Micron's 84.9% Gross Margins Are Breaking the Internet — and the Memory Market

Let's start with the headline everyone was screaming about: $MU posted $41.5 billion in Q3 revenue with 84.9% gross margins — numbers that made even Nvidia blush — and guided Q4 to $50 billion. Memory stocks went nuclear. Bloomberg Businessweek called it a potential $200/share EPS target by 2027 at just 5x forward earnings. Apes on Reddit and YouTube agreed for once: this thing is cheap.

Meanwhile, $ON had its worst week since November 2008, cratering 25% after announcing a $7 billion all-stock deal to acquire Synaptics. Wall Street hated it. IBD flagged rotation into healthcare and pharma as the 'whack-a-mole' market punished anything that moved wrong. $QCOM bucked the trend, surging ~7% after projecting $15B+ in annual data center sales by fiscal 2029. And then there was $WEN — yes, Wendy's — ripping 28% on a Reddit short squeeze with 32% short float, because this market will never not be chaotic.

The geopolitical wildcard: Iran threatening to shut the Strait of Hormuz sent oil whipsawing, the dollar surging, and energy sector chatter exploding across every platform. The MAG7 broadly entered bear market territory per social sentiment, and the S&P notched its fifth straight daily decline — first such streak of the year. Retail is nervous. Institutions are repositioning. And somewhere, a Wendy's shareholder is having the best week of their life.