Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and internationally. It operates through the Cloud Memory Business Unit; Core Data Center Business Unit; Mobile and Client Business Unit; and Automotive and Embedded Business Unit segments. The company provides memory products, including dynamic random access memory components and modules, CXL-based memory, LPDDR components and modules, graphics memory, high-bandwidth memory, and data center memory products; multichip packages (MCP) comprising embedded multimedia card-based, universal flash storage-based, and NAND-based MCPs; and technology leadership products that include 1y DRAM and G9 NAND technologies. It also offers storage products, such as data center solid-state drives (SSD), client SSD storage, and auto and industrial SSD storage; managed NAND; NAND flash; NOR flash; and memory cards. In addition, the company provides design tools, including FBGA and part decoders; DRAM power calculators; NAND power calculators; simulation models; chipset compatibility guides; serial presence-detection tools; cross-reference tools; UFSparm; SSD firmware; software and drivers; storage executive software; and obsolete part catalogs. It markets its semiconductor memory and storage products under the Micron and Crucial brands. The company serves the data center, PC, graphics, networking, automotive, industrial, and consumer embedded markets, as well as the smartphone and other mobile-device markets. It sells its products through its direct sales force, independent sales representatives, distributors, and retailers; web-based customer direct sales channel; and channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.
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S&P 500 Q3 Earnings Growth Expected at 22.6%
Zacks Investment Research reports that S&P 500 earnings for 2026 Q3 are expected to rise 22.6% year-over-year on 10.9% higher revenues, with 14 of 16 sectors projected to see positive growth and five sectors achieving double-digit gains. This marks the most broad-based earnings growth in recent times, with positive revisions continuing for a year. Alphabet, Micron, and Nvidia are major contributors to the Tech sector's growth; excluding them, Tech earnings would grow 18.9% versus 39.3% otherwise. The favorable revisions trend also extends to Q4 estimates, with similar sectors seeing upward adjustments.
Micron Technology Inc. has announced a leadership reshuffle ahead of its next phase of AI-driven growth, appointing Manish Bhatia as president and chief operational officer and Scott DeBoer as president and chief technology and product officer. Bhatia, who joined Micron in 2017, will oversee worldwide operations, business units, capital investment, manufacturing, customer demand, pricing, and delivery. DeBoer, a Micron veteran since 1995 who has co-led the development of 15 technology nodes, will lead the memory and storage roadmap, customer innovation, and Micron Research Labs. Meanwhile, Sumit Sadana, former executive vice president and chief business officer, will transition to a senior adviser role reporting to CEO Sanjay Mehrotra. The changes come as Micron seeks to better capitalize on AI-driven demand for advanced memory, with a focus on capacity planning, pricing discipline, and product development to improve profitability.
Applied Materials Faces Growing China Risk from Domestic Equipment Push
Reports that Shanghai Aishengna Electronic Technology Group has begun producing immersion DUV systems sent shares of ASML Holding (ASML) down sharply, but the immediate threat to Applied Materials (AMAT) is overstated. Applied Materials does not make lithography systems; a Chinese immersion DUV machine competes directly with ASML, not with Applied Materials' deposition, etch, and other systems. However, China's directive requiring semiconductor manufacturers to use at least 50% domestically produced equipment when adding new capacity pressures Applied Materials' $4.2 billion annual China revenue. In fiscal Q1 2026, China accounted for $2.095 billion, or 29.9% of total revenue, and in Q2, $2.087 billion, or 26.4%. Six major Chinese equipment suppliers saw combined sales surge from $748 million in 2020 to $7.608 billion in 2025, and CXMT, a key DRAM maker, sources an estimated 40% to 50% of its tools domestically, potentially overtaking Micron in physical wafer capacity by 2030. While five initial DUV systems are too few to impact 2026 earnings, the longer-term risk is that China's domestic equipment ecosystem reduces Applied Materials' addressable market over several years.
Micron Options Price 13-Month Range From $460 to $1,884
Micron Technology trades at $932.97, and the options market has priced a thirteen-month range with roughly two-in-three odds that the shares finish between $460 and $1,884, implying a potential halving or doubling from today's price. The band is the middle of the distribution, with about a one-in-six chance of finishing above $1,884 and the same odds of finishing below $460. Implied volatility of 68.1% is below the stock's realized volatility of 81.7% over the past year, and Micron has returned 694.1% over the past twelve months against 19.7% for the S&P 500, though it trades about 23% below its 52-week high. The company's operating margin on $90.27 billion of trailing revenue was 65.7%, versus a three-year average of 11.2%, and management has signed 16 take-or-pay strategic customer agreements, typically five years long, with the largest carrying both a floor and ceiling price. Those deals cover only about 20% of DRAM volume and a third of NAND volume, but management expects coverage to reach roughly half or more of company revenue once all planned deals are signed.
