Today’s Market Movers: Marvell, Micron, and Qualcomm Gain as AI Trade Rebounds Tuesday

TLDR

• AI chip stocks including Marvell, Micron, and Qualcomm rose in Tuesday premarket trading
• Applied Digital secured a 15-year, $5.2B lease deal for its Delta Forge 2 AI data center
• GSK agreed to acquire cancer-drug developer Nuvalent for $10.6 billion
• Vail Resorts dropped after cutting guidance due to poor ski pass sales and bad weather
• Perrigo fell after its CEO resigned over conduct that violated company policy

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Chip stocks linked to artificial intelligence were climbing Tuesday morning, one day after investors bought the dip following last week’s pullback.

Marvell Technology rose 4.2% in premarket trading, adding to a 9.6% gain from Monday. That surge came after the company was announced as a new addition to the S&P 500 later this month.

Marvell Technology, Inc., MRVL

Micron Technology gained 4%, Sandisk rose 3.3%, Qualcomm climbed 3%, and Western Digital added 2.6%. The moves suggest investor confidence in AI hardware demand remains intact.

The AI rally had stalled last week after Broadcom gave mediocre revenue guidance. Monday’s rebound brought buyers back into chip names.

Qualcomm got an extra boost from J.P. Morgan, which put the stock on a positive catalyst watch ahead of its June 24 investor day. Analyst Samik Chatterjee expects Qualcomm to lay out a data center strategy covering custom silicon, AI accelerators, and connectivity. J.P. Morgan raised its price target to $265 from $160 but kept a Neutral rating.

Applied Digital Signs Major Hyperscaler Deal

Applied Digital jumped 10% after announcing a long-term lease agreement for 210 megawatts of IT load at its Delta Forge 2 data center. The deal is a 15-year take-or-pay contract with a U.S.-based investment-grade hyperscaler.

The contract is expected to generate around $5.2 billion in base-term revenue. That figure could rise to $12.7 billion if renewal options are exercised over a potential 30-year period.

The agreement pushes Applied Digital’s total contracted base-term lease revenue to $36 billion. Including renewals, that number could reach $86 billion.

Delta Forge 2 is the company’s fifth data center campus. It is scheduled to begin operations in the first quarter of 2028 and will support AI training and inference workloads.

Other Movers: Nuvalent, Vail Resorts, Perrigo

GSK agreed to buy cancer-drug developer Nuvalent for $10.6 billion. Nuvalent shares jumped 39% on the news.

Sirius XM rose 4% after S&P Dow Jones Indices said the company will join the S&P MidCap 400 on June 11. Index inclusion often boosts a stock as funds that track the index buy shares.

Vail Resorts fell around 5% after reporting mixed third-quarter results. Revenue dropped 6.2% year over year, skier visits fell 15.5%, and earnings per share of $8.81 missed estimates. The company cut its full-year guidance, now expecting net income of $128 million to $162 million.

Perrigo dropped 3.8% after its president and CEO Patrick Lockwood-Taylor resigned. The board found his personal conduct was not consistent with company policy.

IDEAYA Biosciences fell 10% after pricing a public offering at $27 per share to raise $300 million.