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Dear Friend, Here’s the story behind the story. Iran sold 90% of its oil to China. Venezuela was quietly shipping 80% of its exports to the same buyer. Within 60 days, both supply lines were severed. This was never really about the Middle East. It was about starving China’s AI power grid. Because whoever powers their AI first sets the rules for the next 50 years - and China needed cheap, endless fuel to run its servers. Now that energy has to flow through one American chokepoint. One company. 140,000 miles of steel. No competition. It trades around $18 today. A federal catalyst on August 12th could change that fast. See the stock at the center of the AI grid war >> “The Buck Stops Here,”
Kelly Maguire
Behind the Markets |
Additional Reading from Daily Market Alert: The AI Memory Boom Is Real. Two Stocks Are at the Center of It. The numbers coming out of the semiconductor and software sectors right now are unlike anything Wall Street has seen in a generation. Artificial intelligence is not just a theme — it is showing up directly in earnings. Two names that stand out for very different reasons heading into the second half of 2026 are Micron Technology (MU) and Oracle Corporation (ORCL). One is riding the AI wave near record highs, and the other is sitting at a steep discount with a massive analyst upside target.
Both deserve a close look.
Micron Technology: The Memory Chip Powering AI
If you want to understand where AI investment is going, look at Micron's numbers. Memory chips — specifically high-bandwidth memory, or HBM — have become one of the most critical components in AI data centers. Every large language model, every GPU cluster, every AI training run requires enormous amounts of fast memory. Micron is one of a very small number of companies that makes it.
The results reflect that positioning. In fiscal Q3 2026, the quarter ended May 28, 2026, Micron reported revenue of $41.46 billion. That is up 73.7% sequentially from $23.86 billion in fiscal Q2 2026. Net income for the quarter was $28.23 billion, with diluted EPS of $24.67. Gross margin came in at 84.6% and net margin reached 68.1% — numbers that rival the most profitable businesses on the planet.
Micron is guiding fiscal Q4 2026 revenue of approximately $50.00 billion with gross margins near 86%. If delivered, that would represent yet another sequential record. The company has also signed 16 Strategic Customer Agreements — take-or-pay contracts running through 2030 — with 14 of those deals accounting for roughly $100.00 billion in cumulative committed revenue.
Micron shares trade at $1,003.70 with a market cap of $1.13 trillion. The stock has a 52-week range of $103.38 to $1,255.00, and at the current price, MU is 20.0% off its 52-week high. Trailing twelve-month EPS is $45.12, giving the stock a P/E ratio of 22.25. For a company growing revenue at 73.7% per quarter with margins above 80%, that multiple looks modest.
Analyst conviction is near-unanimous. Of 20 analysts covering Micron, 95.0% carry bullish ratings. The average price target is $1,560.00, representing 55.4% upside from the current price. The high target is $2,000.00, set by both Cantor Fitzgerald and Barclays following the fiscal Q3 2026 report on June 25, 2026. Mizuho named Micron one of its top July picks, alongside Oracle. The stock's next earnings date is September 22, 2026. |
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