AI Semiconductor Market Projected to Reach $255.90 Billion by 2035
The AI in semiconductor market is projected to grow to $255.90 billion by 2035, driven by hyperscale AI data center expansion, advanced AI-specific silicon, and edge computing adoption. Asia Pacific is expected to contribute significantly due to robust semiconductor production and AI chip development. In related market moves, Jentech Precision Industrial rose 10% to NT$5,725.00, near its 52-week high, while MPI fell 10% to NT$5,040.00. Micron Technology, which ended at $932.97 up 2.5%, opened a new training center in Boise, and NVIDIA, up 2.2% to $213.05, announced new partnerships and products including the Jetson Orin Nano 2. Broadcom closed down 0.6% at $356.74.
Micron and Primemas Showcase Rack-Scale AI Memory Pooling Breakthrough
Micron Technology and Primemas showcased their Abaco Project collaboration on rack-scale AI memory pooling at FMS 2026. The Abaco Project uses CXL attached shared memory to pool capacity across a rack, targeting static local memory bottlenecks in AI and HPC data centers. Developed for the US Department of Energy, the project highlights Micron's role as memory partner on next generation infrastructure for scalable AI workloads.
Goldman Sachs Projects Worst DRAM Shortage Since 2017
Goldman Sachs projects the DRAM market will swing to a 5.9% undersupply by 2027, driven by AI server demand and marking the worst such shortage since 2017. Micron's entire 2026 HBM output is sold out, with 16 contracts locking in roughly $100 billion in minimum revenue through 2030. Despite revenue projected to nearly double to $250 billion next year, Micron trades at a forward P/E near 6, well below semiconductor peers.
Broadcom and Micron Post Blockbuster AI-Driven Quarters
Broadcom and Micron Technology delivered blockbuster quarters driven by the shift from AI training to inference and agentic workloads. Broadcom's fiscal Q2 revenue hit $22.2 billion, up 48% year-on-year, with AI semiconductor revenue of $10.8 billion, up 143%, and AI semiconductor orders exceeded $30 billion in the quarter. Micron's fiscal Q3 revenue reached $41.5 billion with a consolidated gross margin of 84.9% and non-GAAP EPS of $25.11, while DRAM prices rose in the low 60s percentage range sequentially. Micron secured roughly $100 billion in contracted memory revenue through five-year take-or-pay agreements, and its HBM4 is ramping twice as fast as its predecessor. Broadcom guided fiscal 2027 AI silicon revenue to be in excess of $100 billion, while Micron's Q4 guidance calls for $50 billion in revenue and roughly 86% gross margin.
Jim Cramer says data center backlash favors big tech hyperscalers
Jim Cramer said Monday that growing political opposition to data center construction is shifting the advantage toward the largest technology companies at the expense of smaller, speculative developers. The "Mad Money" host said the data center thesis, perhaps the greatest investment theme in a generation, is now under attack and may never be the same, citing Pennsylvania and Texas as illustrations where governors once advocates for data center growth have lately demanded more stringent conditions on new projects. Amazon, Alphabet, Microsoft, and Meta are best positioned to navigate the new landscape, Cramer argued, because the scale of their balance sheets lets them clear regulatory and community hurdles that would be prohibitive for smaller operators. He added that if speculative developers exit the market, hyperscalers could face less pressure on land, power, and workforce availability, which might translate into lower construction costs as they press ahead with AI infrastructure. Cramer cautioned that with the buildout trajectory in question, the market may no longer justify elevated multiples for suppliers like GE Vernova, which makes gas turbines, or memory-chip companies including Micron, Sandisk, Western Digital, and Seagate, regardless of how robust end demand proves to be. Despite his more cautious outlook for parts of the data center trade, Cramer stopped short of calling the broader theme finished, saying rules can be crafted and communities can be appeased, but the unbridled buildout is most likely over.
Nvidia is preparing price increases of more than 15% on many AI servers using its chips, as soaring memory costs collide with relentless data-center demand. Some of Nvidia's largest customers have been told that systems containing Grace Blackwell and next-generation Vera Rubin chips will become more expensive when shipments begin early next year, with increases varying by chip generation and memory configuration. Contract manufacturers supplying Microsoft, Alphabet and Oracle have already notified customers of the increases. Memory suppliers including Micron, Samsung and SK Hynix have struggled to expand capacity fast enough to match AI demand. Nvidia generated $81.6 billion of revenue last quarter, up 85% year over year, with Data Center revenue surging 92% to $75.2 billion and non-GAAP gross margin at 75%, and it guided fiscal second-quarter revenue to roughly $91 billion with another 75% non-GAAP gross margin. Nvidia reports fiscal second-quarter earnings on Aug. 26 after the market closes.
