Micron Technology's (MU) bullish outlook is driving its and chipmaking peers' shares higher in premarket trading; Costco Wholesale (COST) is expected to post both quarterly profit and sales gains after the bell; Meta Platforms (META) stock adds to record highs; OpenAI reportedly is planning to restructure to become a for-profit organization and give Chief Executive Officer (CEO) Sam Altman a massive stake; and Federal Reserve Chair Jerome Powell makes his first remarks today after last week's supersized interest-rate cut. U.S. stock futures—especially the tech-dominated Nasdaq—are rising on Micron's rosy outlook after indexes closed mixed Wednesday. Here's what investors need to know today.

1. Micron Outlook Lifts Chipmaker and Peers 

Micron Technology (MU) shares are jumping 16% in premarket trading after the memory chipmaker's revenue and outlook blew past expectations. The Nvidia (NVDA) partner swung to a profit in its fiscal fourth quarter and almost doubled revenue, buoyed by "robust AI demand," according to CEO Sanjay Mehrotra. Micron's results lifted other chipmakers and semiconductor industry suppliers, with ASML Holding (ASML) jumping 4% and Advanced Micro Devices (AMD), Broadcom (AVGO), and Nvidia all up about 2%. 

2. Costco Expected to Post Higher Q4 Sales, Profit

Costco Wholesale (COST) will report fiscal fourth-quarter earnings after the closing bell Thursday, with analysts projecting year-over-year growth on the top and bottom lines. It will be the retailer's first results since it raised its membership fees for the first time in seven years. Analysts are projecting very little further appreciation for the shares, which are edging higher in premarket trading and have climbed nearly 40% this year.

3. Meta Stock Rises Further After Setting Record High

Meta Platforms (META) shares, which hit an all-time high Wednesday, are rising a further 2% in premarket trading after the company unveiled new products at its annual Connect conference. In his keynote address, CEO Mark Zuckerberg announced a lower-cost Quest 3S headset, Orion augmented reality glasses, new features for its smart glasses made in partnership with Ray-Ban, and new AI features, among other things.

4. OpenAI Plans to Restructure Into For-Profit Company, Give Altman Stake

OpenAI reportedly is planning to restructure to become a for-profit organization, as the Microsoft (MSFT)-backed company struggles with an ongoing exodus of key personnel. According to Reuters, which first reported the plan, OpenAI is in talks to give CEO Sam Altman equity worth up to $150 billion, while Bloomberg said the company is discussing giving him a 7% stake. Meanwhile, OpenAI's long-serving Chief Technology Officer (CTO) Mira Murati was among those to announce a departure Wednesday.

5. Powell, Other Fed Speakers on Tap

It's a big day for Federal Reserve speakers, among them Fed Chair Jerome Powell, who will deliver pre-recorded opening remarks at the 2024 U.S. Treasury Market Conference. Powell's speech will be his first since announcing last week's jumbo-sized interest-rate cut. Investors will also be on the lookout for comments from New York Fed President John Williams and Fed Vice Chair Michael Barr on the health of the U.S. economy. Data due today include a revised estimate of second-quarter GDP.