Tech stocks live: Micron stock jumps over 12% on earnings beat after tumbling earlier this week

Tech stocks live: Micron stock jumps over 12% on earnings beat after tumbling earlier this week

Micron (MU) announced its third quarter earnings after the bell on Wednesday, beating analysts' expectations on the top and bottom lines and surpassing estimates for the company's Q4 revenue outlook. Micron also declared a quarterly dividend of $0.15 per share.

Micron stock rose more than 6% on the news, and pushed shares of chip stocks broadly higher after tumbling earlier this week.

Overall, tech stocks turned lower on Wednesday afternoon, as concerns over the artificial intelligence trade reemerged. The Philadelphia Semiconductor Index (^SOX) dropped by over 1% after rising earlier in the day.

In other chip names, Nvidia (NVDA) stock retreated by 1%, while Qualcomm (QCOM) fell 4%. Both major chipmakers held events on Wednesday — Nvidia's annual shareholders' meeting kicked off at noon ET, while Qualcomm hosted an investor day.

Meanwhile, Alphabet stock (GOOG, GOOGL) fell slightly after S&P Dow Jones Indices announced the tech giant will replace Verizon (VZ) in the Dow Jones Industrial Average (^DJI) to help the blue-chip index better reflect the growing sectors of the US economy.