Direxion Daily Semiconductor Bull 3X ETF Drops 8% on China Chip Threat
The Direxion Daily Semiconductor Bull 3X Shares ETF fell 8% through 12:12 p.m. ET after reports that the Trump Administration will allow Apple to buy memory chips from Chinese suppliers ChangXin Memory Technologies and Yangtze Memory Technologies Corp. The decision threatens U.S. memory makers Micron and Sandisk, with Micron being the ETF's largest holding at 8.6%. Micron stock dropped about 5%, while Sandisk fell roughly 6%, and other top holdings including AMD and Nvidia also traded lower. The leveraged ETF had surged 32% in the first two weeks of August before reversing course.
Micron Stock Tumbles on Report Apple May Buy Chinese Memory Chips
Micron stock tumbled 5.5% in the first five minutes of trading Monday after tech news site WCCTech reported the Trump Administration has decided to permit Apple to purchase memory chips from Chinese suppliers ChangXin Memory Technologies and Yangtze Memory Technologies Corp. The report said the DRAM and NAND chips Apple might source from China would only be used in Apple products sold in China, limiting the threat to Micron's global market share but still posing a risk to its China business. Lynx Equity Research analyst KC Rajkumar called the sell-off an overreaction, citing concerns about the quality of Chinese chips and the inability of CXMT and YMTC to scale production sufficiently to meet Apple's needs. However, CXMT just finished raising $8.6 billion in a Shanghai IPO and plans to ramp up production immediately, with YMTC expected to follow a similar path.
Yangtze Memory Technologies filed for an initial public offering on the Shanghai Stock Exchange to raise $4.9 billion, in what would rank among China's largest semiconductor share sales in years. The Wuhan-based company, known as YMTC, said in its listing prospectus on Friday that it plans to issue between roughly 2.0 billion and 2.4 billion new shares, representing 10% to 12% of its post-offering share capital, with an overallotment option of up to 15%. The funds will be used to upgrade production lines and develop next-generation storage products, and the company expects to list in 2027. YMTC's parent company, CCSH Corporation, plans to list on Shanghai's STAR Market. The IPO comes as explosive demand from artificial intelligence has driven a surge in NAND flash chip prices, allowing YMTC's factories to run near full capacity. The company posted first-quarter revenue of 47.04 billion yuan, or $7.0 billion, a figure that surpassed what it had earned across all of 2024, while quarterly net profit reached 33.38 billion yuan, more than twice what the company earned across all of 2025. Counterpoint Research placed YMTC third in global NAND shipments, ahead of Kioxia by volume, even as it continues to lag behind both Kioxia and Micron Technology when measured by revenue. YMTC remains subject to U.S. restrictions limiting its access to certain American technologies, a factor analysts said could weigh on its longer-term growth.
Micron CEO Unveils $10 Billion Research Labs Betting Memory Is No Longer a Commodity
Micron Technology CEO Sanjay Mehrotra unveiled Micron Research Labs, a $10 billion investment in basic research aimed at next-generation AI memory, during a CNBC appearance from Boise last Thursday. Mehrotra framed the announcement with the claim that memory is no longer a commodity but strategic infrastructure for AI, noting Micron holds over 62,000 patents and that the lab will be headquartered in Boise with satellite campuses globally, modeled after Bell Labs. The company has signed 16 Strategic Customer Agreements, most running five years from calendar 2026 through 2030, with 14 of those deals representing roughly $100 billion in cumulative minimum revenue and covering about 20% of DRAM volume and a third of NAND volume. Mehrotra said the largest agreements include price floors that would deliver gross margins well above any past cycle peak, though only about 40% of revenue will be at fixed prices or ceilings, leaving the rest exposed to commodity pricing. Micron shares closed at $974.33 on Thursday, up 241.59% year to date and 732.62% over the trailing year, but the stock trades at a forward PE of 6 versus a trailing PE of 21, signaling expectations of lower earnings ahead.
Micron CEO bets $10 billion research lab ends memory cycle
Micron Technology CEO Sanjay Mehrotra is arguing that the memory-chip cycle has been permanently broken, backing the claim with a planned $10 billion investment in a new Boise, Idaho research institution. The company unveiled Micron Research Labs on Aug. 20, with ground breaking in calendar 2027 and work spanning memory technologies, compute architectures, packaging and future semiconductor manufacturing. The lab sits on top of more than $250 billion Micron has separately committed to U.S. manufacturing and research through 2035. Mehrotra told CNBC that data center customers currently want about 50% more supply than Micron can commit to, and the company has disclosed 16 five-year strategic customer agreements alongside its June earnings report. Micron shares closed at $974.33 on Aug. 20, up about 4%, but still roughly 22% below their late-June record close.
