tech
CNBC Daily Open: Nvidia may still be tech’s king, but Micron just stole a scene
Micron overtakes Nvidia and Meta to be Wall Street's new margin king
TL;DR
- Micron reported an 84.9% gross margin, making it Wall Street's new margin king, ahead of Meta and Nvidia.
- Qualcomm's shares rose 15% after it doubled its fiscal 2029 non-handset revenue forecast and announced a new data center CPU for AI applications.
- South Korea's SK Hynix filed for a $29.4 billion Nasdaq ADR listing.
- Oil prices declined as U.S.-Iran tensions eased, with several oil tankers exiting the Strait of Hormuz.
- U.S. President Trump claimed Iran would not impose tolls on ships and would use unfrozen assets to buy U.S. goods, a claim Iran has not confirmed.
- The White House requested $87.6 billion in supplemental funding for the Iran war and farm aid.
- Anthropic accused Alibaba of attempting to illicitly extract its AI capabilities through a 'distillation attack'.