What's Riding on Micron Earnings? 6/24/26

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**Scott Wapner** (1:01)
Carl, thank you. Welcome to the Halftime Report. I'm Scott Wapner. Front and center of this hour, Micron's Moment. We count down to the most critical earnings report since Nvidia. I think you could say that about what's going to happen tonight. Joining me for the hour, Joe Chernovel is Thomas Steve Weiss. Check the markets here. We got a pretty decent day going. And really across the board too. There's the Dow good for about 1%.
Nasdaq's rebounding. The Russell's still above 3,000. So that's a significant story. But we do have, Joe, what I really think, and I think this is like making a grand statement.

**Joe Terranova** (1:30)
You are not.

**Scott Wapner** (1:31)
For now. I mean, it's the most important report that we've gotten since Nvidia.

**Joe Terranova** (1:34)
Yes.

**Scott Wapner** (1:34)
Just given how volatile these stocks have been. Micron's up 165% over the past three months. It's been more volatile lately.
What's on the line tonight for a trade that has been a bit wobbly of late?

**Joe Terranova** (1:48)
I think a lot is on the line for this evening. Let's remember something.
20% of the S&P gain so far in 2026, it's attributable specifically to Micron. Seven of the top 10 performers in the S&P are semiconductor trades. So this matters. I think it matters for Micron. It matters for the overall sentiment related to what we're witnessing in technology and momentum over the last several days where it looks like it's rolling over. I think it matters for Nvidia as well. Cause if you tell me there's a slowdown in high bandwidth memory, that is actually going to affect those AI excel. There's not going to be.

**Scott Wapner** (2:22)
So like, let's not even say if. Because Jensen Wong's already said, if you want to bring up Nvidia, he's already said that the demand and the shortages are going to last for years.

**Joe Terranova** (2:34)
Okay, but it moderates at some point, Scott.

**Scott Wapner** (2:36)
We're not going to say it now.

**Joe Terranova** (2:38)
It moderates at some point. I think you would acknowledge it. What did the market get troubled by on Tuesday? It got troubled by SK Hynex suggesting that they were beginning to see a little bit of a slowdown.
I am long the name. I think the setup is similar to Broadcom though. I think if you don't own the name and you're listening to us right now, I don't think you're buying the name today. Five of the last six quarters, the stock has been down. Ninety percent of the analyst community like this stock. In the last month, in the last 30 days, the price target, the 12-month price target, it's gone from $700 to where it sits today, close to $1200.
So I think we've built in and priced it for perfection. I think you're waiting here to see what happens on the other side. I think it's very similar to the setup that we had for Broadcom. I said it at the time, and Broadcom's pulled back.

**Scott Wapner** (3:30)
There's always a lot to live up to when a stock has done what this one's done twice. The market cap melt up alone is astounding. One year ago, we're talking about a market cap that was $143 billion. Today, it's $1.18 trillion in 12 months.
Now, I don't know what that does to the pressure going into the print. You've taken a third or so right off of your position in this name. Still hold it. How do you see it coming in when Wolf Research Today says keep an eye on the 21-day support line of 977
Held beautifully throughout the three-month move that I just told you about. While the uptrend remains firmly intact, if we lose it, there is a risk down to 840, 850, but it's held this 21-day support. Price targets, as you guys have said, have just gone straight up to the moon, blown past the most wild of expectations, and here we are.