Palantir, On Semiconductor and Snap reported 2024 second-quarter results that topped key expectations. Palantir’s U.S. commercial revenue rose nearly 150% year over year, sending the stock up 10% after hours. On Semi posted adjusted EPS of 74 cents on revenue of $1.6 billion, and Snap reported $1.6 billion in revenue versus a $1.54 billion estimate. Whirlpool fell 3% after posting a larger-than-expected Q2 loss.

U.S. chip equipment and memory shares surged, led by Lam Research, which jumped 20% for its best single-day performance since 1999 after AI-driven orders and results topped expectations and its outlook came in strong. Micron rose 13% and SanDisk gained 21%, while AMD also logged a double-digit advance. Sentiment around chip equipment suppliers also improved after Microsoft increased Azure capital spending. Arm Holdings added 6% after saying its first in-house AGI CPU has drawn more than $2 billion in orders.