BUSINESS

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The first phase of the AI boom was defined by GPU horsepower and raw compute. The next phase is being driven by agentic workflows, and it is quietly shifting the bottleneck inside data centers back to general-purpose CPUs and server memory.

While investors have spent two years obsessed with Nvidia and High Bandwidth Memory (HBM), the rise of autonomous AI agents is creating an unexpected squeeze in plain-vanilla DDR5 DRAM.

On Monday, Sept. 28, Baird analyst Tristan Gerra raised his price target on Micron Technology (MU) to $1,520 from $1,280. He kept an Outperform rating and argued that agentic AI will drive Micron to new heights, CNBC reported.

The new target implies about 40% upside from the Sept. 25 close. Baird lifted its target to $1,280 from $500 in June, so its number has roughly tripled in three months. Baird is right, and Micron’s own filings show why.

Micron is the only American company among the three firms that dominate DRAM, the working memory in phones, PCs and servers.

The $1.2 trillion company could overtake Nvidia as the top driver of S&P 500 profit growth, MarketWatch reported on Sept. 27. Index fund owners already hold this bet.

Agentic AI puts the humble CPU back in charge

Agentic AI is software that plans and completes multistep tasks, such as comparing flights or writing code. While GPUs handle raw parallel processing, these sequential steps require a general-purpose CPU to coordinate the work.

Because agents must hold working memory and track their state across long workflows, they create a continuous demand for high-capacity server DRAM (DDR5) wired directly to the CPU.

Next-generation AI servers are moving from one CPU per eight GPUs toward one per four or fewer, TrendForce found in May. Each extra CPU brings its own bank of server memory.

Gerra expects AI-related CPU demand to grow about 40% in 2027, TipRanks reported. On June 24, Micron said agentic AI pushes memory demand beyond accelerator racks into CPU and storage racks.

Baird raised its Micron price target to $1,520 from $1,280 on Sept. 28, betting that agentic AI will lift server CPU and DRAM demand in 2027.vzphotos / Getty Images

Ordinary server memory now rivals HBM on margins

Micron’s fiscal third-quarter results, released June 24, show where the money is going. Its core data center unit, which sells to server makers, posted $11.5 billion in revenue, up more than sevenfold from the prior year.

That unit earned an 87% gross margin. The cloud unit, home to Micron’s HBM business, came in at 83%. Per sales dollar, the plain-memory unit already out-earns the HBM unit. Gerra expects HBM margins to climb past 80% in 2027, adding a second profit engine.

Gerra sees DRAM contract prices rising 20% in the September quarter and 10% more in the December quarter. Server DDR5, the memory beside every new CPU, could climb another 15% to 20%.

Supply is tightening, too. Gerra expects DRAM supply growth to slow to about 20% in 2027 from more than 30% this year. He also sees Chinese rival CXMT’s output growth slowing sharply from about 45% in 2026. Less new supply plus more CPUs is a squeeze that keeps prices firm.

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Micron closed at $1,082.28 on Friday, Sept. 25, according to stockanalysis.com. By 8:20 a.m. EST Monday, Sept. 28, shares were down 1.3% premarket at $1,068.20 as investors took profits before earnings, TipRanks reported.

The 52-week range spans $154.65 to a record $1,255 set on June 25, an eightfold swing. Yet the stock trades at about 7.3 times expected earnings, a discount that signals doubt that these profits will last.

As of Sept. 25, 36 of the 49 analysts tracked by stockanalysis.com rated Micron a Strong Buy, nine said Buy and four said Hold. None recommended selling.

The average 12-month target is $1,515, nearly identical to Baird’s. Targets span $361 to $2,200, a sign of deep disagreement.

The top target in last week’s notes was $1,625, from UBS on Sept. 23. Wells Fargo cut its target to $1,400 from $1,525 the same day, citing valuation debates, Investing.com reported.

Fiscal fourth-quarter results land Wednesday, Sept. 30, after the close. Analysts expect $51.19 billion in revenue, above the roughly $50 billion Micron guided to on June 24, TipRanks reported.

Memory is no longer the AI trade’s side bet

Micron’s own quarterly report warns that weaker HBM demand could shift supply into regular DRAM and drag prices down. Even Baird has an in-house skeptic.

Its investment strategist, Ross Mayfield, warned on CNBC in June that huge profits could push cloud giants toward alternatives.