Micron CEO Sold $37 Million in Shares Before $22 Billion Deposit Reveal
Micron CEO Sanjay Mehrotra sold $37 million in shares a month before announcing $22 billion in customer deposits and demand outpacing supply by 50%. On July 24, 2026, Mehrotra disposed of 40,000 shares at prices ranging from roughly $906 to $966, while Chief Accounting Officer Scott Allen sold 879 shares at $1,000.00 on July 23 and Chief People Officer April Arnzen sold on July 1 across 18 lots priced between $1,077.05 and $1,095.88. Micron closed at $974.33 on August 20, up 241.59% year to date and 732.62% over one year. The company said 14 of 16 signed take-or-pay agreements represent roughly $100 billion in cumulative revenue at minimum prices, with floor pricing supporting gross margins well above peak quarterly margins in any past cycle.
Hedge funds and mutual funds split on AI trade, Goldman says
Hedge funds and mutual funds took sharply different approaches to individual AI stocks during the second quarter, according to Goldman Sachs. Hedge funds bought Microsoft and Amazon while mutual funds reduced positions in both, and hedge funds cut exposure to Alphabet, Meta Platforms, Nvidia, Broadcom, Lam Research, Marvell Technology, Cisco Systems, Hewlett Packard Enterprise and Applied Materials. Mutual funds bought Advanced Micro Devices, Micron Technology and Sandisk while hedge funds reduced exposure to those stocks. Goldman identified 12 AI infrastructure stocks purchased by both groups, including American Electric Power, Bloom Energy, CoreWeave, Flex, NiSource, Seagate Technology, Talen Energy and Xcel Energy. The analysis covers 991 hedge funds with $5.4 trillion of gross equity positions and 504 large-cap active mutual funds with $4.6 trillion in equity assets.
Nvidia May Cut Memory on Rubin Ultra GPU, AMD Unfazed
Nvidia is reportedly testing versions of its next-generation Rubin Ultra GPU with significantly less high-bandwidth memory than originally promised, with some configurations as low as 192GB to 256GB versus the 1 terabyte Jensen Huang initially announced. The move comes amid a severe industry-wide memory shortage, though Nvidia still controls more than 95% of the data center GPU market and has struck a $500 billion partnership with SK Hynix's parent company to co-develop future memory technology. Rival AMD says it has already secured the HBM it needs through ties with Samsung Electronics, SK Hynix, and Micron Technology, and its Helios AI system ships to customers including Microsoft, Meta, OpenAI, and Oracle later this year. AMD's data center revenue grew 57% year over year as of Q1 2026 and now makes up the majority of its total revenue, but Helios reportedly costs $5 million to $5.5 million per system versus $3.5 million to $4 million for Nvidia's Vera Rubin. Nvidia was the most widely held chip stock among hedge funds in Q1 2026 with 275 holders, compared to 134 for AMD.
Sandisk Launches NAS SSDs to Challenge Micron and Seagate
Sandisk Corporation has expanded into high-performance network-attached storage with the SANDISK NAS 600 SATA SSD and SANDISK NAS 800 NVMe SSD, targeting prosumers, creative professionals, and small businesses. The NAS 600 delivers sequential read speeds of up to 560 MB/s and endurance of up to 2,500 TBW on the 4TB model, while the PCIe 5.0-based NAS 800 offers sequential read/write speeds of up to 14,900/13,200 MB/s and endurance of up to 14 PBW. The launch strengthens Sandisk's competitive positioning against Micron Technology and Seagate Technology, with Micron representing a more direct NAND and SSD competitor and Seagate challenging through high-capacity hard drives and tiered-storage architectures. Sandisk shares have appreciated 575.7% year to date, and the stock trades at a forward 12-month price/earnings of 7.31X compared with the broader sector's 20.92X. For fiscal 2027, the Zacks Consensus Estimate for Sandisk's earnings is pegged at $213.30 per share, up 10.62% over the past 30 days and suggesting 200.93% growth from the year-ago estimate.
Micron invests $10 billion in new Boise research facility
Micron is building a $10 billion research facility in Boise, Idaho, as the memory chipmaker rides the AI infrastructure boom. The company is one of only three global suppliers of high-bandwidth memory, alongside SK Hynix and Samsung, which is critical for high-end AI chips. Rising demand for HBM has reduced supply of consumer DRAM, pushing up prices and boosting Micron's revenue and stock price. The Boise expansion has reportedly created millionaires in the area, though future growth could be affected if chipmakers like Nvidia adopt designs requiring less memory.
SK Hynix to invest tens of trillions of won in chip plant in Japan
SK Hynix, a major South Korean chipmaker, plans to build a memory chip plant in Miyagi Prefecture in northeastern Japan, with an intended investment of tens of trillions of won. This would be the first large-scale investment by a South Korean semiconductor maker in establishing a production base in Japan. The move comes after Micron Technology and Taiwan Semiconductor Manufacturing Company previously set up plants in Japan. Sources at SK told Kyodo News that any location with sufficient infrastructure could be chosen, but no decision has been made at this time, and they could not confirm Korean media reports citing financial industry sources that Chey Tae-won, chairman of SK Group, had visited candidate sites. SK Hynix is one of the leading companies in DRAM memory chips along with Samsung Electronics and Micron Technology, and is also the world's leading producer of high-bandwidth memory chips, a key component for high-speed artificial intelligence processing. The company views the planned plant as a measure to expand production capacity amid a semiconductor boom driven by AI demand, but it also noted that the United States, which has previously pressured South Korean companies to invest in its semiconductor sector, may increase pressure on SK Hynix if the company invests in that sector in Japan.
