As long as open-source AI models dominate, Nvidia’s custom chip competitors won’t be able to take over its share of the market, an analyst says
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Macy’s $850 birthstone pendant is 77% off during Macy’s Labor Day sale
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Why we love this deal
Personalized jewelry has a soft spot in our hearts. When a monogram, an initial, or a birthstone works its way into the design of some earrings, a bracelet, or necklace, it customizes the jewelry in a way that makes it more special for you to wear. It shares a small detail about you without you saying anything, which not every piece of jewelry you wear can do. And when you can get such a meaningful piece of jewelry like the Macy’s Birthstone Pendant for a fraction of what it usually sells for, well, that’s even more special to us.
The stunning pendant necklace, which originally sells for $850, is on sale for 77% during Macy’s Labor Day sale, saving you $651. You can get the necklace in a birthstone of your choosing for only $199 during this limited-time special that won’t extend past the weekend.
Macy’s Birthstone Pendant, $199 (was $850) at Macy’s
Courtesy of Macy’s
Shop at Macy’s
Why do shoppers love it?
Small but stunning — that’s how we’d describe this pendant necklace. A circular, petite charm sits on a delicate belcher chain that, depending on the color of the necklace, is made of 14k gold or 14k white gold. Based on the birthstone gem you choose, the necklace will be either yellow gold or silver.
Measuring approximately 18 inches long, the highly durable, heavy-duty chain resists tarnishing and handles moisture very well. This means you can wear your necklace in the shower or during a sweaty workout and it won’t affect the color or quality of the necklace. That said, as a precaution for jewelry, to preserve their appearance the longest, it’s always best to remove jewelry when swimming, showering, or applying heavy perfumes and lotions.
The pendant charm, which has an approximate ⅓-inch drop, features a round-shaped natural or lab-grown gemstone, surrounded by a four-pronged setting. Rubies, emeralds, citrine, blue topaz, and peridot are just of the few of the available selections that you can choose to correspond to your birth month.
Related: Walmart is selling Swarovski crystal earrings for just $20
Chemically-created stones and naturally mined gems are virtually the same, save for the way they found their way to you, but that’s to say that the quality is practically identical across the board. Most of the stones weigh about ⅝ ct. t.w. but the opal measures at ⅙ ct. T.w., the emerald measures ½ ct. t.w., and the white sapphire measures ⅕ ct. t.w. The pearl, which doesn’t have a carat weight, measures 5 millimeters wide. You can only really see the size difference when you put them under a microscope.
Details to know
Material: 14k gold or 14k white gold and natural or lab-grown gemstones.
Birthstones: Ruby, emerald, aquamarine, sapphire, garnet, citrine, blue topaz, amethyst, peridot, opal, white sapphire, pearl. The lab-grown gems are emerald, ruby, sapphire, opal, and white sapphire. The aquamarine, garnet, citrine, blue topaz, amethyst, peridot, and pearl are natural.
Chain length: Approximately 18 inches.
Although it’s a bit on the smaller side, the pendant has a dainty, delicate quality to it that shoppers really love. Shoppers love buying it for themselves as much as they do a family or friend. “Simple and elegant,” one shopper said. “Necklace is exquisite,” another said. “It goes with anything.”
Shop more deals
Macy’s 2-Piece Set Cultured Freshwater Pearl Collar Necklace & Matching Stud Earrings, $105 (was $300) at Macy’s
Effy Collection Diamond and Malachite Pendant Necklace, $773 (was $2,450) at Macy’s
Macy’s Diamond Halo Pendant Necklace, $499 ( was $1,500) at Macy’s
A great gift to yourself or someone else you know — especially with the holidays only a few short months away — this Macy’s Birthstone Pendant is simple yet sophisticated, making it a great get now that it’s on sale for 77% off.
