Matt Britzman, senior equity analyst, Hargreaves Lansdown:
"Micron delivered the strong set of results we expected, and guidance moved up again. This isn't an earnings surprise story anymore (though that’s very much still on the cards). We’re into the realm where earnings durability is driving shares higher, rather than any single set of blowout results. The bull case is supported by a growing number of long-term agreements, now extending beyond 2030, alongside fresh commentary that supply is expected to tighten further through 2028. The market expects memory prices to start falling at a decent pace in 2028, but we're not so sure.
Alphabet's valuation has dropped a long way from its highs earlier in the year, mostly because new product and model launches dried up. Gemini 4 is now in early testing, benchmark scores put it right back at the frontier, and the shares are moving higher as a result. At today's multiple, the shares have room to move higher if Alphabet just launches some products. It needs a top-tier model and has to start making headway with both consumer and business agentic offerings. Meta showed the way, and the market has shown a willingness to reward fresh products if they land well. The path is laid, Alphabet now needs to deliver."
The author holds shares in Micron and Alphabet.
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