Binance users see first outflows in a week when QQQ fell, selling memory stocks and rotating into crypto-related names
According to a weekly flow analysis of equity-linked products published by Binance Research on the 20th, the platform recorded net outflows of 42 million dollars during the period from August 13 to 19, marking a third consecutive week of outflows. The Nasdaq 100 tracking ETF QQQ fell 1.1 percent over the period, but over the past 11 weeks, weeks in which QQQ declined had seen average inflows of about 165 million dollars. This time, however, funds flowed out in a week when QQQ fell for the first time, deviating from the previous trend. The technology sector led the outflows, with net outflows of 62.3 million dollars, more than triple the previous week's 18.7 million dollars and the largest in the past 12 weeks. Selling was particularly notable in memory-related names, with Micron, SanDisk, and memory-related ETFs ranking among the top by total trading value. Meanwhile, buying was concentrated mainly in crypto-related stocks that had been declining, with Strategy seeing the largest single-stock inflow at 7.9 million dollars, Coinbase receiving 2 million dollars, and the iShares Bitcoin ETF taking in 2.4 million dollars.
Walmart Plunges 10% Despite Earnings Beat and Raised Guidance
Walmart shares fell about 10% on Thursday even after the retail giant beat Wall Street estimates and raised its full-year guidance, dragging all three major U.S. indexes lower. The S&P 500 was down 0.29%, the Dow Jones Industrial Average fell 0.64%, and the Nasdaq Composite dropped 0.80% as of 11:44 a.m. ET. Walmart's domestic comparable sales grew just 2.6%, well short of the roughly 3.7% analysts expected and the slowest pace since Q4 2020, while about $2.9 billion of the quarter's earnings surprise came from tariff refunds rather than core operations. The stock's 9.8% decline added to a 21.3% drop over the last three months, and with an $826 billion market cap it weighed heavily on the S&P 500 and Nasdaq. Oil prices rose about 3% after the United Arab Emirates suspended all financial transactions with Iran, and 30-year Treasury yields remained near multi-decade highs, while Treasury Secretary Scott Bessent announced bigger buybacks of long-dated debt and admitted liquidity there is very poor. Deere rose 9.4% on another beat-and-raise report, and Micron Technology gained 1.8% while SK Hynix added 3.7%.
Micron Technology is committing approximately $27 billion of capital spending in fiscal 2026, net of anticipated government incentives, to new fabs whose output arrives into the same year its own outlook expects memory supply to improve. The company posted a quarterly record $18.3 billion of free cash flow in fiscal Q3 2026 after $7.1 billion had already gone into plant, with trailing twelve-month revenue of $90.3 billion. More than half of the year-over-year increase in fiscal 2027 capital spending is construction as Micron pulls in clean room capacity for the ID1 and ID2 DRAM fabs in Idaho, the first fab of a New York cluster, a newly acquired site at Tongluo in Taiwan, and an advanced packaging facility in Singapore. Management expects industry supply to improve gradually in 2028 but says it has no line of sight as to when memory supply will catch up with increasing demand, while ID1 is due for first wafer output in mid-calendar 2027 and ID2 in late calendar 2028. Micron has signed 16 strategic customer agreements, take-or-pay contracts typically running five years from calendar 2026, covering roughly 20% of its DRAM volume and a third of its NAND volume, with the largest agreements generally carrying a ceiling price for existing products at the current CQ2 market price alongside a floor. Yangtze Memory Technologies has broken into the global top three in NAND shipments, finishing ahead of Micron with 14% of the global total in the second quarter, according to Counterpoint Research.
SK Hynix Rises 6% on $29B Buyback, SanDisk Gains 5%, Micron Climbs 3% as Memory Names Rebound
SK Hynix shares climbed 6% to $164.70 after the Korean memory giant approved the largest treasury share cancellation in South Korean history, a 40 trillion won, or about $28.6 billion, repurchase and cancellation plan covering roughly 24.07 million shares, or 3.3% of total shares outstanding. The move lifted memory peers, with SanDisk up 5% to $1,703 and Micron Technology up 3% to $967.93, while the Roundhill Memory ETF rose 4% to $57.26. SK Hynix also revised its 2025 to 2027 shareholder return commitment upward from a ceiling of 50% of cumulative free cash flow to a floor above that level, with fixed and special dividends under consideration and details due alongside third-quarter earnings likely in late October. The company cited a net cash position of approximately 69 trillion won, or about $49.36 billion, at the end of the second quarter, and last week approved 54 trillion won of investment to build two new fabrication plants in South Korea. Micron's buyback remains capped by CHIPS Act terms until December, while investor Cathie Wood has said she is steering clear of memory stocks, arguing memory is becoming increasingly expensive and will push engineers toward AI systems that need less of it.