Those risks look further out than 2027. SK Hynix CEO Kwak Noh-jung told Reuters on July 10 that 2027 will be the industry’s worst supply year ever. Intel CEO Lip-Bu Tan said on Feb. 3 that memory makers see no relief until 2028, Bloomberg reported.

The bigger shift is structural. Memory once boomed and busted with PC and phone sales. Agentic AI ties it to software that never clocks out, and buyers are responding with multi-year supply deals.

Wednesday’s guidance on gross margin and spending could drive the stock’s next move, BofA said, according to Barron’s. In the agent era, the chips that remember may matter as much as the chips that think.

Related: Bank of America doubles down on Micron stock before earnings

Shoppers in several states are being urged to check their spice cabinets after a product was recalled due to elevated lead levels.

Galil Importing Corp is recalling Lior Cinnamon Ground Seasoning because the product may contain elevated levels of lead, according to the U.S. Food and Drug Administration (FDA).

The recalled cinnamon was distributed to retail stores, grocery stores, delis, and supermarkets in New York, New Jersey, Pennsylvania, Texas, Florida, and Illinois between Nov. 18, 2025, and Sept. 7, 2026.

No illnesses have been reported in connection with the recall.

Shoppers should check recalled cinnamon

The recall affects Lior Cinnamon Ground Seasoning sold in 90-gram transparent plastic containers.

The affected product can be identified by:

UPC: 794711005484

Lot code: GAP11304

Size: 90 grams, or 3.2 ounces

The lot code can be found on the side of the container underneath the ingredient line.

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The recall was initiated after a sample collected and analyzed by the Maryland Department of Health found elevated lead levels in the product.

Galil Importing Corp said it has begun investigating its supplier and has implemented additional testing and supplier verification measures.

Lior Cinnamon Ground recalled over lead risk.istetiana / Getty Images

Lead exposure can pose serious health risks

Short-term exposure to very low levels of lead may not cause noticeable symptoms, according to the recall notice.

In some cases, an increased blood lead level may be the only apparent sign of exposure.

The effects of lead exposure depend on several factors, including the amount of lead, duration of exposure, and a person’s age and body weight.

Children face particular risks from prolonged exposure.

If a child is exposed to enough lead over a period of weeks or months, permanent damage to the central nervous system may occur, which can lead to learning disorders, developmental problems, and other long-term health effects, according to the FDA notice.

Consumers are advised not to eat the recalled cinnamon.

Galil Importing Corp is advising shoppers to either throw the product away or return it to the place of purchase for a refund.

The company has also instructed its customers to stop distributing and selling the affected product and to place any remaining inventory on hold.

Related: Walmart, Aldi, and Kroger follow Costco’s lead

Every app on your phone has memory. Whether you save a playlist, pay a bill, or ask a chatbot a follow-up question, that information has to land somewhere it can be found again in a split second.

MongoDB Inc. (MDB) sells that memory. Its document database helps companies build applications faster, and its free Community Server has topped 500 million downloads since 2009. That reach matters because every new AI app needs a place to store its data.

On Monday, Sept. 28, 2026, the company that helps businesses hold on to everything lost the one asset it could not back up.

CEO Chirantan “CJ” Desai stepped down, effective immediately, to pursue a senior role at Meta Platforms (META), according to Reuters. He had held the job for less than a year, CNBC reported.

The market did not wait for an explanation. MongoDB shares crashed more than 26% in early trading, according to Seeking Alpha.

The opening gap erased roughly $8 billion in market value, based on CNN’s opening price and Morningstar’s share count. That is more than three times the $2.46 billion in revenue MongoDB booked last fiscal year, according to Stock Analysis.

Desai will run Meta Enterprise Platform, a new unit selling Meta’s AI models, agents, and infrastructure to businesses, according to Bloomberg. In a Meta statement, he set the goal: to make Meta “the place enterprises come to scale their businesses.”

That goal should worry MongoDB holders. The executive hired to chase enterprise AI spending for MongoDB will now chase it for a far richer company.

The board knew 4 days before investors did

The exit looked sudden from the outside. The paperwork tells a slower story. Desai told MongoDB he intended to resign on Thursday, Sept. 24, 2026, according to a securities filing. Directors named Dev Ittycheria interim CEO two days later.

Ittycheria ran MongoDB from 2014 to 2025 and grew annual revenue from about $35 million to more than $2.3 billion, according to a MongoDB press release.

Chairman Tom Killalea said Ittycheria “knows this company deeply,” and MongoDB reaffirmed its third-quarter and full-year fiscal 2027 guidance.

