Semis ripped last night. PCE at 8:30 AM ET is the real test.
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Micron just dropped one of the most disgusting earnings beats you'll see all year. |
Fiscal Q3? Crushed. Revenue guidance for Q4? $50 billion — up from $11.3 billion a year ago and $7 billion ahead of estimates. |
The stock ripped 15% after hours. Semis are finally catching a bid after getting annihilated since South Korea's crash on Tuesday. |
Qualcomm piled on — raised non-handset revenue guidance to $40 billion for fiscal 2029, up from $22 billion. Sandisk, Western Digital, Lam, KLA, Applied Materials — all up in sympathy. |
The sector that's been bleeding out for weeks just got a transfusion. |
Cool. Great. Now here's the wildcard that could change everything. |
PCE drops at 8:30 AM ET. The Fed's favorite inflation gauge. Consensus expects headline PCE at 4.1% year-over-year (up from 3.8% in April) and core PCE at 3.4% (up from 3.3%). If it comes in hotter than expected, this entire semiconductor rally gets put on trial before the opening bell. |
Oh, and the White House just asked Congress for $87.6 billion in supplemental war spending. |
Democrats already said no, but that's not the point — the point is more deficit spending hitting the tape the same morning we get a read on whether inflation's cooling or reaccelerating. |
Micron saved semiconductors last night. But PCE at 8:30 decides whether that save actually sticks — or gets erased before lunch. |
Don breaks it all down at 9:20 ET. |
— TheoTrade |
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