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Jason Calacanis says Micron's revenue jumped from $9 billion to $42 billion year-over-year, its Q4 guidance rose to $50 billion versus $43 billion expected, and its stock is up 10x.
Gavin Baker says DRAM and HBM are the most important bottleneck for AI, will comprise 30-40% of hyperscaler capex next year, and only three companies - Micron, SK Hynix, and Samsung - can make the advanced types needed for AI servers.
Micron's Q1 earnings exceeded expectations with 445% year-over-year revenue growth and a 74% jump from last quarter, prompting a 22% hike in next quarter's revenue forecast.
Micron expects the memory market to be undersupplied for at least the next year, forecasting gross margins to expand to 86% in Q4, signaling a structural shift in memory demand driven by AI.
Lynn Alden expects the AI trade to persist longer than anticipated, citing strong RAM demand and breakout earnings from companies like Micron. Narrative momentum can sustain high valuations, as seen with Tesla and SpaceX, despite decoupled fundamentals.
Patrick Serezna reports the S&P 500 retraced half its post-peace deal rally, initially pressured by a 10% limit-down in the South Korean Kospi. Despite Micron’s earnings prompting a relief rally, leadership remains concentrated in semiconductors, indicating weak overall market breadth.