QQQA Volume Soars as AMD, Intel Earnings Loom

ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) has seen unusual trading volume, which is 19× higher than its average daily volume.

The ETF’s top semiconductor holdings are in focus ahead of a busy earnings slate, with Advanced Micro Devices set to report Q1 2026 results after the close and analysts divided between bullish long-term AI demand and near‑term valuation concerns; AMD shares have rallied sharply, and options markets are pricing in a large post‑earnings move while multiple analysts have recently adjusted targets and ratings. Intel is also in the spotlight after blowout results tied to agentic AI workloads, Apple’s early talks to use Intel as a foundry partner, and new leadership moves in its PC and AI businesses, developments that collectively reinforce optimism about CPU demand but leave Wall Street’s rating at Hold. Storage leaders Seagate and Western Digital have both surged after crushing earnings and raising outlooks on strong AI‑driven data‑center demand, while ARM and AppLovin are drawing attention from traders and analysts ahead of their own earnings, and Alphabet continues to benefit from growing enthusiasm around its custom AI TPUs and cloud opportunities even as broader Big Tech steps up debt‑funded AI infrastructure spending.