US STOCKS-Wall St set for higher open after Micron revives AI optimism, upbeat economic data

* Futures up: Dow 0.33%, S&P 500 0.84%, Nasdaq 2.38%

* Memory chips surge as Micron results signal robust demand

* Qualcomm (QCOM) soars on lifting long-term datacentre revenue targets

* Final Q1 GDP data comes in at 2.1%, higher than prior estimates (Updates before market open)

By Twesha Dikshit and Joel Jose

June 25 (Reuters) - Wall Street's major indexes were poised to rise on Thursday, with the Nasdaq leading gains as strong forecasts from Micron and Qualcomm (QCOM) renewed AI optimism, while upbeat economic data aided sentiment.

Micron and Qualcomm (QCOM) signaled robust demand for AI infrastructure, with customers committing $22 billion to secure Micron's memory chips and Qualcomm (QCOM) forecasting $15 billion in data centre revenue by 2029.

Micron soared 18.3% in premarket trading while Qualcomm (QCOM) jumped 10.4%. Other memory chips also moved higher, with Sandisk (SNDK) , Western Digital (WDC) and Seagate Technology (STX) rising between 11.6% and 16%.

The results lent fresh support to a tech-driven rally that had retreated in recent sessions, reinforcing the durability of the AI trade as markets scrutinised chipmaker earnings to judge whether sector-wide valuations remained justified.

Meanwhile, the Personal Consumption Expenditures (PCE) price index came in line with expectations at 4.1%. A final reading of first-quarter GDP data showed the economy grew by 2.1%, compared to a prior estimate of 1.6%.

"I think market reaction is largely focused on the month-on-month reading, which came in slightly below expectations," said Daniela Hathorn, senior market analyst at Capital.com.

"The data reinforces the view that inflation remains a concern, with new Chairman Warsh signalling a resolute stance and making clear that inflation remains a key priority and that rates are likely to rise if pressures persist."

A slide in oil prices to below pre-war levels and data pointing to a resilient economy have added to optimism that inflationary pressures may soften, without higher interest rates.

At 8:48 a.m. ET, Dow E-minis were up 173 points, or 0.33%, S&P 500 E-minis were up 62.25 points, or 0.84, and Nasdaq 100 E-minis were up 703.75 points, or 2.38%.

Concerns over debt-backed spending by hyperscalers and fears of a more hawkish Federal Reserve have fueled a market downturn this week, with tech shares leading the selloff.

Micron and Qualcomm (QCOM) have rallied over 200% and 50%, respectively, in this quarter alone. The Philadelphia SE Semiconductor Index is on track for its strongest quarter on record, according to LSEG data.

The Nasdaq was still on track for its biggest monthly decline since March 2025, while the Philadelphia semiconductor index was headed for its worst week since the start of the Middle East conflict earlier this year.

Comments from new Fed Chair Kevin Warsh emphasising the need to tame inflation have led traders to anticipate at least one rate hike by year-end.

Remarks from New York Fed President John Williams and Chicago Fed President Austan Goolsbee will also be parsed later in the day.

Among other movers, Bio-Techne Corp (TECH) jumped 19.4% after Germany's Merck KGaA agreed to acquire the biotech firm for $73 per share in cash, representing a total enterprise value of about $11.3 billion. (Reporting by Johann M Cherian, Twesha Dikshit and Joel Jose in Bengaluru; Editing by Nivedita Bhattacharjee, Joyjeet Das and Maju Samuel)