Micron earnings on Wednesday could decide AI stock surge
Business
Micron is about to drop its earnings report on Wednesday, and everyone's watching, because it might decide if the current AI-fueled stock surge keeps going.
The company's shares have already soared 298% this year, thanks to huge demand for memory chips as data centers expand.
But with US markets close to record highs, there are real concerns about stocks being overvalued.
AI spending may top $700 billion
Big Tech AI spending is massive (expected to top $700 billion this year), and that's pushed chip stocks like Micron and the Philadelphia Semiconductor Index to new highs.
Still, analysts say upcoming economic data (like GDP and inflation numbers) could shake things up, so all eyes are on whether Micron's results will keep the momentum alive or cool things off.