Zillow, Redfin speak on mortgage rate change, housing market
Potential homebuyers already grappling with affordability challenges saw mortgage rates spike this week to levels not seen since spring of last year. The daily 30-year fixed-rate mortgage (FRM) clocked in at 6.91% on Sept. 2, the highest since 6.92% on May 26, 2025.
Real estate technology companies Zillow and Redfin have crucial comments on the impact of mortgage rates on rental behavior and homebuying trends that we will cover below, but first, let’s get into the current mortgage rate data.
“While the daily index rose into the 6.9’s today for the first time in more than year, many borrowers are already seeing rates at 7% or higher,” wrote Mortgage News Daily (MND).
The weekly mortgage rate reflected the uptick, but Freddie Mac noted a silver lining.
“The 30-year fixed-rate mortgage averaged 6.71% this week,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand has remained relatively stable indicating steady interest from buyers adapting to evolving market conditions.”
The average daily rate, MND explained, is an ideal scenario that doesn’t necessarily indicate the reality homebuyers face.
“When we reference average, daily, top-tier 30-year fixed rates, it is for an ideal scenario that rarely exists in the wild,” MND wrote. “The average scenario will always involve slightly higher effective rates (i.e. even if the rate is the same as national averages, it would involve additional upfront costs).”
“As a reminder, our daily rate index accounts for upfront costs whereas Freddie Mac’s weekly survey rate does not.”
Beyond mortgage rates, Zillow reports interest in renting
High mortgage rates can be a major factor in spurring interest in rentals — and Zillow says there are key things people consider.
“Renting is often how people try out a new community before committing,” said Mischa Fisher, chief economist at Zillow. “When we see a market with a growing share of rental searches coming from outside the metro, that tips us off to a developing pipeline.”
More on housing market:
Zillow sees change in housing market, home values
New home-selling strategy poses threat to buyers
Goldman Sachs issues major prediction for U.S. housing market
Zillow points to specific cities to which people are looking to move.
“Prospective renters are looking beyond their own backyards, and new Zillow data reveals where they’re setting their sights,” Zillow wrote.
“An analysis of rental listing page views found that out-of-town interest is growing fastest in Buffalo, Chicago and Houston. The share of searches coming from renters outside these markets has surged over the past year — an early signal of where relocation demand may be heading next.”
Zillow and Redfin report on the impact of high mortgage rates on renting and homebuying.Shutterstock
Redfin sees homebuyers gaining power anyway
Mortgage rates and high housing costs are the biggest challenge for prospective buyers, but there are positive signs for homebuyers.
“The typical U.S. home-sale price rose 2.2% year over year, while the average weekly mortgage rate was 6.66%, near its highest level in the last year,” real estate technology company Redfin wrote.
In a seasonally adjusted basis, newly listed U.S. homes for sale grew 2.1% week-over-week, hitting a four-year high, according to Redfin.
“The total number of homes for sale ticked up 0.4% week over week,” Redfin wrote. “That’s welcome news for house hunters, who have increasingly more options and negotiating power.”
Pending home sales remained virtually unchanged (-0.1%) week-over-week, hovering at their lowest point since February.
“The disconnect between growing listings and sluggish sales is exacerbating the buyer’s market we’re seeing in most of the country,” Redfin wrote.
Daily mortgage rates drop slightly
On Sept 3, the average daily 30-year fixed-rate mortgage dropped slightly to 6.88% from the Sept. 2 average of 6.91%, according to Mortage News Daily.
“Mortgage rates finally had a decent day on Thursday after spending the previous three days inching into the highest levels in more than a year,” MND wrote. “Part of the improvement was due to comments from Fed Governor Chris Waller, who said that it wouldn’t be necessary to hike rates at the next meeting unless inflation data surprises to the upside.”
“Before that, the underlying bond market was already showing some resilience in overnight trading,” MND continued.
“The prevailing pattern has been a fairly reliable correlation between bond yields and oil prices. But this time around, yields held fairly steady in the overnight session even though oil prices moved higher.”
