Micron reported a gross margin of 84.9% in its latest quarter, a substantial increase from 74.9% in the previous quarter and 39% a year ago, leading to a 15% surge in its stock price. This performance positions Micron ahead of competitors like Meta, which has a gross margin of 81.9%, and Nvidia at 75%. The demand for Micron's memory chips is being driven by the ongoing AI infrastructure buildout.
Additionally, Qualcomm's shares also rose by 15% after it raised its revenue forecast for non-handset products significantly, indicating strong growth potential in the data center sector. Meanwhile, SK Hynix has filed for a Nasdaq ADR listing valued at up to $29.4 billion, marking it as the second-largest U.S. listing after SpaceX, which has also positively impacted its stock.
On the oil front, prices have dropped below $70 per barrel, influenced by geopolitical developments in the Middle East, particularly the easing of tensions regarding the Strait of Hormuz. This decline in oil prices could have broader implications for the energy sector and inflation.
Lastly, Europe is experiencing a severe heatwave, causing significant disruptions, which may affect energy consumption and economic activity in the region