Krungsri Asset Management launches two new funds targeting the global AI megatrend
Krungsri Asset Management is offering the Krungsri AI and Next Gen Software Fund, known as KF-AINEXT, and KF-AINEXT-FX, for sale from 19 to 25 August 2026. Both funds invest in the master fund, the Invesco AI and Next Gen Software ETF, which focuses on companies driving the development of AI and next-generation software across the entire AI value chain, from infrastructure such as semiconductors, networking systems, and cloud computing, to developers of AI platforms and models, as well as companies applying AI in various industries such as industrials and healthcare. Selected companies must derive at least 50% of revenue from theme-related businesses, and the fund selects the top 100 stocks by free-float market capitalisation, with quarterly portfolio rebalancing. The top five holdings include AMD at 8.80%, Micron Technology at 8.57%, Alphabet at 7.39%, Meta Platforms at 7.33%, and NVIDIA at 7.22%. The portfolio has an 82.06% allocation to the United States and a 52.33% weighting in semiconductors and semiconductor equipment. The master fund has delivered a one-year return of 111.51%, a three-year average annual return of 42.53%, and an average annual return since inception of 15.97% as of 30 June 2026. KF-AINEXT hedges foreign exchange risk at the fund manager's discretion, while KF-AINEXT-FX does not hedge foreign exchange risk. Both funds have a minimum initial investment of only 500 baht and carry a risk level of 6, indicating high risk.
Nvidia Seen as Bigger Winner Than Micron in 2026 AI Infrastructure Buildout
Nvidia is positioned to benefit more than Micron from the 2026 AI infrastructure buildout because a greater share of hyperscaler capital spending goes toward its accelerators than toward memory chips. Hyperscalers Amazon, Microsoft, Alphabet, and Meta Platforms are expected to spend around $700 billion in combined capex in 2026, with roughly two-thirds directed at AI infrastructure, and GPU-based servers are the largest component within those budgets. Nvidia's GB200 Grace Blackwell Superchip and NVL72 systems tie together dozens of CPUs and GPUs, keeping the company at the center of procurement decisions, while Micron supplies high-bandwidth memory such as HBM3E that Nvidia uses in its H200 and Blackwell GPUs. Micron has locked in price and volume agreements for all of its 2026 HBM output and expects the HBM market to grow from about $35 billion in 2025 to around $100 billion in 2028, giving it leverage from tight supply and high attach rates. Still, Nvidia captures a larger absolute share of AI infrastructure dollars because AI campus specifications are set around its computing roadmap before memory, networking, and power are considered.
Micron Q3 Beat, Record Q4 Guidance, and a Hold Rating
Micron Technology reported fiscal third-quarter results that beat consensus and guided to record fourth-quarter revenue, while 24/7 Wall St. reiterated a hold rating with a price target of $964.63, implying a 0.72% downside from the latest close of $1,011.75. Revenue of $41.46 billion beat consensus by 17.60%, non-GAAP EPS of $25.11 beat by 23.79%, and GAAP gross margin expanded to 84.6% from 37.7% a year earlier. The company guided fourth-quarter revenue to a record $50 billion and EPS of $31, and CEO Sanjay Mehrotra said floor prices in sixteen Strategic Customer Agreements locking in roughly $100 billion of minimum-priced revenue deliver a very robust gross margin well above peak quarterly margins in any past cycle. Micron shares have climbed 254.71% year-to-date and 738.41% over one year, but sit about 20% below the 52-week high of $1,254.81, and the stock trades at a forward P/E of 6 versus 18 for Western Digital and 26 for Sandisk. The 24/7 Wall St. bull-case scenario points to $1,334.11 over 12 months, while the bear scenario targets $705.83, and the firm's projections rise from $965 in 2026 to $1,250 in 2030.
Micron Technology has delivered gains of more than 8x over the past year, driven by surging revenue and earnings amid a favorable memory pricing environment. JPMorgan notes that DRAM prices will jump by 400% from the beginning of 2024 to the end of 2026, and Micron derives over three-fourths of its revenue from DRAM sales. Market research firm TrendForce estimates the global DRAM market's revenue could increase to $903.3 billion in 2027 from $618.7 billion this year, and Micron has a 25% share of the DRAM market according to Counterpoint Research. Assuming Micron trades at 15 times sales at the end of 2027 and its revenue hits $260 billion, its market cap could jump to $3.9 trillion, which is 242% higher than its current market cap.
