markets

Matt Phillips12/19/24

PC market woes are what’s really hammering Micron

The gnarly, high-volume selloff in Boise-based chipmaker Micron continued on Thursday, after the firm issued a much weaker than expected forecast on Wednesday as part of its earnings report.

Much of the firm’s current struggles are related to the slowdown in PC sales that recently spotlighted in earnings from HP and Dell.

Micron makes something called NAND flash memory chips, that are used to store memory in devices like personal computers and phones. And the company has a long history of being whipsawed by swings in demand for such products. As the company’s CFO Mark Murphy told analysts Wednesday:

The NAND industry market conditions were weaker than we had expected and that consumer market, PC, smartphones demand is weaker and inventory adjustments are occurring.

The company sees better days ahead in the second half of the coming year, driven in an uptick in adoption for AI-enabled PCs. But the market doesn’t seem to share that optimism, at least today.

The NAND industry market conditions were weaker than we had expected and that consumer market, PC, smartphones demand is weaker and inventory adjustments are occurring.

The company sees better days ahead in the second half of the coming year, driven in an uptick in adoption for AI-enabled PCs. But the market doesn’t seem to share that optimism, at least today.

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Tasha Matsumoto

Stocks climb to new record highs on peace talk optimism and tech rally

Stocks rose on news that President Trump will send Jared Kushner and Steve Witkoff to Pakistan to negotiate peace talks with Iran. Additionally, Intel’s Q1 earnings crush lifted semiconductor stocks.

Michael Jordan #23, Shooting Guard and Small Forward for the Chicago Bulls wearing a warm up jacket looks on during player introductions before the NBA Midwest Division basketball game against the Denver Nuggets

markets

Max Knoblauch11h

Spectrum owner Charter Communications is on pace for its worst day ever as broadband numbers and Q1 results disappoint

Cable and broadband company Charter Communications is on pace for its worst-ever trading day on Friday, as investors dump the stock following its Q1 results and forward guidance.

Charter, which owns Spectrum, reported adjusted earnings of $9.17 per share, below Wall Street estimates of $9.96 per share from analysts polled by FactSet. On the company’s earnings call, CFO Jessica Fischer appeared to lower its guidance for full-year revenue per user.

“It’ll be close either way in terms of whether we end up with net growth,” Fischer said.

The company lost 120,000 internet subscribers in the quarter, deeper than the expected 94,800 and double its loss from the same period last year. That news comes one day after Comcast’s earnings provided a bit of optimism for broadband as a category: the company reported Q1 losses of 65,000, significantly improving from 183,000 losses in the same quarter last year. Comcast is down more than 10%, on pace for its worst day since January 2025.

Google to reportedly invest up to $40 billion in Anthropic

Amazon announced plans to deepen its investment in the Claude developer earlier this week.

Alphabet/Google CEO Sundar Pichai

markets

Nvidia poised to snap longest run without a record close since the AI boom began

The stock price of the company responsible for the brains of the AI boom is finally showing some brawn again.

Nvidia, the world’s most valuable company, is poised to close at a record high for the first time since October 29, 2025, on Friday (if it ends above $207.04).

The AI chip trade is on fire, with the Philadelphia Semiconductor Index slated to deliver its 18th consecutive gain as Intel’s robust results and outlook juice the entire ecosystem. Hyperscalers report earnings next week, and their capex guidance can be thought of as the earnings guidance for Nvidia and other AI suppliers for the quarters to come.

This would end Nvidia’s longest stretch without a record close since the unofficial start of the AI boom (when the chip designer delivered blowout quarterly results in May 2023).

(Sorry if I jinx this!)

markets

J. Edward Moreno13h

Lilly slips after prescriptions for its weight-loss pill come in below expectations in second week

Eli Lilly fell on Friday after prescription data for its new weight-loss pill, Foundayo, showed that it’s having a significantly slower rollout than its top competitor.

The pill was prescribed about 3,700 times in its second week, according to IQVIA data cited by Deutsche Bank analysts, compared to the roughly 8,000 they were expecting. Novo Nordisk’s Wegovy pill, which came out in January, hit over 18,000 prescriptions in its second week.

The FDA approved Foundayo on April 1 and shipments began on April 9. Deutsche analysts noted that Lilly’s GLP-1 injections, which currently outsell Novo’s, also had a slower start.

Lilly fell more than 4% after the numbers were released. Novo Nordisk rose more than 5%.

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