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Special Report After Blowout Earnings, How Much Higher Can Micron Go?Submitted by Jessica Mitacek. Publication Date: 3/24/2026. 
Key Points- Since 2025’s tariff tantrum, shares of Micron Technologies have gained more than 553%, including 34% so far in 2026.
- In its Q2 2026 earnings report, the company announced quarterly revenue growth of 196% and earnings growth of 682%.
- Micron’s fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in the company's history through fiscal 2024.
- Special Report: Ticker Revealed: Pre-IPO Access to "Next Elon Musk" Company
While the tech sector has had a difficult year — down more than 6% year-to-date (YTD), the fourth-worst performance among the S&P 500's 11 sectors — not every tech stock has suffered the same fate. Since its 52-week low on April 4, 2025, amid fallout from President Trump's broad tariff announcements and the market's ensuing reaction, shares of Micron Technologies (NASDAQ: MU) have surged roughly 553%.
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The semiconductor company — which specializes in memory and storage solutions, including dynamic random access memory (DRAM), NAND flash and high-bandwidth memory (HBM) — has seen its stock climb more than 34% YTD, with the latest lift coming after Micron reported blowout Q2 2026 earnings. Investors who have enjoyed the dramatic run-up are now asking how long the rally can continue and whether Micron can keep defying the broader tech sector's weakness. Despite Corrections, Micron Continues to ClimbIn Q1 2024, Micron's market cap was $108.18 billion. One year later, that figure has more than quadrupled to nearly $476 billion, putting the company among a relatively small group of mega-cap names. The old adage "what goes up must come down" is attributed to Sir Isaac Newton. Stocks aren't subject to physical laws, and Micron's recent trajectory illustrates that point. Still, the company's gains haven't been entirely smooth: the stock experienced corrections of more than 18% in November, nearly 15% in both December and February, and almost 14% between late February and early March. Despite those pullbacks, Micron repeatedly recovered and pushed to new all-time highs. In early April 2025 the stock traded at $64.72; at the time of writing it is trading above $400. No single catalyst explains the move. Micron has benefited from numerous tailwinds, most recently announcing on March 15 plans to construct a second chip factory in Taiwan after completing the acquisition of Powerchip Semiconductor Manufacturing Corporation's P5 site in Tongluo, Miaoli County. "The new site will complement Micron's existing operations in Taiwan as an extension of the company's vertically integrated mega campus in Taichung," the company said in a press release. It will include "approximately 300,000 square feet of existing 300mm cleanroom space and will support Micron's efforts to expand supply of leading-edge DRAM products, including HBM, to meet growing AI-driven demand." AI Demand Is Powering Micron's Run of Earnings BeatsAnother consistent driver has been the company's strong earnings, much of it fueled by AI demand. That momentum has helped create what some call a competitive moat for Micron, reflected in a long string of earnings beats. Since Q2 2016, Micron has missed earnings expectations only twice — a record of 39 beats in 41 quarters over the past decade. Most recently, Micron reported a top- and bottom-line Q2 2026 beat on March 18, with revenue of $23.86 billion versus analyst expectations of $18.90 billion and EPS of $12.20 versus expectations of $8.50. For context, in Q2 2025 EPS was $1.56 — a year-over-year increase of more than 682%. Quarterly revenue grew more than 196% year over year. In his earnings call remarks, CEO Sanjay Mehrotra said quarterly revenue nearly tripled year over year, with record results across DRAM, NAND, HBM and all business units. Mehrotra added that Micron's "fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in our company's history through fiscal 2024. For fiscal Q3, we anticipate exceptional records across revenue, gross margin, EPS, and free cash flow." The board also approved a 13% increase to Micron's quarterly dividend, which Mehrotra attributed to stronger results and an outlook driven by rising AI memory demand, supply constraints and solid execution. "Memory and storage solutions are at the heart of this AI revolution," Mehrotra added. What Wall Street Thinks About MicronAnalysts remain broadly bullish, assigning the stock a consensus Buy rating. With an average one-year price target of $453.55, MU implies potential upside of more than 12% from current levels as earnings are expected to grow nearly 76% over the next year. Short interest is low at under 3%, indicating there isn't a large crowded bearish position in the shares. Institutional ownership is high — around 81% — and institutional buying exceeded selling in four of the past five quarters. Despite the bullish case, investors should remember Micron operates in a cyclical industry and remains subject to volatility, supply-chain shifts and changes in AI spending patterns. Those factors can lead to sharp moves in either direction, even for a company with strong fundamentals and favorable tailwinds. |
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