Record results from Micron, built on a $100 billion order backlog, eased fears over the AI rally and sent Asian equities sharply higher on Thursday.

South Korea's market tripped a circuit breaker, Nasdaq futures slid about 3%, and the AI trade that powered a year of gains went into sharp reverse. Here is what actually moved, and what it touches.

Micron has more than tripled in 2026 on sold-out AI memory. Its June 24 earnings will test whether a thousand-dollar share price has run ahead of the business.