As of Thursday, the 10-year Treasury yield reached 5.14%, the highest in nearly 19 years, while the 30-year Treasury yield hit 5.43%, the highest since 2004. In the oil market, Brent crude surged to almost $107, reflecting a 3% increase, with West Texas Intermediate up 3.5% above $95. Philadelphia Fed President Anna Paulson suggested further interest rate hikes may be necessary due to economic conditions.
Michael Burry, known for his prediction in “The Big Short,” has intensified his short position in Micron Technology (MU), indicating concerns that memory manufacturers have inflated their stock prices amid an upcoming cycle shift. Burry’s bearish outlook is based on warnings of an impending memory glut driven by increased supply from Chinese producers.
Despite Burry’s predictions, analysts expect Micron’s fourth-quarter revenue to increase nearly 349% year-over-year to about $50.8 billion, with earnings projected to exceed $31 per share. The contrasting views between Burry and bullish analysts highlight the uncertainty surrounding Micron’s future as dependency on high-bandwidth memory for AI applications continues to rise.
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