Micron Technology Reports Mixed Q3 Results, Stock Tumbles

Micron Technology reported strong third-quarter earnings driven by AI demand, with revenues reaching $6.81 billion and adjusted earnings per share of $0.62, both surpassing analyst estimates. Despite this, the company's cautious guidance for the next quarter led to a sharp decline in its stock, pulling down other semiconductor stocks like Nvidia and Qualcomm. Wall Street analysts view the dip as a buying opportunity, emphasizing Micron's potential in the AI and high-bandwidth memory markets. Analysts also noted a rise in capital expenditure, benefiting companies like Applied Materials and Camtek. Micron's strategic focus on high-margin AI products and robust demand for DRAM and NAND has positioned it well for future growth, although some investors remain concerned about near-term performance.