Micron Technology(US:MU) East Money Securities·2026-02-12 13:11Market Overview - The U.S. non-farm payroll data for January showed an addition of 130,000 jobs, significantly exceeding the market expectation of 65,000, with the unemployment rate unexpectedly dropping to 4.3% [1] - The strong job growth, particularly in healthcare, has dampened market expectations for an early interest rate cut by the Federal Reserve, pushing the anticipated timing for the first rate cut of the year to July [1] - Following the data release, major indices experienced volatility, with the Nasdaq down 0.16% and the S&P 500 closing nearly flat [1] Economic Trends - The January employment rebound is viewed as a response to the previous year's significant slowdown in job growth, with the total employment growth for the previous year revised down from 584,000 to 181,000 [4] - The current strong data may not indicate a stable long-term trend, as concerns about the labor market's rapid weakening persist [4] - The probability of the Federal Reserve maintaining rates in March has risen to over 94%, indicating a shift in market sentiment regarding interest rate cuts [4] Sector Analysis - The technology sector, particularly AI-related stocks, is facing significant selling pressure, with concerns about "AI disruption" spreading from software to real estate and financial services [4] - Despite the overall market weakness, sectors such as energy, materials, and consumer staples have shown relative strength, indicating a rotation of funds from high-valuation growth stocks to value and hard asset stocks [4] - Micron's stock surged by 10% due to expectations of increased capacity for HBM4, highlighting a renewed focus on the certainty of AI hardware investments [4]