Market Overview - U.S. stock futures rose on Monday following Friday's advances, with major benchmark indices showing positive movement [1] - The 10-year Treasury bond yielded 4.01%, while the two-year bond was at 3.47% [1] - The CME Group's FedWatch tool indicates a 98.9% likelihood of the Federal Reserve cutting interest rates in October [1] Futures Performance - Dow Jones increased by 0.18%, S&P 500 by 0.25%, Nasdaq 100 by 0.32%, and Russell 2000 by 0.66% [2] - SPDR S&P 500 ETF Trust (SPY) rose 0.21% to $665.81, while Invesco QQQ Trust ETF (QQQ) advanced 0.34% to $605.98 [2] Stocks in Focus - Cleveland-Cliffs Inc. (CLF) rose 1.13% in premarket, expected to report a quarterly loss of 48 cents per share on revenue of $4.90 billion [7] - Micron Technology Inc. (MU) increased by 3.27% after announcing it will stop providing server chips to data centers in China [7] - Moderna Inc. (MRNA) was up 0.65% due to the government's renewed national immunization strategy against COVID-19 variants [7] - Bitmine Immersion Technologies Inc. (BMNR) jumped 6.10% after announcing a forthcoming staking solution [8] Sector Performance - The market ended positively on Friday, with Consumer Staples as the top-performing sector, gaining 1.23% [10] - S&P 500 operating earnings are expected to hit a record high, up 10% over the last year [13] Economic Indicators - Upcoming economic data includes U.S. leading economic indicators, Fed governor speeches, and delayed jobless claims data [17]

Core Viewpoint - Micron plans to cease supplying server chips to data centers in China due to the impact of a 2023 government ban on its products in critical infrastructure, which has hindered recovery efforts [1][6]. Group 1: Business Impact - The company was the first U.S. chipmaker targeted by the Chinese government, seen as a retaliatory measure against U.S. restrictions on China's semiconductor industry [1]. - Micron generated $3.4 billion, or 12% of its total revenue, from mainland China in the last business year, but will continue to sell to two Chinese customers with significant data center operations outside China, including Lenovo [4][5]. - The ban has resulted in Micron missing out on China's data center expansion boom, benefiting competitors like Samsung Electronics, SK Hynix, and Chinese firms such as YMTC and CXMT [10]. Group 2: Market Dynamics - Despite challenges in China, the global demand for data centers, driven by AI adoption, has allowed Micron to report record quarterly revenue [15]. - The investment in data centers in China surged ninefold to 24.7 billion yuan ($3.4 billion) last year, indicating a significant market opportunity that Micron is currently unable to capitalize on [15]. - Micron is looking to expand its customer base outside of China in regions such as Asia, Europe, and Latin America [5]. Group 3: Employment and Operations - Micron's data center team in China employs over 300 people, and the company has been downsizing in other areas, including laying off several hundred employees in its universal flash storage program [17]. - The company continues to maintain a chip packaging facility in Xian, indicating a commitment to certain operations within China despite the challenges [18].

Core Point - Micron plans to cease supplying server chips to data centers in China due to the inability of the business to recover from a 2023 government ban on its products in critical Chinese infrastructure [1] Group 1 - The decision to stop supplying server chips is influenced by the impact of the 2023 government ban [1] - The business in China has not shown signs of recovery following the ban [1]