S&P 500 trophies highlight top market performers against a rising index backdrop in a strong equity rally. Key Points The S&P 500’s 2025 gains were helped along by a powerful rotation into AI hardware, with memory and storage stocks outperforming even the Magnificent Seven. SanDisk, Western Digital, and Micron dominated performance as shortages in NAND, HDD, and high-bandwidth memory collided with surging demand for AI infrastructure. Strong earnings growth, pricing power, and favorable valuations rein ...

Core Viewpoint - Micron Technology, Inc. (NASDAQ:MU) reported strong fiscal first quarter earnings, exceeding analyst expectations, which has generated positive sentiment among investors and analysts [2][3]. Financial Performance - Micron reported revenue of $13.64 billion and adjusted earnings per share of $4.78, surpassing analyst estimates of $12.84 billion and $3.95 respectively [2]. - The strong performance was attributed to memory price strength and lower costs [3]. Analyst Ratings and Market Sentiment - Rosenblatt increased Micron's share price target from $300 to $500 while maintaining a Buy rating [3]. - Bank of America highlighted Micron's strong balance sheet and potential benefits from an extended supercycle in the memory market [3]. - Cramer emphasized the importance of Micron in the memory supercycle, noting that the company is currently only able to meet 50% to two-thirds of customer demand, leading to rising prices [3]. Industry Context - The discussion around Micron's performance included insights from major financial institutions like Bank of America, JPMorgan, and Morgan Stanley, indicating a broader positive outlook for the memory semiconductor industry [3]. - Cramer mentioned the impact of AI demand acceleration on Micron's record quarter, suggesting that the company's execution is crucial in meeting market needs [3].

Inflation and Economic Indicators - The CPI figures for November showed a rise of 2.7%, lower than the expected 3.1% increase, indicating a positive surprise in inflation data [1] - Shelter prices increased by 0.2% from September to November, slower than the 0.3% average increase in 2025 [2] Darden Restaurants, Inc. (NYSE:DRI) - Darden reported $3.1 billion in revenue and $2.08 in adjusted earnings per share, beating revenue estimates but missing earnings estimates [8] - BTIG maintained a Buy rating with a price target of $225, while Stephens cut its price target from $215 to $205, citing weaker trends at Olive Garden [8] - The CFO noted that high beef prices were impacting margins, but stable sales at LongHorn Steakhouse were highlighted [8] Micron Technology, Inc. (NASDAQ:MU) - Micron reported $13.64 billion in revenue and $4.78 in adjusted earnings per share, exceeding analyst estimates [9] - The results prompted Rosenblatt to raise the price target from $300 to $500, maintaining a Buy rating, driven by memory price strength and lower costs [9] - Cramer emphasized the strong demand for memory chips, particularly in AI, with Micron only able to meet 50% to 66% of customer demand [9][10]

Summary of ASML Holding NV Conference Call Company Overview - **Company**: ASML Holding NV - **Industry**: Technology - European Semiconductors - **Market Cap**: €359,214 million - **Current Stock Price**: €903.40 (as of November 28, 2025) - **Price Target**: €1,000.00 - **Stock Rating**: Overweight Key Points 1. Memory Demand and Foundry Spend - ASML is positioned as a Top Pick due to expected positive momentum in lithography demand, DRAM cycle, and foundry spending, which will support ASML's order book and sales through FY26/27 [2][4][6] - Evidence of tightness in DDR4 and limited visibility in DDR5 inventory suggests near-term upside in memory demand, benefiting ASML's order book [6][7] 2. TSMC's Capacity Build-Out - TSMC is confirmed to be expanding its 3nm capacity in Taiwan, which aligns with ASML's order book and is expected to lead to increased shipments and EUV sales in FY26 [7][6] 3. Chinese Market Dynamics - Contrary to initial fears, the Chinese market is showing resilience. Despite advancements in DUV lithography, Chinese customers face constraints in certain areas, but memory spending from China is on the rise, contributing significantly to DRAM and NAND expenditures [7][6] Additional Insights 1. Valuation Methodology - A recovery-cycle P/E multiple in the high-20s is assumed, with a target price of €1,000 based on a 29x multiple applied to the 2027 EPS estimate of €34 [8] 2. Risks - Upside risks include a meaningful ramp-up in logic/foundry spending, higher than expected HBM/DRAM spending, and expanding servicing margins [10] - Downside risks involve weaker end-market demand, particularly in foundry and DRAM sectors, and potential impacts from inflation and Chinese market weakness [10] 3. Analyst Insights - The US team's trip to Asia reinforced the belief in a memory supercycle and increased foundry spending, supporting ASML's growth outlook [6][2] Conclusion ASML Holding NV is well-positioned to benefit from a memory supercycle and increased foundry spending, particularly with TSMC's capacity expansion and a resilient Chinese market. The company's valuation reflects a positive outlook, although potential risks remain that could impact performance.

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: South Korea Technology, specifically in the semiconductor and memory sectors [71][72] - **Market Sentiment**: The overall view of the South Korean technology industry is considered attractive [2] Company Insights - **SCREEN Holdings**: - Downgraded from Overweight (OW) to Equal-weight (EW) due to recent share price gains and low memory sales weighting [20] - Sales weighting in memory was only 14% in F3/25, limiting benefits from the memory supercycle [20] - High exposure to China with 40% of sales, increasing risk due to tightening trade regulations [20] - Operating rates around 80%, indicating good efficiency compared to peers [20] - **Memory Market Dynamics**: - Flash memory market is recovering due to a shift to nearline storage SSDs caused by HDD shortages [13] - Demand for semiconductor production equipment (SPE) is currently uncertain, with some manufacturers curbing investments [13] - Focus on back-end SPE makers who are less affected by trade regulations and benefit from smartphone market growth [13] Financial Metrics and Projections - **Valuation Methodology**: - Target P/E for SCREEN Holdings set at 11.9x, reflecting restored market trust since the new CEO took over in March 2019 [21] - EPS forecast for F3/28 is ¥1,332.2, anticipating the next earnings peak [21] Risks and Opportunities - **Upside Risks**: - Stronger-than-expected recovery in smartphone demand and semiconductor demand could lead to increased equipment investments [22] - Potential for SCREEN to expand market share in advanced cleaning equipment [22] - **Downside Risks**: - Stagnant demand for consumer electronics due to high inflation and food prices could negatively impact semiconductor demand [23] - Ongoing US-China trade tensions may restrict equipment exports [23] Market Data - **Market Share**: - Lam Research holds 42% of the total market for etching systems, followed by Tokyo Electron at 24% and AMAT at 17% [15] - KLA leads the mask inspection equipment market with a 38% share, while Lasertec holds 50% [18] Analyst Ratings - **Stock Ratings**: - Various companies in the South Korean technology sector have been rated, with notable mentions including SK hynix (Overweight) and Samsung Electronics (Overweight) [72] Conclusion - The South Korean technology sector, particularly in semiconductors and memory, presents both opportunities and risks. The focus on back-end SPE makers and the recovery of the flash memory market are positive indicators, while trade tensions and consumer demand stagnation pose significant risks.

Core Insights - Micron Technology, Inc. reported Q4 results amidst a significant stock price increase driven by recovering memory prices and positive sentiment regarding data center demand [1] Financial Performance - The company experienced a notable stock run-up due to recovering memory prices [1] - Optimism surrounding data center demand contributed to the positive market movement [1]