Tech stocks pull back, Nasdaq falls for third straight day, Micron's explosive earnings ignite after-hours trading!

On Wednesday Eastern Time, the three major U.S. stock indexes diverged. Dragged by concerns over tech stock valuations and AI capital expenditure doubts, the Nasdaq and S&P 500 both closed lower; meanwhile, a sharp drop in international oil prices boosted the airline and travel sectors, driving the Dow Jones to close higher against the trend.

Key Index Performance:
• Dow Jones Industrial Average: 51,848.90 points (+0.35%)
• Nasdaq Composite: 25,476.64 points (-0.43%)
• S&P 500: 7,358.22 points (-0.10%)

Today's Three Core Highlights:
1. Micron Technology's Earnings "Explode," Surging Over 12% After Hours
As the bellwether for AI memory, Micron Technology's fiscal third-quarter results far exceeded expectations! Adjusted earnings per share reached $25.11 (expected $20.49), and revenue surged to $41.46 billion. Driven by surging demand for AI servers, its core data center business revenue skyrocketed more than seven times. Following the earnings release, Micron's after-hours stock price surged over 12%, also boosting the memory chip sector after hours.

2. Jensen Huang Speaks: AI Infrastructure Cycle Lasts Decades
At Nvidia's annual shareholder meeting, CEO Jensen Huang strongly countered doubts about AI investment returns, bluntly stating, "Useful AI has arrived and is already capable of making money." He emphasized that more computing power means more tokens, which means more revenue, and that this round of AI infrastructure construction will be measured in decades, the largest infrastructure project in human history.

3. Oil Prices Plunge and Gold Drops Sharply, Macro Sentiment Shifts
With positive signals from U.S.-Iran negotiations and rising expectations for the resumption of crude oil flow through the Strait of Hormuz, international oil prices fell sharply, giving back gains from the earlier Middle East conflict. WTI crude dropped below $71 per barrel. Meanwhile, due to a stronger U.S. dollar and rate hike expectations, gold lost the $4,000 per ounce mark, and spot silver fell nearly 7%.

Despite Micron's strong performance, the market remains generally skeptical about capital expenditures from hyperscale cloud service providers. Goldman Sachs warns that AI capital expenditure trades carry risks, and tech stocks are undergoing a "healthy recalibration of expectations." Additionally, the U.S. PCE price index to be released on Thursday will provide key clues for the Federal Reserve's monetary policy, and investors should remain cautious.

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