Related: Zillow predicts major mortgage rate, housing market change
Here’s how people are building their nest eggs using ‘rent and invest’ strategies
Also in Weekend Reads: The disrupted bond market, a warning for traders who borrow money, and advice from the Moneyist.
Michael J. Fox, Harrison Ford Team Up For New Parkinson’s Disease PSA
Harrison Ford and Michael J. Fox teamed up with the help of Ryan Reynolds’ Maximum Effort to film a new PSA for The Michael J. Fox Foundation for Parkinson’s Research.
Lululemon’s Stock Sinks 18% After Q2 Earnings And Outlook Cut
Lululemon stock fell over 18% after the company lowered its full-year revenue and profit forecasts for the second time.
Palantir just won the Army and lost Michael Burry
Michael Burry built his reputation by being early and right about a bubble nobody else could see.
On Wednesday he turned that instinct on Palantir Technologies (PLTR), calling the company an AI consultant riding a wave of corporate FOMO and warning its market value could eventually fall below $100 billion.
By the time his post went up, Palantir had already banked a new Army contract two days earlier, and within hours PwC piled on with an expanded alliance of its own.
That timing is the story. Bear cases usually land in a vacuum, giving the market time to sit with the discomfort. This one landed in the middle of two corporate wins, and the stock barely flinched.
Burry’s bear case rests on the balance sheet
Burry’s argument, laid out in a Seeking Alpha writeup of his post, is not really about growth. It is about what kind of company Palantir actually is.
He compared Palantir’s deferred revenue ratio, about 32%, to Accenture’s roughly 31% and to subscription software firms like Salesforce and ServiceNow, which run between 80% and 207%.
Related: Jim Cramer explains Palantir, Salesforce rebound
The implication is that Palantir bills and books revenue more like a consulting shop than a software platform, which matters because consultants trade at far lower multiples than SaaS companies do.
He also flagged accounts receivable climbing to $1.49 billion as of June 30 from $1.04 billion at the end of 2025, with one customer responsible for 27% of that balance despite no single customer accounting for more than 10% of revenue.
Rising receivables tied to a concentrated customer can signal that a company is booking revenue faster than it is actually collecting cash.
A few additional details rounded out the critique:
Palantir reported about $1.6 billion in pretax GAAP income in 2025 but paid no federal cash taxes, a gap Burry linked to stock-compensation deductions that pushed federal net operating loss carryforwards up to $9 billion.
The company canceled a $1 billion buyback authorization after repurchasing only about $75 million of stock in 2025.
CEO Alex Karp’s personally owned aircraft cost the company $17.2 million in 2025, more than double the $7.7 million spent a year earlier.
Palantir shares rose nearly 7% after a PwC alliance and Army contract offset Michael Burry’s renewed $100 billion valuation warning.JHVEPhoto / Getty Images
PwC just expanded its Palantir alliance
Hours after Burry’s post, PwC announced it was deepening its alliance with Palantir to build what the firms called the industry’s first AI-native deals platform, running on Palantir’s Foundry and AIP software, according to a press release from PwC.
The platform targets mergers, acquisitions and divestitures, and the firms say it is designed to help clients execute deals up to 50% faster while cutting one-time transaction costs by as much as 45%.
That matters because it is enterprise validation, not government spending. Consulting giants do not attach their name to a platform unless they expect client demand to follow, and PwC was recently named a leader in Palantir’s own ecosystem for AI engineering work.
Shares climbed nearly 7% to around $181 on the news, according to Benzinga, even as Burry’s fresh short thesis was circulating the same morning.
The Army handed Palantir eight new systems
Two days before any of that, the Army Contracting Command awarded Palantir USG, a wholly owned subsidiary, a prime agreement to produce eight TITAN ground station systems, according to a press release distributed on the company’s behalf.
TITAN is a crewed AI-enabled ground station that pulls in space, aerial and terrestrial sensor data to support targeting and long-range fires, and the award covers four Advanced and four Basic variants built with partners including Anduril and L3Harris.
