Local time September 30, US stock indices diverged in their trends, with the market focusing on the latest financial reports from US memory giant Micron Technology.
After-hours, Micron Technology released its latest financial report, showing that its fourth-quarter revenue for fiscal 2026 increased sharply, with a net profit of over $37.8 billion under GAAP, a year-on-year increase of over 1077%.
Driven by the rapid development of AI, Micron Technology's four business units - cloud storage, core data center, mobile and client, and automotive and embedded - all achieved strong growth, with revenue scales increasing significantly.
Micron Technology's chairman and CEO Sanjay Mehrotra said: "The company has achieved a record-breaking performance in fiscal 2026 and expects even stronger performance in fiscal 2027."
According to Micron Technology's latest guidance, the company's first-quarter revenue for fiscal 2027 is expected to be $61.5 billion, with a fluctuation of $1.5 billion. GAAP diluted earnings per share are expected to be $37.84, with a fluctuation of $1.
At local time September 30, Micron Technology's stock price opened high and then weakened during the day, eventually closing flat, with its total market value falling to $120 billion. After the US stock market closed, Micron Technology's stock price suffered a huge shock, plummeting from a 2% gain to a near 2% decline, before rebounding in a "V" shape and turning red.
Regarding the outlook for the storage sector, China Merchants Securities believes that with cloud manufacturers continuing to place orders, the storage price is expected to maintain its strength in the fourth quarter, and the competition among storage companies is expected to extend to the field of system efficiency, with attention being paid to the collaboration between enterprise SSD and HBF and reasoning frameworks.
Looking at the overall performance of the US stock market, the three major stock indices diverged in their trends, with the Dow Jones Industrial Average and the S&P 500 Index falling 0.86% and 0.25%, respectively, while the Nasdaq Composite Index rose 0.24%.
From the industry sector, US large-cap technology stocks generally rose, with the US Technology Seven Giants Index rising 0.63%. Individual stocks such as Apple, Amazon, and Google all rose over 1%, while Microsoft, Tesla, and NVIDIA followed suit, while Meta fell nearly 2%.
The Nasdaq China Gold Dragon Index rose 0.6%, with individual stocks such as BOSS Direct, Have Dao, and Ba Wang Cha Ji rising over 3%.
Regarding the performance of the US stock market, especially the technology sector, in the second half of the year, China CITIC Securities believes that investors' focus has shifted from "imagination in the algorithm competition" to "visible orders, self-developed chip unit cost advantages, and cash flow self-consistency". In general, the subsequent differentiation of the sector will mainly revolve around long-term order lock-in, self-developed hardware unit economic costs, and capital expenditure and cash flow self-consistency.
Looking at the commodity market, the previous night's US August core PCE price index increased by less than expected, which temporarily drove the international gold price to rise sharply, but then fell back, with the London gold spot price and the COMEX gold futures price both failing to break through the 4200-dollar-per-ounce threshold. At Beijing time October 1, the Asia-Pacific early morning session, the London gold spot price and the COMEX gold futures price plummeted and turned green, continuing to fall.
According to the view of China Minmetals Futures, in the medium and long term, gold prices will be in a continued game between two forces in the next few months, with high interest rates and high US Treasury yields being a negative factor, but the concern about the US fiscal sustainability will strengthen the market's concern about currency depreciation and US sovereign debt risk, and once the concern is rekindled, gold prices may return to the upward channel.
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