Micron’s blowout quarter wasn’t just a beat. It was a restructuring of how Wall Street will price memory — and maybe all of semiconductors — for years to come.
The bears had been sharpening their claws all week.
Korean semiconductor stocks had wobbled. Chatter about AI demand peaking was growing louder in the corridors of hedge funds and on trading desks from Midtown Manhattan to Tokyo’s Marunouchi. The tech sector, after a relentless run higher, was starting to feel like a crowded theater with someone quietly pointing toward the exit sign.
Then, after the close on Tuesday, Micron Technology dropped its earnings report—and the theater filled back up.