Ittycheria pledged to “move quickly, execute with focus,” yet the calendar works against him. MongoDB hosts its Investor Day on Tuesday, Sept. 29, 2026. Investors wanted an update to a long-term plan that still assumes high-teens growth, even though MongoDB reported 30% revenue growth last quarter.

Now an interim CEO will pitch a plan drawn up under the executive who just left. That is a hard story to sell in one afternoon.

MongoDB shares opened at $310.94 on Sept. 28, 2026, $99.50 below the prior close, after CEO CJ Desai left to run Meta’s new enterprise AI unit.Bloomberg / Getty Images

MongoDB stock now trades far below analyst targets

Before the drop, the stock traded at about 12 times sales. That leaves little room for surprises.

MDB Shares closed at $410.44 on Friday, Sept. 25, 2026.

The stock opened at $310.94 on Monday, Sept. 28, 2026, a $99.50 gap below that close.

The 52-week range runs from $215.68 to $473.10, which puts the opening price closer to the low than the high.

The average rating from 41 analysts is Buy, with a 12-month price target of $456.88, according to Stock Analysis. That target sits about 47% above the opening price.

That gap is the story. Analysts are valuing a business that posted 30% revenue growth, while the market is pricing a company without a permanent leader. Needham called the timing “unfortunate” but stressed that MongoDB is running efficiently, according to TipRanks.

The pattern is familiar. Shares fell 13.5% on Wednesday, Sept. 2, 2026, after its Atlas cloud database grew 28.9%, below investor hopes of roughly 30%, despite a revenue beat. MongoDB keeps getting punished for doubt, not for weak results.

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MongoDB tried to lock Desai in. His November 2025 offer included $32.5 million in stock awards, more than half tied to share-price targets through 2030, according to a 2025 filing. The filing also said the second half of his $2.5 million signing bonus was due after 12 months. He left about six weeks short.

The lesson for boards is uncomfortable. A pay package built to fend off rival software companies means little when the recruiter has Meta’s balance sheet.

Meta has done this before. In 2025, it paid $14.3 billion for 49% of Scale AI and hired its CEO, Alexandr Wang, according to Fortune. Scale walked away with Meta’s money. MongoDB’s shareholders were left with the bill.

For investors, the fallout reaches beyond one database stock. As AI giants hunt for executives who can sell to corporations, a software CEO is now a recruiting target.

Key-person risk usually reads like boilerplate. At MongoDB, it just came with an $8 billion price tag.

Related: MongoDB missed one number and investors punished the stock

The company has a lucrative opportunity in letting rivals tap its data centers for computing power.

Every administration promises to cut red tape. Very few can show you what the cuts actually saved, because paperwork is easy to count and hard to price.

The pitch rarely changes. Fewer forms and faster approvals mean companies spend less on lawyers and compliance staff, and more on equipment, wages, and new hires.

That logic holds up on paper. Proving it is harder, since scrapping a rule nobody followed saves roughly what it cost, which is close to nothing.

Wall Street tends to shrug at these scorecards, but you shouldn’t. The businesses on the receiving end set the prices you pay, the hours you work, and whether your local shop adds another person this year.

I’ve covered Treasury Secretary Scott Bessent long enough to know he rarely posts a number without a purpose. On Thursday, Sept. 24, the same day the U.S. and China extended their trade truce, he posted one aimed straight at business leaders.

That number is a deregulation ratio, and the way Washington built it deserves a closer look than it got.

How White House’s 10-for-1 rule on regulations works

President Donald Trump signed an executive order on Jan. 31, 2025, telling agencies to kill 10 existing rules for every new one they issue, according to a White House fact sheet.

The Office of Information and Regulatory Affairs (OIRA), the White House unit that reviews federal rules, keeps the scoreboard. Its December tally claimed 646 deregulatory actions against five new ones, a ratio of 129 to 1.

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The office pegged the savings at $211.8 billion, or more than $600 per American.

“We have blown far past the target 10-to-1 deregulatory ratio in President Trump’s Executive Order, saving hundreds of billions for the American people,” Office of Management and Budget (OMB) Director Russ Vought said in a statement, according to the White House.

Scott Bessent touts President Trump’s 129-to-1 ratio of regulation cuts to business leaders.VioletaStoimenova / Getty Images

Bessent pitches business owners on a lighter rulebook

Bessent’s post leaned on that same figure. “Under @POTUS, 129 regulations have been eliminated for every new rule introduced,” Bessent wrote on X (the former Twitter).