That contract matters because it extends Palantir beyond a single prototype into sustained production, the kind of multi-year commitment that defense investors weight more heavily than commercial pilots.
It is also the exact kind of government revenue Burry’s thesis does not directly address. His numbers focus on receivables and tax treatment, not on whether the Pentagon still wants the product.
More Palantir:
Palantir CEO admits AI would make him 20 times richer
Microsoft CEO adds fuel to Palantir CEO’s AI warning
Palantir CEO has a blunt verdict on OpenAI and Anthropic
Two narratives about Palantir are now running in parallel
None of this makes Burry wrong. Deferred revenue ratios and receivables concentration are real accounting signals, and they do not disappear because a stock rallies on unrelated news.
What changed this week is that Palantir now has three separate stories competing for the market’s attention within 48 hours, a bear case built on the books and two wins built on demand.
That pattern is becoming familiar across AI-adjacent software, where valuation skeptics and revenue catalysts increasingly arrive in the same week rather than the same earnings cycle.
Investors watching Palantir are no longer just betting on the business. They are betting on which narrative moves faster, and this week the demand story got the head start.
Related: Palantir CEO just made bet that could reshape defense-tech race
A Guide to Setting Up a Travel eSIM for International Trips
Modern mobile connectivity relies on embedded digital chips to connect devices to cellular networks without physical cards. Travelers prefer this digital approach to avoid the manual swap of hardware components during transit. These virtual profiles reside directly on the device motherboard and activate through simple software prompts.
Compatibility checks remain the first requirement for any successful setup of a digital plan. This article provides a comprehensive guide to setting up a digital data plan for global use.
Step 1: Buy Your eSIM and Keep It Ready for Use
A reliable travel eSIM provides a convenient way to access data across international borders. The purchase process begins on the official website, where users select a specific destination and data volume. Each plan features a set duration and a fixed amount of gigabytes to suit specific trip lengths. The platform delivers a unique digital profile to the user via email immediately after the payment is confirmed. This email contains the essential setup credentials and a secure QR code for the activation process.
Travelers must store this information in a safe location to ensure a smooth transition upon arrival.
Step 2: Scan QR to Install eSIM
The installation process requires a stable Wi-Fi connection to download the cellular profile to the device. Users open the camera app or the cellular settings menu to initiate the scan of the provided QR code. The device identifies the new network profile and prompts for permission to add the plan.
A clear screen message confirms that the digital card is ready for the next setup phase. Most devices allow multiple profiles to exist on one chip simultaneously for maximum convenience. This step ensures the device contains the necessary network credentials before the trip starts.
Step 3: Add the eSIM successfully to Your Device Settings
The device software needs specific labels to distinguish the new data plan from the primary home line. Users navigate to the cellular or mobile data section within the main settings menu to manage these labels.
The system allows custom names, such as travel or data, to help organize the active lines. This organization prevents confusion when the traveler needs to toggle between different network services. A clear label ensures that the device uses the correct resources for internet access while abroad.
Step 4: Activate or Start Your eSIM When You Are Ready to Travel
Most digital data plans remain inactive until the user triggers the start date or connects to a local tower. A eSIM usually activates its validity period the moment it attaches to a supported foreign network. Travelers should wait until they reach their destination to enable the line to preserve the full data duration.
The device settings menu provides a simple toggle switch to turn the specific line on or off. Users must ensure that the primary domestic line remains off for data to avoid extra costs. These steps guarantee that the data plan lasts for the entire duration of the trip.
Enable the secondary cellular line once the aircraft lands at the destination.
Check the provider instructions to see if a manual activation code is necessary.
Monitor the data usage through the device settings to track the plan status.
Confirm that the plan’s validity matches the intended length of the stay.
Maintain the primary line in a standby state for text messages if needed.
