Straight to your inbox from Keith himself!

*Trusted by tens of thousands of savvy investors and traders around the world every day

☕ Micron rocks earnings, now what?

Oct 01, 2026

Howdy! 👋

My NYC extravaganza continues.

I’m heading out early this morning for another round of meetings… and can’t wait.

Not only are the meetings going to be super productive like the rest of my time here this week, but I love being in the city while it’s quiet. The lights, the sounds, the people, the pastries… all of it. But especially the pastries. 😜

Anyhoooo… a few quick thoughts that may be helpful.

1 – Micron rocks earnings, now what?

Micron reported its Q4 earnings and wow. (Read)

The company beat on both the top and bottom line estimates:

Revenue came in at $54.23bn, up 379% YoY and ahead of the $51.07bn consensus.
Net profit came in at $37.7bn, up roughly 1,078% YoY from $3.2bn.
DRAM revenue came in at $39.8bn, up 343% YoY and 73% of total sales.
Q1 revenue guidance is about $61.5bn, well ahead of the $57bn consensus.
And drum roll… data center revenue up 11X!!!

A blockbuster report in every sense of the term.

Now what?

You know the answer to that… I hope. (Watch)

Meanwhile and right on cue, the obligatory head fake I cautioned about ahead of earnings.

Click to enlarge.

Hope you didn’t fall for it. 🤦‍♂️

And if you did, that you reconsider the proposition.

Micron stock has returned ~15.8X over the past 3 years, and MyPOV is that it’s just getting started. The SPY, by comparison, has returned ~1.85X.

Buy the best, ignore the rest® has never looked better!

Well done everyone but especially the OBA Family. 😃

2 – Bond rout continues but…

The 10-year Treasury yield hit 5.33% this morning, its highest level since April 2002, while the 30-year touched 5.67%. (Read)

Contrary to what is bandied about in the news, yields up again has nothing to do with inflation.

Yields reflect risk.

This is not a coincidence… Russia hit Ukraine hard this morning, China’s refiners are apparently under no export orders and so on.

Big traders are repricing risk which means more opportunity for smart long-term investors.

3 – Apple not at the White House because it didn’t need to be

When U.S. President Trump gathered the biggest names in tech at the White House on Tuesday to talk about artificial intelligence, one seat was conspicuously empty. (Read)

Apple.

Neither Tim Cook, now Apple's executive chairman, nor his successor as CEO, John Ternus, was there.

Social media, of course, wasted no time deciding Apple had been snubbed for being "behind" on AI.

Par for the course.

Tuesday's lunch was about frontier models and AI safety – the companies building enormous models on massive Nvidia-powered clusters, several of which signed a new safety accord with the White House afterwards.

Not Apple’s game.

But guess where Apple was and everybody else wasn’t?

Tim Cook was at the White House less than a week earlier for the state dinner with Chinese President Xi Jinping.

Apple may just [still] be the most undervalued “AI” name out there.

4 – Brent above $100 again… sigh

Brent crude is back above $100 a barrel this morning. It started the day lower, then reversed and jumped more than 2%.

The trigger?

Reports that PetroChina has canceled several gasoline and jet fuel export shipments planned for October so Beijing can keep supplies at home. (Read)

That means even less finished fuel on the world market.

Prices jumped on the news, and Brent (the global benchmark for oil) went back above $100 a barrel.

Refiners and exploration companies just got more valuable, particularly those with a global footprint or one that’s highly localized and serving specific national markets.

Dividends are particularly important in this context. Buybacks and reinvestment, too.