**Micron Technology’s Earnings Surge Affects Market Dynamics**
On Thursday, Micron Technology (NASDAQ: MU) saw its shares jump 16% following a significant quarterly earnings report, revealing revenues that quadrupled year over year and earnings per share soaring from $1.91 to $25.11. This surge in memory prices has forced Apple (NASDAQ: AAPL) to raise prices on its MacBooks and iPads by approximately 17%, leading to a drop of more than 6% in Apple’s stock value.
The S&P 500 closed nearly flat while the Nasdaq Composite fell by 0.8% and the Dow Jones Industrial Average rose by 0.4%, largely driven by Caterpillar reaching an all-time high. Furthermore, the upcoming reconstitution of Russell indexes on Friday will include SpaceX in the Russell 1000, prompting an estimated $150 billion in fund rebalancing.
Amidst these market shifts, Micron has increased its market cap by $233 billion, contrasting sharply with Apple’s $212 billion loss. This scenario underscores the tight supply and high demand for memory chips that is reshaping the tech landscape.
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