Markets
markets
Luke Kawa

Micron’s sinking margins spark severe sell-off

Micron’s profitability is a sore spot for investors, even as the chipmaker delivered better-than-expected quarterly sales and profits.

The stock is down 7.4% as of 10:15 a.m. ET, the worst performer in the VanEck Semiconductor ETF.

Adjusted gross margins were below what analysts had penciled in for the three months ending February 27. For the current quarter, management’s outlook for margins of 36.5% (plus or minus 1 percentage point) is also below what Wall Street is looking for.

“Despite record sales from AI tailwinds, Micron’s gross margins remain weak,” wrote Bank of America analyst Vivek Arya, who lowered his 2025 earnings per share estimate on the stock. “Despite continued digestion, we note inventory levels remain elevated in PC/phones amid slower demand, a pressure on pricing (particularly NAND [flash memory chips]).”

The outlook for margin pressure also bedeviled peer Nvidia in the wake of its recent earnings report.

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J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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