October 9 Market Report: Micron Soars 4%
Micron surged nearly 4%, ranking among the top stocks by trading value on the New York market.
On October 8, 2026 (local time), U.S. markets closed mixed as AI technology stocks wavered following a Financial Times report that OpenAI's annualized revenue was $20 billion lower than initial estimates. The Nasdaq fell 1.25%, while the Nasdaq 100 dropped 1.39%. However, individual stocks diverged sharply. Even within the AI semiconductor value chain, memory stocks stayed strong while platform and foundry names weakened.
Trends Among the Largest Stocks by Market Cap
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| NVIDIA | $237.47 | -0.01% | $5.73T | 30.0 |
| Apple | $336.67 | +0.01% | $4.91T | 38.6 |
| Alphabet (GOOGL) | $350.50 | +0.01% | $4.29T | 17.6 |
| Microsoft | $529.76 | +0.00% | $3.93T | 29.5 |
| Amazon | $259.92 | +0.01% | $2.80T | 20.9 |
| TSMC | $472.20 | -0.02% | $2.45T | 34.3 |
| Meta | $721.31 | -0.02% | $1.84T | 27.2 |
| Broadcom | $376.51 | +0.00% | $1.80T | 46.4 |
| Micron | $1,088.00 | +0.04% | $1.23T | 14.6 |
| Intel | $113.12 | +0.01% | $0.60T | - |
As the table shows, Micron's 4.0% gain stood out among large caps for the day. The stock rose from $1,045.56 the previous session to $1,088, and its P/E of 14.6 is the lowest among top-tier tech names. By contrast, TSMC fell 2.1% to $472.20 and Meta dropped 2.4% to $721.31. NVIDIA slipped slightly to $237.47 but retains its standing as the largest company at a $5.73 trillion market cap.
Memory Strength vs. AI Platform Weakness: A Fork in the Road
The divergence among stocks shows the OpenAI revenue report affected names differently. News that AI service revenue fell short of expectations weighed on outlooks for AI infrastructure demand, including GPUs and foundries. CNBC reported that semiconductor stocks and AI infrastructure-related tech names swung sharply. Micron's counter-trend rally, however, tells a different story. Amid a memory price upcycle, expectations of expanded HBM (high-bandwidth memory) supply took hold, and its cheap 14.6x P/E acted as a buying rationale, analysts said.
Semiconductor stocks also dominated by trading value. NVIDIA, Micron, and Intel were among the five most heavily traded stocks on Wall Street — a signal that money flowing into the AI theme remains centered on semiconductors. Intel, whose earnings are so weak that a P/E cannot be computed, still rose 0.5% to $113.12 on the strength of a 9,865.5% EPS growth rebound.
What the Valuation Gap Reveals
P/E ratios point to where market stress lies. Alphabet at 17.6x, Amazon at 20.9x, and Micron at 14.6x are relatively cheap. Meanwhile, Broadcom at 46.4x, Costco at 45.4x, Eli Lilly at 39.9x, and Apple at 38.6x carry premium valuations. Amazon and Eli Lilly each held up, gaining 0.01% and 0.03% respectively, but if doubts about the pace of AI monetization — like the OpenAI report — persist, downside pressure on richly valued stocks will only grow.
Meta stands out. Its EPS growth swung negative at -256.0%, and the stock fell 2.4% as heavy AI infrastructure investment costs hit profitability metrics first. Tesla, too, fell 0.7% under the double burden of a 349.8x P/E and -4,709.0% EPS growth. The day's trading confirmed that valuations without earnings support can be shaken by a single headline.
Outlook and Investment Implications
In the short term, the flow of AI-related news will likely continue to drive volatility. The key questions are OpenAI's actual revenue scale and whether infrastructure investment can be sustained. Adding to the caution, St. Louis Fed President Musalem mentioned the need for rate hikes — not additional cuts — within six to nine months, which could make growth-stock investors more cautious.
The structural trend, however, reads differently. The earnings improvement at AI semiconductor companies remains overwhelming: NVIDIA's EPS growth of 6,599.3%, TSMC's 4,430.2%, and AMD's 16,435.6%. Since this pullback stems not from absent earnings but from a reset of expectations, selective money may flow into low-P/E semiconductor stocks first. As Theodore Roosevelt said, great thoughts speak only to the thoughtful, but great actions speak to all mankind. In market terms, only stocks backed by action — that is, earnings — survive. When the Korean market resumes trading on October 12, it will be worth watching how two days of accumulated U.S.-driven volatility transmits to memory stocks like Samsung Electronics and SK hynix.