“By reducing red tape, the Trump Administration has created an environment where businesses can expand, hire, and invest in the American economy,” he added.

He framed it as a growth story. “Economic growth accelerates when businesses are able to invest, innovate, and compete rather than navigate unnecessary bureaucracy,” he wrote.

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It isn’t his first victory lap. In August, Treasury exempted millions of U.S. business owners from beneficial ownership reporting, a rule that made small companies disclose who really owns them.

“Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security,” Bessent wrote on X on Aug. 11.

Critics saw it differently. “This is a gift to cartels, criminals, and U.S. adversaries that exploit shell companies to move millions through our financial system,” Sen. Elizabeth Warren (D-Mass.) said, according to Benzinga.

Why the 129-to-1 ratio looks bigger than it is

I pulled OIRA’s own fiscal 2025 report, and the fine print tells a different story from the headline number. The 129-to-1 figure covers only the administration’s first eight months, a period that ended Sept. 30, 2025, a full year before Bessent’s post.

Here’s how the numbers break down:

646 deregulatory actions against five significant new rules in fiscal 2025, according to OIRA. 

218 of those actions changed the Code of Federal Regulations, a 43-to-1 ratio, based on to the same OIRA report. 

$128.6 billion, or 61% of the claimed savings, came from Treasury, according to the George Washington University (GWU) Regulatory Studies Center. 

$47.7 billion from Homeland Security included programs whose authority expired in July 2023, the same GWU analysis noted. 

The gap comes from how the counting works. Agencies “count a range of regulatory actions in the numerator, but only significant regulatory actions in the denominator,” wrote Tambudzai Charumbira (Gundani) of the GWU center.

“Simply put, OIRA gamed its methodology to produce a higher ratio,” Charumbira added.

In my analysis, the most telling detail sits in Bessent’s own building. Treasury’s slice came mostly from IRS notices declaring old guidance obsolete, including guidance on “collapsible corporations,” a provision repealed in 2013, according to the GWU review.

Charumbira did give the approach some credit. Guidance documents “can impose real compliance burdens on businesses and individuals even when they never go through a notice-and-comment rulemaking process,” she told Government Executive.

Consumer advocates want a different yardstick. “It’s not just about some number of regulations. It’s about what that represents,” Katie Tracy, a regulatory expert at Public Citizen, told Government Executive.

Tariff refunds show which companies got paid first

Bessent’s post left tariffs out entirely, and for many business owners, that’s the bigger bill.

The Supreme Court struck down tariffs President Trump imposed under emergency powers in February, and Treasury had refunded about $100 billion to importers such as Costco (COST) and FedEx (FDX) by August, according to 24/7 Wall St.

Households absorbed an estimated $1,745 per family in tariff costs and get none of that money back, the outlet estimated. “I got a feeling the American people won’t see it,” Bessent said at the Economic Club of Dallas on Feb. 23, 24/7 Wall St reported.

When I set the White House’s per-person figure next to that estimate, the two nearly cancel out. A family of three would book about $1,800 in regulatory savings on paper, spread across present and future years, while the tariff bill came out of real checkout lines.

Bessent has sparred with retailers over tariff price hikes before, and trade pressure hasn’t gone away. The U.S. and China agreed to extend their trade truce through Jan. 10, NBC News reported on Sept. 24.

What a $1.5 trillion cleanup could mean for your wallet

The administration is aiming far higher this year. Its fiscal 2026 plan lists 702 deregulatory actions and $1.5 trillion in projected savings.

The targets include vehicle emission standards at the Environmental Protection Agency (EPA) and artificial intelligence (AI) export controls at the Commerce Department, Fox Business reported on July 6.

“Fiscal Year 2026 will go far beyond even that number with a record-setting $1.5 trillion in projected cost savings,” OIRA general counsel Mark Paoletta said, according to Fox Business.

Some of that will be real. Faster permits and fewer duplicate filings do lower costs for a small manufacturer or a regional bank.

Whether you ever feel it is a separate question. Bessent has promised relief for Main Street over Wall Street before, so watch prices at the register and hiring at small firms, not the ratio.

Until those savings reach your grocery bill or your paycheck, 129-to-1 remains a talking point.

Related: Bessent just picked the one wage measure still rising

The chip maker is buying the startup and adding AI pioneer Fei-Fei Li as its chief scientist.

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