Micron reignites the AI trade: Micron posted record results with revenue of $41.46B and guided next quarter to about $50B, far above expectations. Memory supply is expected to stay tight beyond 2027. The stock jumped 13% after hours.
The week flipped: Just two days ago, memory stocks led a global selloff on fears AI spending would slow. Micron’s results delivered the opposite message: demand is accelerating, not cooling.
The whole sector moved: SanDisk and Western Digital rose 10% after hours, Qualcomm gained 13%, and SK Hynix climbed 12%.
Oil keeps sliding: US crude is near $70 as the US-Iran de-escalation holds. Lower energy prices could ease inflation pressures, while gold fell below $4,000 for the first time in about seven months.
Corporate moves: Alphabet joins the Dow on Monday, replacing Verizon. Micron is also operating India’s first commercial chip plant in Sanand, Gujarat.