Step 5: Turn On Cellular Line and Enable Data Roaming in Settings
The device needs permission to use foreign networks through the data roaming toggle in the settings menu. Users must select the travel plan as the default path for all cellular data traffic. This selection prevents the device from attempting to use the home carrier for expensive internet access.
The data roaming switch for the specific travel profile must be in the on position for the service to function. Modern smartphones provide separate roaming controls for each installed line to ensure precise control. This configuration allows the device to bridge the gap between the hardware and the local infrastructure.
Step 6: Connect Automatically to the Best Local Network at Your Destination
The mobile device searches for compatible local towers once the travel plan is active and roaming is on. Automatic network selection allows the phone to pick the strongest signal available in the current area.
This process usually takes a few minutes as the device authenticates with the local partner carrier. A signal strength indicator and a network name appear at the top of the screen to confirm success. Users can then access maps, browser apps, and communication tools without the need for local physical cards. Consistent data access ensures that the traveler stays connected to essential resources throughout the journey.
Digital connectivity requires a compatible device and a pre-purchased plan before departure for the best results. Successful installation of travel eSIM depends on a stable Wi-Fi connection and the correct roaming settings. Confirm your device is carrier-unlocked to ensure the new profile functions correctly on any international network provider during your trip.
The post A Guide to Setting Up a Travel eSIM for International Trips appeared first on Addicted 2 Success.
How Moving Affects Real Estate Decisions More Than You Think
If you’re buying, selling, or renting a home, the move itself can quietly shape almost every real estate decision you make. In a fast-growing city like Nashville, where neighborhoods shift quickly and housing demand stays active, timing and logistics matter more than people expect. A smart move is not just about getting boxes from one address to another. It can affect pricing, negotiations, staging, closing schedules, and even which property makes sense for your life.
Moving is part of the real estate strategy, not the afterthought
A lot of people treat moving like the final box to check after signing papers. Real estate professionals know it starts much earlier. If you’re selling a home, your moving plan can affect when you list, how clean and open the property feels during showings, and whether you can leave before the buyer takes possession.
If you’re buying, the move shapes your budget in a very real way. Truck rentals, storage, packing supplies, utility transfers, and time off work add up fast. A house that seems affordable on paper can feel less friendly once move-related costs pile on.
You also need to think about occupancy dates. A dream deal can get messy if your lease ends before closing or your new place needs repairs. Real estate is full of domino effects, and moving often tips the first one.
In competitive markets, timing your move can protect your deal
Hot real estate markets reward buyers and sellers who are organized. Nashville is a solid example. Homes can move quickly, and delays can rattle everyone involved. If you’re not prepared for your move, even a smooth transaction can start to wobble.
Say you’re selling your home and buying another one at the same time. That sounds efficient until one closing shifts by three days and your entire plan starts sweating. Coordinating movers, storage, key handoffs, and final walkthroughs becomes less glamorous than those listing photos suggested.
Working with a reliable moving company in Nashville can help you line up your logistics with the pace of the local housing market. That matters when you need flexibility, professional handling, and a realistic schedule instead of crossed fingers and a borrowed pickup truck.
A well-planned move can make your home easier to sell
Buyers respond to space, light, and simplicity. That becomes much easier to create when you begin moving before your house officially sells. Pre-move planning gives you a chance to declutter, remove oversized furniture, and make rooms look bigger without pretending your treadmill is a design feature.
This is especially useful in real estate photography and staging. A cleaner layout helps buyers picture their own lives in the home. They notice storage, traffic flow, and natural light more clearly when your personal chaos is not stealing the spotlight.
You don’t need to empty the entire house on day one. Start with seasonal clothes, extra decor, old paperwork, garage clutter, and furniture you can live without for a few weeks. If you’re serious about maximizing buyer interest, reducing visual noise is one of the easiest wins available.
Your neighborhood choice should include moving realities
Real estate decisions often focus on square footage, school zones, taxes, and price per foot. Useful metrics, no question. But the physical reality of moving into a neighborhood can reveal details listings usually skip.
