In the third quarter, Micron Technology (MU) posted earnings so strong that the stock still traded at less than 9 times annualized earnings.
Micron earned $25.11 a share, after revenue more than tripled (+345.8%) Y/Y to $41.46 billion. Watch for MU stock to close up by at least 15% today.
Qualcomm (QCOM) will open up in the range of 10% to 13% today. After markets closed on Wednesday, the firm cited its data center business for a revenue target of over $15 billion by fiscal 2029. Automotive revenue will account for $10 billion in revenue. IoT will add over $14 billion.
At Investor Day, Qualcomm said that it will deliver on multiple billions of revenue starting this calendar year.
In the cryptocurrency market, watch out for Strategy (MSTR). The highly leveraged firm, which also has preferred dividend commitments, lost 9.35% to close at $94.13. Strategy relied on the hope that the cryptocurrency market would accelerate its appreciation. This bullish trend broke down in recent months.
Investors dumped gold and silver, while the U.S. dollar (UUP) traded at a one-year high. U.S. debt, which pays 5% in yield, along with fiat, is more attractive than Bitcoin (BTC-USD). In the coming weeks, BTC must hold the $59,000 level. At prices below that, panicked BTC holders might sell on fears that prices will fall by more.
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