Micron rose roughly 4% Wednesday, and Lynx Equity Strategies analyst KC Rajkumar expects the broader AI semiconductor rally — running since the Federal Reserve's Sept. 15 meeting — to extend through year-end, led by Nvidia, Micron and Sandisk.

"Net/net," Rajkumar said he expects AI semiconductors to "run up into year-end." The call rests on fresh corporate results across the memory and foundry supply chain rather than on momentum alone.

Nvidia pulled back modestly Wednesday after four consecutive sessions of gains. That pause, in Rajkumar's view, does not break the rally: AI semiconductor stocks are being bought in waves, and the sector has increasingly shrugged off concerns that higher bond yields could derail the move.

What did Micron and Sandisk report?

Memory results are giving investors new evidence on pricing direction. Sandisk reported preliminary third-quarter operating profit up roughly ninefold year over year. Micron's August-quarter operating profit rose about 11%.

Micron itself broke out of its trading range in early September, Rajkumar noted, and has kept climbing as daily volatility moderated. The stock closed at $1,088.00 Wednesday, up 4.06% on volume of 30.86 million shares, against a weaker broader market.

Investor attention is now on average selling prices further out. Micron management has indicated that supply-demand conditions in fiscal 2027 and fiscal 2028 should be significantly tighter than in fiscal 2026 — a roadmap signal, not yet a confirmed pricing figure, that underpins the bullish memory thesis.

Can TSMC beat its own 2026 guidance?

TSMC (NYSE: TSM) delivered the sharpest data point of the week: third-quarter revenue growth of 51% year over year, above the high end of its own guidance.

Rajkumar argued the beat could push TSMC's 2026 revenue growth from its guidance of "slightly above 40%" to at least the mid-40% range. That revision is an analyst estimate, distinct from the company's published guidance.

Is the trade still crowded?

Rajkumar's framing goes against the consensus worry of a few months ago. AI semiconductors, he said, are emerging from a period of investor skepticism and are no longer the crowded trade they were earlier in the year.

He cited two demand-side signals:

• Growing popularity of AI agents from Meta, OpenAI and Anthropic.
• Stronger-than-expected AI-driven services results at Accenture.

Both point to AI application demand broadening beyond the initial infrastructure buildout — the foundation, in his view, for the sector's advance through December.

For chip suppliers, the near-term watch items are Micron's and Sandisk's average selling price trajectories into fiscal 2027 and whether TSMC formally lifts its 2026 growth outlook when it updates guidance.