Micron's Strategic Agreements Lock in Floor Pricing, Ending Memory Cyclicality
Micron Technology has signed 16 Strategic Customer Agreements that lock in contracted floor pricing, generating $22 billion in deposits and approximately $100 billion in cumulative remaining performance obligations. The company reported fiscal Q3 2026 revenue of $41.456 billion, up 345.7% year over year, with non-GAAP EPS of $25.11 and a record gross margin of 84.9%. CEO Sanjay Mehrotra expects tight memory supply to persist beyond calendar 2027 as high-bandwidth memory becomes an architectural bottleneck on AI accelerators. Micron trades at a forward P/E of 6 despite these structural tailwinds, far cheaper than AI peers NVIDIA and Broadcom.
Micron has shipped over $1 billion in HBM4 revenue with its ramp tracking twice as fast as HBM3E, directly threatening SK Hynix's flagship memory business. Micron's 16 take-or-pay agreements represent roughly $100 billion in floor-price revenue, and CEO Sanjay Mehrotra projects margins above prior peak levels even at minimum contract prices. SK Hynix posted record Q2 2026 revenue of 79.3 trillion won and operating profit of 60.5 trillion won, but a modest earnings miss triggered an initial 10% selloff in its ADR. Micron expects fiscal Q4 revenue of $50.0 billion with about 86% gross margin, while both stocks hinge on AI hyperscaler capex guidance.
Chayanon says tech stocks still have room to run, recommends watching Memory Chip and NVIDIA
Chayanon Rakkanjanun, co-founder of Finnomena Group and CEO of Finnomena Funds, said technology stocks have not yet run their course, despite heavy volatility since the start of the year from four main factors: rapid changes in AI technology, capital rotation following technology, uncertainty from tensions in the Middle East, and signals from Kevin Warsh, chairman of the US Federal Reserve, that interest rates could rise, with US government bonds hitting their highest level in 25 years since the subprime crisis, pressuring tech stocks. Chayanon pointed to positive signals from South Korean chip exports by Samsung and SK Hynix, which grew more than 100 percent from May to July 2026, still-high demand for High Bandwidth Memory and DRAM, continuously rising GPU rental prices, and second-quarter 2026 results from hyperscalers including Google Cloud Platform, Microsoft Azure, Amazon Web Services, and Meta Platforms that beat expectations, along with announced data center capital spending totaling 700 billion dollars this year and 1 trillion dollars next year. He recommended avoiding or investing only lightly in the Memory Chip group, choosing Micron, said NVIDIA has no competitor for four to five years, picked Google among the hyperscalers, and pointed to an advantage in Japanese stocks for AI inspection, while recommending the LHSUPERAI fund, which invests across the full supply chain.
Micron and Western Digital Shares Soar on US Opposition to Apple Buying Chinese Memory
Micron and Western Digital shares jumped after Commerce Secretary Howard Lutnick told The Wall Street Journal the Trump administration opposes Apple buying Chinese memory chips. Lutnick said Washington is "not in favor" of Apple using Chinese memory and that he had conveyed that "plainly," which would keep more of the shortage with Micron, Samsung, and SK hynix. The news followed Sandisk's Analyst/Investor Day updates, where the company projected mid-to-high-teens revenue growth, non-GAAP gross margins of about 80%, and non-GAAP operating margins of about 75% from fiscal 2028 through 2030, and said New Business Model agreements with eight customers cover about half of its bits in fiscal 2027 and about two-thirds in fiscal 2028. Micron jumped 5.8% and Western Digital jumped 5.4%.
Amkor and Teradyne Shares Soar on Anthropic Revenue Surge
Amkor and Teradyne shares jumped in afternoon trading after Bloomberg reported that Anthropic told prospective investors its second-quarter revenue surged more than 14-fold to over $11.5 billion, up from $787 million a year earlier and $4.73 billion in the first quarter, with the company also posting positive adjusted operating income for the first time. Reuters separately reported that Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion, fueling a memory-led rally in chip stocks. Commerce Secretary Howard Lutnick told The Wall Street Journal that the Trump administration opposes Apple buying Chinese memory chips, a stance that would keep more demand with Micron, Samsung, and SK hynix. Amkor gained 4.2% and Teradyne gained 5.4% on the news.
Super Micro, Dell Fall as Netlist Files DDR5 Patent Complaint
Super Micro Computer fell 4% and Dell Technologies dropped 3% after Netlist filed an International Trade Commission complaint over DDR5 memory module patents. The complaint names Super Micro, Micron Technology, Hewlett Packard Enterprise and Lenovo, targeting DDR5 RDIMMs and MRDIMMs used in AI-optimized servers. Dell was not named in the disclosed ITC complaint, making its decline a sympathy trade. Micron rallied 4% despite being named, and the iShares Semiconductor ETF gained 2%, signaling sector rotation rather than fading AI demand. Super Micro booked over $60 billion in new orders last quarter and guided fiscal 2027 revenue of $65 billion to $72 billion.
