A mix of economic data impacted Wall Street and the crypto market as the last full week of Q3 drew to a close.
At OpenAI, executive departures and rumors about a restructuring have sparked speculation.
Stay informed on the latest developments in the tech world with the Investing News Network’s round-up.
Bitcoin and Ether remained relatively stable on Tuesday and Wednesday, while altcoins saw modest gains. Their lack of movement as Asian stocks rallied suggests a stronger correlation with US economic data.
The crypto market performed strongly on Thursday, propelled by positive jobs data. Bitcoin surged, with its upward momentum continuing into Friday, when it passed US$65,000 to trade above US$66,000 for the first time since July. Ethereum performed similarly, hitting a weekly high of US$2,721 midday on Friday.
As of Friday afternoon, Bitcoin was up 1.6 percent over the past 24 hours, trading at US$65,836, while Ether was up 2.4 percent over the same period, reaching a level of US$2,697.
The company’s revenue for Q4 reached US$7.75 billion, exceeding the US$6.81 billion reported in the previous quarter. Micron’s revenue for the same period last year was US$4.01 billion.
Revenue for the full year came in at US$25.11 billion, up from US$9.57 billion during the previous year.
“Micron delivered 93 percent year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded US$1 billion in quarterly revenue for the first time,” said Micron President and CEO Sanjay Mehrotra in a statement shared by the company.
“We are entering fiscal 2025 with the best competitive positioning in Micron’s history. We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.”
Guidance for the company’s first fiscal quarter of 2025 outlines revenue of approximately US$8.7 billion, plus or minus US$200 million, indicating continued confidence in demand for semiconductor chips.
Micron’s positive results also impacted other chip stocks last week.
The company showcased a lineup of new products, including a US$299 budget-friendly version of its Meta Quest 3 reality headset, the Quest 3S, which will replace its Quest 2 and Quest Pro models by the end of the year. It also revealed limited-edition Wayfarer Ray-Ban Meta smart glasses with live AI-powered reminders and translations.
In addition, Meta CEO Mark Zuckerberg unveiled upcoming AI features for Meta, such as tools that will create lip-synced translations of Reels and voice chat capabilities. The event also showcased Meta’s full holographic augmented reality glasses, Orion. This provided the first glimpse of a product that has been in development for years, though Zuckerberg stated that it’s not yet ready for consumers and offered no release timeline.
Meta’s share price fluctuated during the two day event, briefly rising 0.97 percent to US$575.40 before returning to its pre-event level, offering limited insight into investor sentiment.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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