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June 25 - Micron Technology (MU.O) shares surged nearly 14% in after-hours trading, boosted by strong earnings. Other US chip stocks followed suit, with Marvell Technology (MRVL.O) up over 4%, Intel (INTC.O) up over 3%, ASML (ASML.O) up nearly 4%, Seagate Technology (STX.O) up 9%, and Qualcomm (QCOM.O) up 6%.Micron Technology (MU.O): Under the strategic customer agreements signed to date, the company expects to receive approximately $22 billion in cash deposits and related financial commitments.Micron Technology (MU.O): The company expects to gradually return all excess cash to its shareholders.Micron Technology (MU.O): Capital expenditures for each quarter of fiscal year 2027 are expected to be higher than those in the fourth quarter of fiscal year 2026.Micron Technology (MU.O) on Wednesday predicted fourth-quarter revenue that would exceed Wall Street expectations, indicating that strong demand for AI-related infrastructure will continue to drive robust demand for its memory chips. The companys stock rose nearly 10% in after-hours trading. Micron expects fourth-quarter revenue of $50 billion (plus or minus $1 billion), while analysts average estimate is $43.58 billion. This result and forecast suggest that the explosive growth of generative AI has made products like HBM key components in large data centers, driving up prices. The companys quarterly report also showed third-quarter revenue of $41.4 billion, far exceeding market expectations of $35.4 billion. Micron CEO Sanjay stated, "Micron Technologys record third-quarter financial results and stronger outlook for the fourth quarter reflect the strategic value of memory chips in the AI era. We believe our multi-year strategic customer agreements will significantly enhance the sustainability and predictability of Microns strong financial performance." Microns third-quarter report showed a profit of $28.24 billion, or $24.67 per share, compared to $1.89 billion, or $1.68 per share, in the same period last year. Excluding certain one-time items, Micron reported adjusted earnings per share of $25.11, while analysts had expected $20.86 per share.

Owning Government Officials From Working on Regulation

Cory Russell

Jul 07, 2022 16:31

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Government personnel who actively engage in cryptocurrencies or are discovered to be in possession of any are prohibited from taking part in the creation of legislation and policies pertaining to cryptocurrencies, according to a recent directive from the US Office of Government Ethics.

With Some Exceptions

Additionally, the advisory notice made clear that even if the restriction is in effect, it only does so with a de minimis exception.


Owners are still able to invest in cryptocurrencies via publicly listed shares and mutual funds of businesses offering cryptocurrency and blockchain services because to this exception. Stablecoins and all other forms of cryptocurrency are included.


Government personnel are still permitted to acquire cryptocurrencies; but, doing so will prevent them from contributing to the development of crypto-related regulations.


They may still work on such initiatives, however, provided they divert their cryptocurrency holdings into other financial opportunities.


The notification went on to further describe the situation, saying "An employee may not engage in a specific topic if the employee understands that particular item might have a direct and predictable influence on the value of their cryptocurrency or stablecoins."


However, even for those who are permitted to invest in cryptocurrency-related stock index listings, a $50k threshold has been imposed over which the de minimis exemption is no longer applicable.

Crypto investors suffer a loss

The cryptocurrency market isn't in the greatest of health right now, even if the Biden administration is concentrating on creating laws for cryptocurrencies after the POTUS issued an executive order for the same.


The continued bearishness is having an impact on cryptocurrency firms as the overall market value of all cryptocurrencies is struggling to reach $1 trillion.


Voyager Digital has filed for Chapter 11 bankruptcy a week after stopping the platform's withdrawal, trading, and deposit services after Harmony almost went bankrupt a while back.


Thus, even without the US GOE's decision, it would only have taken these investors a little longer to leave the market, similar to how many other investors are already doing.

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