Micron has overtaken Nvidia and Meta to become Wall Street's new margin king, reporting a gross margin of 84.9% in its latest quarter. This marks a significant increase from 74.9% in the prior period and 39% a year earlier, surpassing Meta's latest gross margin of 81.9% and Nvidia's 75% [1]. The surge in profitability is attributed to robust demand for high-bandwidth memory driven by the ongoing AI infrastructure buildout, which has enabled Micron to set new records in profitability as customers rapidly acquire its chips [1]. As a result, Micron's shares jumped 15% on Wednesday [1].
Qualcomm also experienced a notable rally, with its shares rising 15% after the company raised its forecasts for non-handset revenue in fiscal 2029 to $40 billion, nearly doubling its previous projection of $22 billion [1]. Qualcomm is aggressively expanding into data centers, unveiling the Dragonfly C1000 central processing unit designed for agentic AI applications and energy efficiency. Meta is expected to use this processor when production begins in 2028 [1].
South Korea's SK Hynix has entered the spotlight by filing for a massive $29.4 billion ADR listing on the Nasdaq, which would be the second-largest U.S. listing on record after SpaceX. SK Hynix shares rose as much as 11% in Thursday trading following the announcement. The company recently briefly surpassed Samsung Electronics as Seoul's most valuable firm [1].
Meanwhile, oil prices continue to retreat as tensions between the U.S. and Iran ease. At least 20 oil tankers carrying 35 million barrels have exited the Strait of Hormuz since the U.S. and Iran reached an agreement. However, political uncertainties persist, with the White House requesting $87.6 billion in supplemental funding for the Iran war and farm aid, and claims from Trump administration officials that Iran will use unfrozen assets to buy U.S. goods, a claim not confirmed by Iran [1].
CONCLUSION
Micron's record-setting gross margin and share surge highlight the strength of the AI-driven chip market, with Qualcomm and SK Hynix also posting significant gains. The sector's momentum is reinforced by aggressive expansion and landmark listings, signaling high investor confidence. However, geopolitical tensions and policy uncertainties remain potential risks for broader market stability.