential fines weighed on sentiment, nudging the stock lower in early trade.

Microsoft warns of moderating cloud growth. Management commentary tempered growth expectations and pressured the share price.

Tesla Motors announces Model Y recall. A steering component fix affects U.S. vehicles but is expected to have limited financial impact.

Silver price breakout lifts ProShares Ultra Silver. The leveraged ETF surged as spot silver pierced a two-year high, attracting momentum flows.

Li Auto reports record deliveries. The Chinese EV maker’s U.S.-listed shares rose after the company posted stronger than expected shipment numbers.

XPeng strikes robo-taxi partnership with DiDi Global. Collaboration on autonomous fleets reinforced the company’s expansion strategy and supported the stock.