Micron has emerged as a leader in profit margins among major tech companies, reporting a gross margin of 84.9%, which is a substantial increase from 74.9% in the previous quarter and 39% a year ago. This performance has led to a 15% rise in its stock price.
Qualcomm also saw its shares jump 15% after it raised its revenue forecast for non-handset sales in fiscal 2029 to $40 billion, nearly double its earlier estimate. The company is focusing on data centers with its new Dragonfly C1000 processor, set to be used by Meta in 2028.
Meanwhile, SK Hynix's planned $29.4 billion Nasdaq ADR listing, the second-largest in U.S. history after SpaceX, has resulted in an 11% increase in its shares. In contrast, oil prices are declining as tensions between the U.S. and Iran ease, with U.S. crude futures dropping below $70 for the first time since March.
However, political complexities remain, as U.S. officials claim Iran will use unfrozen assets to purchase American goods, a statement that Iran has not confirmed. The White House is also seeking $87.6 billion in supplemental funding related to the Iran conflict, facing opposition from congressional Democrats