On Thursday, the second-highest traded US stock, Micron Technology (MU), closed up 3.97% with trading volume reaching $23.77 billion. Micron announced the establishment of Micron Research Labs, committing $10 billion over the next decade to build America's first long-term innovation center focused on memory technology in Boise, Idaho. The research scope encompasses next-generation memory, computing architectures, advanced packaging, and semiconductor manufacturing. This investment is separate from the previously announced $250 billion US manufacturing and R&D initiative. Industry leaders including Jensen Huang and Tim Cook have expressed support, with the US Commerce Secretary noting the move helps ensure memory supply does not become a bottleneck for technological advancement.
The fifth-ranked stock, SanDisk, advanced 2.02% on volume of $17.58 billion. During its recent investor day, SanDisk presented its financial framework for fiscal years 2028-2030: revenue growth in the mid-to-high double digits, non-GAAP gross margin targeting approximately 80%, operating margin around 75%, and a commitment to return 100% of excess cash to shareholders after completing investments. The company has signed multi-year new business model agreements with multiple data center customers, featuring substantial minimum revenue commitments. The market perceives AI inference demand for NAND and enterprise storage as transitioning from cyclical to more sustainable growth.
Sixth-ranked SpaceX fell 4.05% with trading volume of $15.87 billion. Another batch of approximately 319 million shares held by early employees and investors became eligible for trading after lock-up expiration, pushing the stock down toward its IPO price of $135. The market is also monitoring rumors of a potential merger between SpaceX and Tesla Motors (TSLA), as well as further collaboration between Musk and Jensen Huang on space computing and chip procurement. The lock-up schedule extends through 2027, with supply pressure being a key factor in recent price volatility.
Seventh-ranked Moderna, Inc. (MRNA) plunged 23.55% on volume of $13.65 billion. On Wednesday, the company and Merck (MRK) released results from the Phase 3 study of the personalized mRNA cancer vaccine intismeran autogene combined with pembrolizumab. Compared to standard immunotherapy monotherapy, the combination significantly reduced post-surgical recurrence risk in melanoma patients and suppressed distant metastasis. This marks the first successful Phase 3 case of mRNA technology in cancer treatment, driving shares up nearly 177% that day. Thursday saw notable profit-taking and position adjustments, with analysts raising sales peak and price targets while still flagging uncertainties around valuation and future indication expansion.
Eighth-ranked Apple (AAPL) declined 1.75% with trading volume of $12.03 billion. Amid broader tech stock volatility, Apple's correlation with the broader market and other Magnificent Seven members remains relatively low, with some research suggesting greater independence in its performance. Tim Cook expressed support for Micron's expanded memory R&D investment in the US. The market continues to monitor the autumn product cycle and memory supply chain arrangements, including the impact of US policies on procurement sources.
Ninth-ranked Tesla Motors slipped 1.71% on volume of $10.34 billion. The company is advancing plans for employee test rides of the Cybercab in Austin and its subsequent integration into the Robotaxi service. However, news of this purpose-built vehicle without a steering wheel or brake pedal has provided limited share price uplift. Tesla's recent price action has shown notable correlation with SpaceX, with market attention partly shifting toward potential merger expectations between the two companies and the commercialization timeline for Optimus. JPMorgan and others continue to emphasize the support from Robotaxi fleet expansion and FSD penetration for medium-term demand.
Eleventh-ranked Wal-Mart (WMT) dropped sharply by 9.2% on volume of $8.69 billion. Walmart reported fiscal 2027 second-quarter results: revenue of $187.9 billion, up 5.9% year-over-year; global e-commerce sales grew 23%, advertising business grew 38%, and membership fee income rose 17%. US comparable sales grew 2.6%, below market expectations. The company raised its full-year net sales guidance to 4%-5% growth and adjusted earnings per share guidance to $2.80-$2.87, but third-quarter sales guidance of 3%-3.75% growth, combined with market concerns over comparable sales deceleration and price investments, triggered one of the stock's largest single-day declines in recent years.
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