Yahoo Finance Live anchors Brad Smith and Jared Blikre discuss the decline in stock for Micron.
Video Transcript
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BRAD SMITH: Also this morning, we're watching shares of Micron, after the stock closed at its highest point in over a month. This move comes as investors look ahead to its second quarter earnings release. That's set to come next week. Shares this morning, though, they are down by about 6/10 of a percent. So this has been a big mover as well as some of the semi names over the course of the week.
I was even tracking Nvidia earlier on this week, and even that, we've got pulled up on our YFi Interactive past five days. Nvidia holding onto gains of about 5%. And then even over that past five days, as we've been kind of taking a look at the broader sector, just tracking the SOX the FELIX semiconductor sector, that's been up by about 2% over the past five days. You've got the heat map here pulled up for the semis.
JARED BLIKRE: Yes, and I was just-- we were just talking about things getting better in the US, potentially, and the chip sector is highly levered to the US business cycle. Here, you can see Nvidia up 5%. Guess what it's up year to date? It is up 84%. It is a leader among this group. And let me just switch the time period to show you there. There we go. Nvidia up 84%. I'm going to sort by performance-- AMD, 53%; GlobalFoundries, 28%.
This is a very cyclical group, and so it's good to see these particular stocks leading the way here. How much room is there to go? As I was pointing out earlier, the NASDAQ itself up against some potential resistance in that historical trading range. I don't know how much farther can these stocks go in the interim if they're a little bit overbought now, hard to say. But over the longer-term trajectory, these are going to be the leaders if and when things turn around.
BRAD SMITH: Yeah, it's a considerable move. And I know we keep focusing on it Nvidia, and Nvidia did have a huge conference, of course, that took place this week, which really reaccelerates so much for the industry of the conversation around what AI could mean for Cloud. DGX Cloud-- we heard about that initially on the artificial intelligence front on Nvidia's earnings call this most recent quarter.
And so now, for the rest of the industry that's trying to wrap their heads or their own growth ambition around how they can integrate artificial intelligence with into each of their cloud offerings or suites data center suites as well, I think that's where investors might be getting a little bit more optimistic and hopefully not kind of ahead of the skis, but at least staying ahead of what the trade might be, just anticipating where this is going to get rolled out to some of those customers, client bases, and portfolio--
JARED BLIKRE: We've just got to get rid of these bad banking headlines, and people can focus rightfully on AI and ChatGPT all over again.
BRAD SMITH: Well, AI would naturally say that you should just be talking about me anyway, right?
JARED BLIKRE: Exactly, yeah.
