Tech Stocks Rocket Higher on Chip Strength, Easing Oil and Iran Deal Hopes

Tech futures are pointing to a strong open, with the Nasdaq Composite (^IXIC) leading the charge with a 1% increase on the heels of yesterday’s record-setting performance. Gains arrive on the back of blowout chip earnings and a sharp retreat in crude prices tied to signs of diplomatic progress between Washington and Tehran. AMD (Nasdaq: AMD | AMD Price Prediction) is grabbing most of the spotlight, with its shares rocketing roughly 20% ahead of the bell, pulling the broader semiconductor space along for the ride. Meanwhile, the VIX hovering near 18 suggests the options market is largely at ease with the current setup. With the bulls in the driver’s seat, the Nasdaq Composite (^IXIC) is looking to build on yesterday’s record-setting session while adding to its 9% YTD advance.

Oil dives on Iran de-escalation

WTI dropped nearly 9% to around $93 a barrel and Brent shed close to 8% to trade near $101 after Axios reported the U.S. and Iran are closing in on an agreement that would halt nuclear enrichment. President Trump put “Project Freedom,” Washington’s plan to escort vessels through the Strait of Hormuz, on hold, pointing to meaningful headway in negotiations. For transport companies, retailers and large-cap tech, cheaper energy translates directly to healthier margins.

AMD leads the chip charge

AMD’s quarter was the one traders were waiting on. The chipmaker hauled in $10.25 billion in first-quarter revenue, a 38% jump from a year ago, with its Data Center division surging 57% to $5.78 billion. Looking ahead, management is guiding Q2 revenue toward $11.2 billion, which would represent roughly 46% growth. CEO Lisa Su noted that customer interest around the MI450 Series and Helios platforms is building faster than initially anticipated. The stock finished Tuesday near $355, already up 65% on the year before Wednesday’s premarket move.

Intel’s reset gathers steam

Intel is also drawing attention, trading up around 6% premarket and extending a year-to-date run that now stands at a remarkable 193%. The catalyst keeping retail investors engaged is the company’s role as the host CPU inside NVIDIA’s DGX Rubin systems, a connection the market keeps repricing higher.

NVIDIA and Corning seal an AI infrastructure pact

On the tech deal front, Nvidia (Nasdaq: NVDA) and Corning (NYSE: GLW) announced a long-term deal centered on expanding domestic optical connectivity production. Corning plans to scale capacity tenfold and grow U.S. fiber output by more than 50%. The announcement comes as Corning holds its investor day, with the stock having already climbed 85% this year.

Mixed results from Supermicro and Uber

Elsewhere in earnings, Supermicro beat on the bottom line with non-GAAP EPS of $0.84 against a $0.62 estimate, but revenue of $10.24 billion fell well short of expectations.

Uber Technologies (Nasdaq: UBER) checked in with EPS of $0.72 and revenue of $13.20 billion, with Gross Bookings up 25% and second-quarter guidance that topped what analysts had modeled.

What to watch

The direction from here hinges largely on whether the Iran situation continues to develop favorably. A confirmed deal keeps energy costs depressed and gives investors more room to rotate into AI infrastructure plays. If the Hormuz narrative unravels, expect the same trades to move sharply in reverse.

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