According to the earnings brief, Micron’s fiscal Q4 2026 revenue was approximately $54.2 billion, up 380% from a year earlier. The brief puts gross margin at 87% of sales.
Those numbers are striking for a memory business. The question is how long they can last if more production puts pressure on memory prices.
Micron’s Sales Are Strong, but More Production Could Change Prices
Revenue rose 31% from the prior quarter. Core data center revenue reached approximately $18 billion, compared with about $1.6 billion a year earlier.
The earnings brief says Micron is shipping HBM4 for Nvidia’s Vera Rubin platform and has more than two dozen long-term customer agreements. It expects approximately $61.5 billion in revenue and gross margins above 86% in the current fiscal quarter.
That points to strong demand in the near term. Meeting it also requires heavy spending on fabrication plants, packaging, and new memory technology.
The brief puts the stock at about six times forward earnings. But it warns that more production could eventually pressure memory prices. Strong sales and margins today do not settle how long they can last.
Weak Hiring Lifted Stocks, While Bond Yields Rebounded
U.S. employers added 29,000 jobs in September, well short of the roughly 90,000 expected. According to the Stock Tweets digest, unemployment rose to 4.2% from 4.1%, and wage growth slowed.
Traders put the odds of an October Fed hike at roughly one-in-four. Inflation is still part of the picture: August PCE was 3.4% from a year earlier, and Chicago Fed President Goolsbee said inflation, rather than jobs, remained the problem. The next CPI report comes before the October 27-28 Fed meeting.
Stocks rose on Friday. The S&P 500 gained 0.73%, and the Nasdaq gained 1.19%. The 10-year Treasury yield briefly fell, then climbed back toward about 5.28%. Stocks and bonds gave different responses to the jobs report.
Fuel prices add another concern. The G7 agreed to release 100 million barrels of crude, diesel, and gasoline from emergency stocks over four months to cool prices tied to the Iran war and Strait of Hormuz disruptions.
There were other signals about how people are saving and weighing risk. Fidelity says the average 401(k) balance rose 10.5% from March through June, its biggest quarterly increase since 2020. Participants in their 30s averaged $75,200; those in their 40s averaged $156,800. Including employers, participants invested an average 14.4% of pay.
In a separate portfolio discussion, @value-investing points to Berkshire’s 360 billion in cash, which he describes as 35% of assets. He says short-term Treasuries yield 4%, while longer-term bonds gain value if yields fall and lose value if yields rise. His own portfolio has no cash and is fully invested.
He is wary of high yield bonds. He calls them “junk,” cites an 8% yield and, recalling Howard Marks, says 4% of issuers go bust each year. He asks whether the yield pays enough for that risk. He also says value stocks can fall in a crash, pointing to the Nasdaq’s 76% decline after the dot-com bubble. As a different long-term example, he argues that a business paying a 6% dividend while growing 3% a year could produce a very different result if the dividends are reinvested.
Terra’s Fund Run Reached Beyond Its Own Clients
Terra’s flagship fund reported a return of more than 66,000% over 3 years. Bloomberg found filings showing that, at one point in 2023, the fund held 99% of its assets in shares of its own parent company, Terra.
Orans Saka of City St. George’s University of London described the loop: fund purchases raised affiliated share prices. That raised the fund’s reported value and made Terra’s fund business look more valuable.
Other affiliated shares rose sharply too. Viznney Madden gained more than 2,100% by the end of July, then fell 75% in August. Destec Finance Factoring rose more than 4,700% and, even after turmoil began, traded at about 132 times earnings.
Bloomberg reported that Terra’s brokerage borrowing grew from 132 million LRA at the end of 2024 to 59.8 billion LRA a year later. Some firms lent against inflated, thinly traded shares. When prices stopped rising, investors rushed to withdraw.
About $4.7 billion left Turkish investment funds in just over two weeks. On September 16th, Terra said it could not pay clients seeking withdrawals.
The investigation and liquidation are still unfolding. Turkey’s justice minister said 217 suspects had been targeted and 56 jailed pending trial. The regulator gave Isbank and state-run Zerat bank up to six months to liquidate 131 frozen funds. A working paper cited in the blog found money was also leaving independent fund managers with no connection to the scandal.
Meta’s Agent Adds Tasks, Pricing and Data Questions
Meta introduced an AI agent app powered by its Muse Spark models. Meta says it can book appointments, fill out forms, and monitor home security feeds. Wang said it will have a free tier and monthly plans costing $20 or $100.
Those tasks involve personal information. Users must opt out if they do not want their interactions used to train Meta’s AI models. David Singleton, Meta’s vice president of engineering, said Meta will scrub critical identifying information from interactions it uses. Wang said the agent runs in an isolated environment, cannot see actual passwords or payment details, and asks before sensitive actions.
Meta is exploring a share of shopping transactions made through the agent, though no plan is settled. The launch comes as Meta faces pressure to show returns on AI spending. It also follows Meta’s agreement to pay nearly $17 billion to settle claims brought by state attorneys general over alleged misrepresentations of harm on Facebook and Instagram.
Two other company comparisons came up. Elon Musk says commercial activity, largely Starlink, accounts for more than 90% of SpaceX revenue this year, according to a post from Kalshi Finance. Uber recorded over 7.5 billion trips in the first 2 quarters of 2026, while the brief puts Waymo at roughly 11-12 million trips over the same period. That shows Uber’s current trip volume, but says nothing on its own about the value of either business.
In a Tesla chart discussion, MentoviaX calls 386-391 near-term resistance and says it is “easily a $600+ stock now.” A reply says the EPS line has fallen for many quarters and needs to turn up. Those are competing chart views, not reported changes to Tesla’s business.