Trump Dumps Micron as Memory Cycle Peaks: Who Is Right?
Yahoo Finance ·
President Trump's brokerage accounts sold between $251,000 and $515,000 of Micron Technology stock in August, alongside a larger exit from Advanced Micro Devices, while pouring up to $25.3 million into Meta Platforms. Although third-party managers handle these portfolios, offloading Micron signals a bet that the memory shortage driving its stellar run is nearing its zenith. Micron's gross margin swung dramatically from 2.7% in fiscal 2023 to 80.7% in fiscal 2026, fueled by explosive AI demand and severe supply constraints. Fourth-quarter revenue surged 379% to $54 billion. Wall Street consensus expects normalized EPS to climb to $176.55 in fiscal 2027 and $206.89 in fiscal 2028, with the stock trading at just 5x forward earnings. While the commodity nature of memory means margins will eventually contract, current valuations suggest the August sale was premature, making Micron's upcoming earnings report the definitive test for the cyclical trade.
AI 시장 분석
President Donald Trump's asset management account reportedly sold Micron shares in mid-August and heavily acquired Meta Platforms shares. This is interpreted as a bet on a cycle peak after Micron's gross margin soared to 80.7% for fiscal 2026 due to memory semiconductor shortages. Investors should closely monitor potential future memory price declines and changes in earnings estimates.
상승 영향
- AI — The shortage of high-performance memory semiconductors driven by expanding AI demand is causing a surge in earnings for related companies.
하락 영향
- Semiconductors — Memory semiconductors are typical commodities, and once supply shortages are resolved, there is a high risk of price plunges and a sharp drop in profits for manufacturers like Micron.
DYAX 전담 분석
Micron's gross margin surged from 2.7% in 2023 to 80.7% in 2026, benefiting from memory shortages driven by AI demand, but this could lead to sharp earnings deterioration upon entering a downcycle due to the commodity nature of the products. Wall Street expects EPS to rise to $176.55 in 2027, but if signals of cooling memory prices are captured, the stock could face a significant correction, making the next quarter's earnings release a key variable.
AI가 생성한 분석으로 투자 자문이 아닙니다.
DYAX Investor Sentiment
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