Market Overview - US equity futures are flat, with S&P and Nasdaq 100 futures both up 0.1% as the market anticipates weaker payroll data following a Retail Sales miss and weaker high-frequency data [1] - International markets show mixed trends, with Japan closed, KOSPI up 1%, and HSI up 0.3%, while European markets are mostly flat to down [1] - Commodities are moving higher, led by silver, with crude oil prices quietly rising [1] Company Performance - In premarket trading, Mag 7 stocks are mixed, with Nvidia up 0.6% and Tesla down 0.2% [3] - Astera Labs falls 11% after reporting disappointing fourth-quarter results and announcing the retirement of its CFO [3] - Beta Technologies climbs 18% after Amazon disclosed a stake in the electric aircraft manufacturer [3] - Centrus Energy falls 8% as its fourth-quarter earnings per share missed analyst estimates due to higher-than-expected capex spending [3] - Cloudflare gains 14% after beating fourth-quarter expectations and providing a bullish revenue forecast [3] - Humana falls 6% after forecasting full-year profit below Wall Street expectations, raising concerns about the US health-insurance industry [3] - Kraft Heinz drops 6% after pausing its planned separation as the new CEO seeks to improve results [3] - Lyft falls 17% after issuing a disappointing forecast that missed Wall Street expectations [3] - Mattel slumps 26% after its 2026 adjusted earnings-per-share forecast missed analyst estimates, leading to a downgrade at JPMorgan [3] - Moderna falls 10% after US regulators refused to review its novel mRNA flu vaccine [3] - Rapid7 declines 22% after a disappointing outlook, with analysts citing weakness in annual recurring revenue [3] Earnings Reports - Out of 326 S&P 500 companies that have reported, 78% have beaten analyst forecasts, while 17% have missed [11] - T-Mobile, Shopify, and Kraft Heinz are among companies expected to report before the market opens [11] Economic Indicators - Analysts expect January's payrolls report to show 65,000 job additions, with a whisper number of 35,000, amid expectations of a significant downward revision of 750,000 to 900,000 jobs through March 2025 [4][25] - The unemployment rate is expected to remain steady at 4.4% [25] - The market is currently pricing in two or three Fed rate cuts this year, with a growing probability of a cut by April [5][38]

Core Viewpoint - Micron Technology's stock is experiencing a rebound, driven by the anticipated long-term demand for memory solutions due to the growth of AI technology, which is expected to increase exponentially with each generation [1][5]. Group 1: Market Demand and Growth - Micron's technology is in high demand from leading GPU manufacturers, with expectations for accelerated demand in 2026 [2]. - Advanced Micro Devices (AMD) is expected to gain market share in AI-focused GPUs, which will drive demand for Micron's HBM4 technology [3]. - The GPU market is projected to grow at a solid double-digit CAGR over the next five to ten years [3]. Group 2: Financial Outlook - Assuming a fair P/E valuation of 15 times, Micron's stock presents a significant value for long-term investors, with potential for a nearly triple-digit stock price increase as consensus forecasts suggest a drop to 8x earnings within two years [4]. - Micron's DRAM business, particularly in data centers (over 50% of Q3 revenue) and HBM markets, is expected to see strong growth, with HBM sales growing more than 50% sequentially in Q3 [6]. Group 3: Stock Price Forecast - The 12-month stock price forecast for Micron is $147.24, indicating an 18.48% upside based on 26 analyst ratings [7]. - Analysts have raised their revenue and earnings forecasts, with over 90% of analysts lifting their quarterly forecasts, setting a high expectation bar for Micron [8]. - The consensus forecasts suggest a 15% upside before the upcoming FQ4 release, with a high-end range adding 35% [10]. Group 4: Market Sentiment - Micron's stock price action in mid-August indicates a rebound and uptrend, with the market poised to set a new long-term high [11]. - The stock price could rise by as much as $20 in the near term and over $60 in the longer term, potentially reaching the $150 to $190 range [12].