Think about narrow streets, limited parking, strict HOA rules, elevator access, loading dock requirements, or steep driveways. A downtown condo may look sleek online, but move-in windows and service elevator reservations can turn a simple relocation into a scheduling puzzle.
Suburban neighborhoods bring different issues. Longer driveways, large furniture, and multi-story layouts can affect labor time and moving costs. If you’re relocating from out of state, the challenge gets bigger. Looking at a home through a moving lens helps you ask smarter questions before you commit.
That sort of practical thinking can save money and lower stress, which is a pretty good return for ten minutes of curiosity.
Buyers and sellers both benefit from realistic moving budgets
People usually build a real estate budget around mortgage payments, closing costs, insurance, and repairs. Good start. The moving budget still gets ignored far too often, even though it can change your short-term cash position in a big way.
If you’re buying your first home, you may already be stretching for the down payment and reserves. Add moving labor, deposits for new utilities, storage fees, and immediate purchases like blinds or appliances, and the early weeks can feel expensive fast.
Sellers face their own version of the problem. You may need temporary storage, short-term housing, cleaning services, and extra transportation costs if your next home is not ready. A realistic budget keeps you from making rushed choices during negotiations.
When you understand your full moving costs early, you can negotiate credits, pick better closing dates, and avoid draining your emergency fund right after getting the keys.
Moving logistics can influence renovation and investment decisions
If you’re buying a fixer-upper or investment property, moving considerations become even more important. Renovations often delay move-in dates, which means you may need temporary housing or staggered delivery of your belongings. That adds complexity many buyers underestimate.
For owner-occupants, the question is simple: can you actually live around the planned work? Replacing floors, repainting interiors, or updating kitchens is easier before the boxes arrive. Once everything is inside, every project becomes slower, messier, and somehow twice as annoying.
For investors, turnover speed matters. If you’re preparing a property for tenants or resale, efficient move coordination can protect your timeline and reduce vacancy losses. That’s not just convenience. It’s math.
Real estate is all about using time, space, and money wisely. Moving sits right at the intersection of all three, and it deserves more attention than it usually gets.
The smartest real estate plans account for life after closing
A closing date feels like the finish line, but it’s really a handoff. Once the signatures are done, your next experience with that property depends on how well the move is managed. A great purchase can start badly if your belongings are delayed, damaged, or packed without a system.
Strong planning makes the transition smoother. Label boxes by room, keep documents and medications separate, confirm utility activation dates, and walk through the property before unloading. If you’re selling, leave the home clean and empty on schedule. That sounds basic, but smooth handovers leave less room for disputes.
Real estate success is not only about buying low, selling high, or negotiating hard. It also comes from handling the unglamorous parts with precision. Moving is one of those parts. If you treat it like a core piece of the real estate process, your decisions tend to get sharper from start to finish.
The post How Moving Affects Real Estate Decisions More Than You Think appeared first on Addicted 2 Success.
Ken Griffin’s Citadel significantly lowers stake in surging chip stock
Micron Technology has been among the biggest winners of the AI memory boom this year, with shares up 671% over the past year and trading near $960.
Valued at a market cap of roughly $1 trillion, Mircon (MU) stock is also down 21% from all-time highs.
New 13F data show that Citadel Advisors, the hedge fund run by billionaire Ken Griffin, has been quietly trimming a huge chunk of its Micron position even as the stock kept climbing.
According to 13F filings reviewed by me, Citadel cut its Micron stock holdings by 86.93%, dropping from roughly 4.6 million shares to 600,523 shares.
Citadel reduced its exposure to the chipmaker by four million shares over the last three months, even as the AI company continues to grow rapidly.
Ken Griffin cuts exposure to Micron stock
The Micron reduction was not an isolated move. The same filing shows Citadel also slashed its stake in Taiwan Semiconductor Manufacturing by 86.97%, cutting roughly 3.5 million shares.
