Citi: Don't panic about the sharp decline in chip stocks, now is a good time to buy.
Citibank pointed out that although there has been a sharp decline in US chip stocks, this is mainly due to macroeconomic factors and high expectations. Semiconductors markets are still bullish, mainly because the demand for AI and storage markets remains strong. It is expected that DRAM prices will increase by 62% YoY in 2024, and Micron's performance guidance may be revised upward.
S&P rises over 2%, the best in nearly two years, with chip stocks up about 7%, Nasdaq and Chinese stocks up 2.8%, and US Treasury yields and the yen falling for three consecutive days.
The latest employment data alleviates concerns over the US economy, and US stocks rose more than 1.7%. Nvidia's stock rose more than 6%, and Tesla, Alibaba, PDD Holdings, and Tencent ADR rose more than 3%. Bullish on weight loss drug reports, Eli Lilly and Co's stock rose more than 13%, and Novo-Nordisk A/S's US stock rose nearly 8%. The 10-year US Treasury yield rose above 4%, and short-term bond yields rose by 10 basis points. Oil prices rose for the third consecutive day, gold halted its five-day decline, and digital currency had a big increase.
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Micron Stock Is Moving Higher Wednesday: What's Going On?
Express News | Micron Technology Shares Are Trading Higher After the Company Announced That It Resumed Its Stock Repurchase Program
Micron Technology (MU.US) is considering resuming its share buyback plan, with the stock price rising more than 5% in pre-market trading.
Micron Technology (MU.US) may resume their share buyback plan.
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Micron Stock Rises on Plan to Resume Stock Repurchase Program
Express News | Micron Technology Stock Jumps 5% After Company Announced on August 7 That Stock Repurchase Program May Resume
Express News | Micron Technology Resumes Stock Repurchase Program To Offset Dilution From Employee Stock Purchase Programs
What Does Micron Technology, Inc.'s (NASDAQ:MU) Share Price Indicate?