Hi All
Being a DRAM and NAND SSD maker, Micron’s earnings generally give us a pretty decent idea about the direction of the whole semiconductor industry. Micron announced its Q3 2024 financial results just a few days ago, and provided excellent earnings and pretty decent guidance for Q4 as well. The world is heading towards a new era where AI in the form of NPUs (Neural Processing Units) will be embedded in more and more semiconductors, greatly increasing the amount of DRAM (to the tune of 60%) required in the years to come. This is a great long-term tailwind that’s just starting to materialise in new AI PCs of the current generation.
Curiously, Micron’s stock price went through an 8% correction following excellent earnings results. While I can’t deny there is an element of “sell the news” in this drop, it does show also that tech stocks have become a little too hot, and we should expect further volatility in the short-medium term as earnings catch up and P/E normalises once again.
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Not investment advice. The author may have financial interests in the mentioned instruments.
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