Bank of America sees Micron Technology generating more than $230 in earnings per share by fiscal 2030, more than double what Wall Street currently expects at peak. Analyst Vivek Arya reiterated a Buy rating and $1,550 price target on Micron while adding the stock to BofA's US 1 List, representing over 50% upside from the current level of $1014. The note draws on SanDisk's recent investor day commitments of 15% annual sales growth and greater than 80% gross margins through FY30, applying those assumptions to Micron to arrive at a FY30 EPS range of $200 to $250, implying a 30%-plus EPS compound annual growth rate from FY26 through FY30. BofA argues that if Micron's earnings volatility proves structurally lower, the stock deserves to re-rate from its historical 10x P/E multiple toward 12x to 15x, and models more than $80 billion in trailing-twelve-month free cash flow beginning around December 9, 2026, with more than $640 billion in cumulative FCF through FY30. Arya dismisses concerns about lower-memory configurations in Rubin Ultra GPU designs as overstated, citing HBM4e and HBM5 roadmaps targeting 500GB to 1TB configurations and industry migration to 12-Hi and 16-Hi stacks, while identifying capital deployment as the primary risk to the thesis.
SK Hynix Stock Jumps on Trump Opposition to Apple China Chip Plan
SK Hynix shares rose 4% through 10 a.m. ET Monday after Commerce Secretary Howard Lutnick said the Trump administration is not in favor of Apple buying memory chips from China's Yangtze Memory Technologies and CXMT. White House spokesman Kush Desai said reshoring semiconductor manufacturing to America is a top priority, which could benefit Micron and Sandisk, but the policy may also help South Korea's SK Hynix as a friendly alternative to Chinese suppliers. SK Hynix trades at 8.1 times trailing earnings, below Sandisk at 21.4 times and Micron at 21.7 times, with analysts projecting 86% annual earnings growth over five years.
Sandisk's Long-Term Guidance Signals Strong Memory Demand for Micron
Sandisk's management gave Micron Technology investors encouraging news by unveiling long-term revenue growth guidance in the mid-to-high teens between fiscal 2028 and 2030 at its Investor Day event. This forecast, while a slowdown from the 175% growth in its most recent fiscal year, suggests the memory shortage may persist and demand remains strong across the sector. Micron, which sells high-bandwidth memory and DRAM, has seen its stock rise over 700% in the past year and reached a market cap of $1.1 trillion. Investors interpreted Sandisk's outlook as a positive signal for Micron's long-term prospects, though some caution remains due to Micron's high valuation.
AI infrastructure stocks edge higher after Anthropic's Q2 revenue surge
AI infrastructure stocks edged higher in pre-market trading on Monday after Anthropic's second quarter revenue surged to $11.5B, nearly two-and-a-half times the first quarter's $4.7B figure. The Dario Amodei-led firm also recorded positive adjusted operating income for the first time. Memory and storage companies rose, with Micron Technology up 3%, Seagate Technology up 2.5%, Sandisk up 3.5%, Western Digital up 2.6%, and Nasdaq newcomer SK Hynix up 3%. Networking stocks were mostly higher, with Lumentum Holdings, Ciena, and Corning all up 1.5%, while Applied Optoelectronics and Coherent both increased 1.7%. Chipmakers were modestly higher, with Intel and Nvidia both up about 0.7%, after Nvidia slashed its financial backing for a massive OpenAI data center project in Ohio from $250B to less than $120B. The largest hyperscalers were mixed, with Oracle down 1.1%, Microsoft down 0.7%, Google up 0.2%, and Amazon up 1.4%.
Sandisk Bulls Say AI and Long-Term Contracts Are Ending Memory Boom-Bust Cycles
Sandisk Corporation stock gained almost 6% during Monday's premarket session as semiconductor analysts argued that multi-year customer contracts and AI-driven storage demand could make the traditionally cyclical memory business more predictable and profitable. CEO David Goeckeler said the company now has detailed visibility into customer purchases for the next four years, including month-by-month demand forecasts, and expects the transition to create a very different business by 2027, 2028 and 2029. Cantor Fitzgerald analyst CJ Muse told CNBC that Sandisk could generate about $150 billion in free cash flow over the next four years, roughly two-thirds of its current market capitalization, and highlighted management's plan to return 100% of excess cash to shareholders primarily through buybacks. Melius Research's Ben Reitzes said AI has changed the traditional memory playbook, with major customers increasingly wanting multi-year contracts because insufficient memory could constrain their AI infrastructure, and he estimates Sandisk could repurchase roughly $100 billion of stock over the next three years. Sandisk carries a Buy consensus rating with an average price forecast of $2,213.71, and on Friday RBC Capital raised its price forecast to $1,600 while Wells Fargo raised its forecast to $1,550.