Morning Brief
Micron and Alibaba fuel AI rally, Powell cautious, lithium deal
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US stocks rebound after Tuesday’s dip, with Micron (MU) and Alibaba (BABA) driving AI optimism. Micron posted strong results and an upbeat outlook, saying trillions will be invested in AI and memory chips will capture a significant share, prompting multiple Wall Street upgrades. Alibaba surged to a four-year high after pledging to boost AI spending above $50B and launching a new language model while partnering with Nvidia (NVDA). Fed Chair Jerome Powell warned that equities look “highly valued” but reiterated that the Fed is not on a preset path. At the same time, Governor Michelle Bowman called the labor market fragile and argued for faster cuts. Meanwhile, Lithium Americas (LAC) jumped after reports that the Trump administration may take an equity stake in exchange for restructuring a $2.3B DOE loan. Oracle (ORCL) tapped the bond market with a $15B offering to finance cloud infrastructure expansion, and Acadia Pharma (ACAD) sank after a failed rare disease drug trial.
Takeaways:
Micron beats and guides higher; Alibaba pledges $50B AI spend with Nvidia
Powell says stocks are “highly valued”; Bowman warns the jobs market is fragile
Lithium Americas soars on report of potential US government stake
Oracle sells $15B in bonds; Acadia Pharma tumbles on failed trial
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