WS #10632

The dominant signal in this window is Micron Technology's (MU) historic Q3 earnings beat, which is driving a significant rally in memory and semiconductor stocks. MU reported revenue of $41.5B (+346% YoY, $6.2B beat) and non-GAAP EPS of $25.11 ($4.83 beat), with record free cash flow of $18B. The company guided Q4 revenue to $50B (+342% YoY) and highlighted multi-year take-or-pay strategic customer agreements securing HBM capacity through 2027. This has sent MU shares up over 10% in after-hours trading, lifting SanDisk (SNDK), Western Digital (WDC), and Seagate. Separately, the Federal Reserve announced that large US banks passed the annual stress tests, leading JPMorgan (JPM) and Goldman Sachs (GS) to boost dividends and announce buybacks. JPMorgan raised its dividend and announced a $50B buyback; Goldman Sachs announced an 11% dividend increase. This counters any lingering bearishness on bank capital adequacy. On the geopolitical front, Trump stated that Exxon and Chevron are being investigated as part of a gas price surge, and also commented that an Iran deal including shipping fees would be unacceptable. These are low-specificity statements but add noise to energy and geopolitical narratives. Bitcoin continues to slide, nearly losing $59K as the DXY surges, with broad crypto selloff dragging Ethereum, XRP, and Dogecoin lower. The Micron earnings and bank stress test results are the highest-signal items, both bullish for their respective sectors.