Reported about 1 year ago
Micron Technology exceeded expectations in its fiscal Q3 earnings, reporting adjusted earnings and revenue above estimates. However, its stock dropped in after-hours trading due to concerns over the Q4 revenue guidance of $7.6 billion, which failed to surpass expectations. Synovus Trust Senior Portfolio Manager Dan Morgan attributes the stock selloff to the lack of a raised revenue number for Q4, despite a successful Q3. The article discusses Micron's performance in the market, with the stock having risen over 72% year-to-date as a top AI play. Morgan highlights the importance of beating and raising guidance to sustain stock growth amidst Micron's high valuation and discusses alternative AI investment options like NVIDIA and Broadcom. Market analysts emphasize caution due to Micron's less direct exposure to the AI segment than other semiconductor companies like Broadcom and NVIDIA.
Source: YAHOO