Micron Leads AI Infrastructure Boom; Dilution Sinks IREN
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Morning brief: SanDisk, Micron Lead AI Chip Rally; CoreWeave Plunges
The AI infrastructure boom is triggering a historic pre-market melt-up across the semiconductor sector this morning, overriding any lingering geopolitical fears with pure beta-chasing euphoria. Memory and storage names are going entirely parabolic, led by SanDisk erupting 16.6% to shatter the $1,500 level alongside Micron surging 15.5%. These extreme moves are fueled by massive data center demand and tightening NAND supply, effectively dragging AMD up 11.4% and Broadcom 4.2% in a ruthless continuation of last week's momentum. Conversely, CoreWeave is plunging 11.4% after its earnings revealed widened net losses and lighter second-quarter guidance, reminding the street that scaling AI infrastructure requires brutally heavy capital expenditure. We are officially in an environment where chip multiples are pricing in 2028 earnings, rewarding momentum while leaving quality in the dust. Watch Nvidia's upcoming earnings next week to see if this aggressive forward-pricing reality holds together.
Posture: Defensive yet opportunistic. Broad semiconductor euphoria is reaching frothy levels; building cash reserves while rotating into undervalued software.
Upcoming earnings
Evening brief: Micron Leads AI Infrastructure Boom; Dilution Sinks IREN
The AI infrastructure boom dominated today's session, brutally separating the suppliers of the picks and shovels from those footing the massive capital bills. Micron (MU) surged 6.50% to record highs after Deutsche Bank set a Street-high $1,000 target on insatiable AI memory demand. That same infrastructure bid sent Vertiv (VRT) up 8.22% on blowout liquid cooling demand, while Bloom Energy (BE) jumped 8.77% following an Oracle AI fuel-cell deal and raised 2026 outlook. Applied Digital (APLD) added 8.10%, continuing its tear after securing a $7.5 billion hyperscaler lease. Conversely, IREN plunged 9.89% as the harsh reality of financing its Nvidia-backed expansion hit home via a $2 billion convertible debt offering that sparked severe dilution fears. Elsewhere, Shopify (SHOP) tumbled 7.21% amid margin warnings and a surprise net loss. Watch how tomorrow's earnings from NBIS test the market's appetite for endless AI scaling.
Posture: Building cash & pruning losers. While AI infrastructure is robust, broader market froth and poor e-commerce fundamentals demand defensive action.
Upcoming earnings
The day's moves on the ledger
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