STMicroelectronics saw a similar cut in exposure, with Citadel trimming that position by 44.25%, or just over three million shares.
Taken together, these three names represent a clear theme.
Citadel meaningfully pulled back its exposure to semiconductor and chip manufacturing stocks, even as demand for AI infrastructure and memory chips has been running hot.
More Micron:
Michael Burry increases his bet against popular chip giant
Bank of America doubles down on Micron stock after AI bombshell
Micron stock jumps as investors look beyond GPUs in AI chip trade
The filing does not explain why the fund made these moves, and hedge funds routinely adjust positions for reasons unrelated to a company’s outlook, including portfolio rebalancing, risk management, or simply locking in gains after a huge run.
That said, the pattern is not limited to chips.
Citadel’s filing shows sizable cuts across a wide range of sectors too, including General Electric (down 72.02%), Citigroup (down 62.90%), Merck (down 49.40%), Tesla (down 41.39%) and Meta Platforms (down 38.77%).
This broad-based trimming suggests Citadel may have been reducing overall risk across many positions rather than making a specific bearish call on Micron or the memory chip market. Still, the size of the Micron and TSM cuts stands out even against that backdrop.
Why Micron stock price is on the move
Micron’s business has been on a tear.
The company’s fiscal third quarter 2026 revenue hit $41.5 billion, up 346% year over year, marking its fifth straight quarterly revenue record.
Gross margin rose to 85%, allowing the company to beat consensus earnings estimates for seven consecutive quarters.
Related: Micron CEO is doubling down on a cycle-free future
CEO Sanjay Mehrotra told investors on that call that DRAM and NAND industry demand continues to exceed industry supply significantly, and that Micron expects tight conditions to persist beyond calendar 2027.
Mehrotra added:
“We are excited to announce that we have now signed 16 Strategic Customer Agreements, or SCAs, which we expect will fundamentally transform our business model. The memory industry has been structurally transformed by the proliferation of AI.”
The company guided fiscal fourth quarter revenue to $50 billion, plus or minus $1 billion, and non-GAAP earnings per share to $31, plus or minus $1.
A big driver behind this demand surge is artificial intelligence.
Micron executive Sumit Sadana explained at the KeyBanc Technology Leadership Forum on Aug. 10, 2026, that AI system performance is now fundamentally tied to memory chip capacity and speed, not just processor power.
He also pointed to Micron’s Strategic Customer Agreements, long-term supply contracts that now cover about a quarter of the company’s projected revenue, as a major shift in how the memory business operates.
Micron CEO Sanjay Mehrotra is investing heavily in capexBloomberg / Getty Images
Micron stock faces a short bet
Not everyone is convinced the rally has room to run.
Michael Burry, the investor known for correctly predicting the 2008 housing crash, has been adding to his short position against Micron even as the stock price climbed toward $1,000.
Burry said his goal was to reduce gross exposure and free up cash while keeping his overall bearish stance intact, and he acknowledged the short position was roughly break-even but tipping toward a loss as the market rallied.
Burry explained that the memory chip industry has historically moved in sharp boom-and-bust cycles, and Micron’s capital spending is ramping fast, with fourth-quarter capital expenditures guided near $10 billion.
Despite the rally in MU stock price, it trades at 9.5x forward earnings, which is reasonable. Yahoo Finance data suggests Micron has a beta of 2.2, meaning it is twice as volatile as the broader market in either direction.
Out of the 32 analysts covering Micron stock, 31 recommend “Buy”, and one recommends “Hold”. The average MU stock price target is $1,555, 63% above the current price.
For now, Citadel’s filing shows the fund trimmed exposure broadly, and Micron and its chip peers took some of the largest cuts.
The filing doesn’t say whether that reflects caution about the memory sector specifically or a broader move to reduce risk across the portfolio.
Either way, the timing puts Griffin’s fund on the sidelines of a trade that Micron’s own leadership insists still has years of growth ahead.
Related: Jim Cramer has strong message for Micron stock investors