In This Issue

Micron (MU) · Earnings Sep 30

One of the Last Big AI Earnings Plays

Micron (MU) reports earnings September 30, making it one of the last major AI earnings plays on our radar this cycle. And it comes into the report with an impressive track record.

Four Reports. Four Beats.

Micron has beaten both EPS and revenue expectations in each of its last four reports, with an average EPS beat of approximately 20.7%.

The growth behind those beats is just as impressive. Revenue has climbed from $11.32 billion to $41.46 billion, while adjusted EPS has increased from $3.03 to $25.11.

The Setup: Wall Street Support. Earnings Volatility. Better Entry Discipline.

Wall Street remains firmly behind the story as well. Current analyst coverage is overwhelmingly positive, with 35 Buy or Strong Buy ratings, 3 Holds and no Sells in one consensus survey. Recent targets include $1,500 from RBC, $1,300 from Bernstein and $1,100 from Goldman Sachs, which maintains a Hold rating.

But strong fundamentals don't mean MU is a quiet stock — especially around earnings. Following its last four reports, MU moved between roughly 3% and 16% the next trading session, with two moves higher and two lower. That's why we're interested in being patient with this potential earnings setup.

Where We're Watching Support

MU finished September 18 around $1,015.80 after trading as low as approximately $978 during the session. We're watching $1,000 as the first support area, followed by roughly $975-$980. A deeper pullback would bring the $900-$930 area back into focus.

For a potential short put, we don't want to chase strength. A controlled down day into support could improve both our strike location and the premium available.

Off-Exchange + Earnings Watch

Participation, guidance and the key numbers heading into September 30.

Off-Exchange Activity

Off-exchange activity remains substantial, but we don't see enough evidence to call it unusually bullish or bearish. Approximately 52% of the latest session volume was off-exchange, close to MU's recent average. That confirms meaningful off-exchange participation, but it does not establish whether institutions are accumulating or distributing shares. For now, the price action around support matters more.

Micron Q4 Guidance

Beyond the headline numbers, we'll be watching forward guidance, HBM demand, memory pricing and margins.

Taiwan Labor Risk

We're also keeping an eye on the ongoing labor situation at Micron's Taiwan operations. September 18 and September 21 are two key dates in the negotiations, with the union looking for a concrete proposal from Micron.

However, the union has warned that if an agreement isn't reached, it could declare negotiations broken down and move toward a strike vote.

The timing matters: September 21 is just nine days before Micron reports earnings on September 30, making a potential work stoppage another event risk to watch heading into the report.

Maria's Potential MU Earnings Play

Coming this week — but only if the setup earns our capital.

The earnings record is strong. Wall Street remains bullish. And MU's volatility may give us the opportunity we're looking for.

We're not chasing it. We're waiting to see whether MU gives us the right combination of entry, strike and premium before putting the potential trade on the table.

Market Developments · September 18, 2026

Coinbase and Robinhood Jump as Weekend Trading Moves Closer

Washington hit a roadblock on crypto legislation, but you wouldn't know it from Friday's trading. Coinbase climbed approximately 12% and Robinhood gained 8.7% during the session, while Bitcoin jumped roughly 5.7% to around $80,884. Investors were buying despite the setback — and a separate decision could give these platforms another way to grow.

First, let's clear up the confusion. The CLARITY Act did not pass the Senate. The legislation was designed to give the cryptocurrency industry a clearer federal rulebook. Its failure to advance was a disappointment, but one investors had largely anticipated. The SEC and CFTC are continuing to develop rules using their existing authority.

Now, About Those Weekends

A separate SEC decision on Thursday opened another door. The agency announced a five-year exemption allowing qualifying platforms to trade "tokenized stocks" — digital versions of shares recorded on a blockchain. Under the exemption, those shares must preserve ordinary stock rights, including applicable dividends and voting rights.

In plain English, this could eventually give investors more flexibility to trade stocks outside the traditional market schedule, potentially including weekends. It does not mean every stock is suddenly available around the clock. Platforms still have to meet the requirements and launch eligible services.

Trading Addicts · September 18, 2026

Cathie Wood Buys the CoreWeave Dip

Cathie Wood put another $19.1 million into CoreWeave on Thursday, buying 239,083 shares across ARK's Innovation and Next Generation Internet ETFs. With investors uneasy about the company's latest fundraising plans, ARK stepped in to buy.

CoreWeave shares fell roughly 5.3% Thursday morning after it announced plans to raise $3 billion through convertible debt and sell up to 35 million additional shares. Building AI data centers takes serious money, and selling more shares can reduce existing investors' ownership percentage.

But there's another side. Benzinga reported $25 billion in additional customer commitments, alongside an increase in contracted power capacity from 3.7 to 4.2 gigawatts. Those commitments aren't revenue already earned, but they help explain why CoreWeave is raising capital to expand.

NASDAQ: CRWV · September 18, 2026

CoreWeave Builds for AI's Next Wave

CoreWeave (CRWV) is moving ahead with the equipment, power and financing needed to expand its AI business. This week's developments included a reported deployment of Nvidia's newest systems, a 15-year data center lease and plans to raise billions of dollars.

CoreWeave brought a cluster of Nvidia Vera Rubin NVL72 systems online, connecting hundreds of chips to handle demanding AI workloads. The technology supports what the industry calls "agentic AI" — software that can work through a series of tasks instead of simply answering a question.

Alongside the deployment, CoreWeave introduced improvements to its data storage service and signed a 15-year anchor lease at Blockfusion's Niagara Falls campus, which uses low-carbon hydroelectric power.

Financing the Expansion

Building that capacity takes considerable money, which explains the $3 billion convertible-note offering plus a program to sell up to 35 million shares. Investors reacted cautiously, with the stock falling 5.3% to $78.92 on September 17. At the same time, the company reported recent short-term computing contracts priced around $40 million in annualized revenue per megawatt.

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