After two rough days for technology stocks, the S&P 500 and Nasdaq are trying to regain their footing, helped by a modest rebound in chip names in anticipation for Micron. The memory-chip maker reports earnings after the close, and investors are treating the event as a useful test case for the AI boom. It sells into the infrastructure buildout that has powered the market's biggest story: cloud giants spending enormous sums on data centers, chips, servers, and everything else needed to keep artificial intelligence humming. When that story feels strong, Micron looks like a winner, but when investors start asking whether all this spending will earn a decent return, the company becomes a very visible place to worry.

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