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Bloomberg Technology
Micron Plunges On Weakness, Musk's Political Power
Dec 19, 2024
Micron's stock takes a nosedive as analysts dissect a bleak outlook amidst weak chip demand. Meanwhile, Elon Musk leverages his political influence during a looming US government shutdown. The PC market eyes a potential recovery by 2025, spurred by AI advancements. Additionally, Apple cancels its hardware subscription plans while discussions about immigration reform highlight the vital role of immigrant entrepreneurs in driving tech innovation.
42:03
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Quick takeaways
- Micron's stock fell over 17% due to a weak chips outlook and shifting consumer demand in key sectors like smartphones and PCs.
- Elon Musk's influence on political matters showcases his ability to shape legislation, potentially impacting government funding decisions and technology policies.
Deep dives
Micron's Market Struggles
Micron's recent earnings report has revealed significant challenges, as the company's stock plummeted by over 17%. Analysts pointed to a disappointing outlook that missed expectations by 12%, primarily due to decreased demand in smartphone, PC, and automotive sectors. Despite initial optimism regarding AI-related products, the observed inventory corrections and shifting consumer spending habits have led to increased skepticism around Micron's market performance. While some analysts predict a potential recovery in the second half of the year, uncertainties related to AI adoption and overall market demand remain a concern for investors.
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