[March 19, 2026] The Capex Conundrum: Micron’s Record Beat Meets Market Fear as Uber & Rivian Join Forces

■ Micron Technology (MU): A Massive Beat with a Side of Caution

The Numbers: Adjusted EPS hit $12.20, crushing the $9.31 estimate. Revenue also soared to $23.86B.
The Catch: Despite the record performance, the stock is under pressure as investors worry about the ballooning costs required to expand HBM and DRAM production.
Sympathy Sell-off: Related names like Seagate (STX), Western Digital (WDC), and SanDisk are also trading lower.

■ Tesla (TSLA): Countdown to "Terafab"

Launch Date: Elon Musk confirmed the Terafab—a vertically integrated 2nm AI chip production facility—will officially launch on March 21.
Samsung Partnership: This follows a $16.5B deal with Samsung Electronics to produce "AI6" chips at the Taylor, Texas fab, aimed at matching the performance of dual AI5 systems on a single chip.
Nvidia Orders: Musk clarified that while Tesla is moving toward self-sufficiency, it will continue to order Nvidia chips in massive quantities for the foreseeable future.

■ Alphabet (GOOGL): DeepMind Secures Top Strategy Talent

New Hire: DeepMind co-founder Demis Hassabis hired Seth Khon (former Chief Scientist and AI Head at Bridgewater) as the new Chief Strategy Officer (CSO).

■ Uber (UBER) & Rivian (RIVN): A $1.25 Billion Alliance

The Deal: Uber is investing up to $1.25 billion in Rivian to expand its robotaxi business. The plan aims to operate 50,000 autonomous robotaxis by 2031.
The Platform: Uber will first deploy 10,000 vehicles based on Rivian's next-gen "R2" platform, with an option for 40,000 more. Services are slated to begin in 2028 in cities like San Francisco and Miami.

■ Swarmer (SWMR): Military-Proven AI

Growth Profile: The drone swarm software firm continues to gain attention for its AI platform, which has been battle-tested in over 100,000 operations in Ukraine since April 2024.

■ Accenture (ACN): Resilience in Consulting

Beat & Raise: Q2 EPS ($2.93) and revenue ($18B) beat estimates. Accenture slightly raised its annual revenue growth forecast to 4–6%, though EPS guidance remains conservative.

■ Nucor (NUE): Steel Strength

Guidance Raise: Nucor expects Q1 EPS between $2.70–$2.80, surpassing the $2.71 consensus. The company cited higher average selling prices and shipment volumes across all divisions.

■ Alibaba (BABA): Misses the Mark

Earnings: Reported EPS of 7.09 CNY ($1.03) and revenue of 284.8B CNY, both missing Wall Street estimates as competition in the Chinese e-commerce market remains fierce.

■ Eli Lilly (LLY): Retatrutide Success

Clinical Data: The drug showed significant blood sugar control and a 16.8% weight reduction in Phase 2 trials for Type 2 diabetes patients.

■ Gold (XAU/GC): Prices Tumble

The Trigger: Fed Chair Jerome Powell warned that the Iran conflict could re-ignite inflation, potentially keeping rates higher for longer.
The Impact: Spot gold fell 2.8% to $4,682.78/oz. Major miners like Newmont (NEM) and Kinross (KGC) saw significant declines.

■ Sector Movers:

LNG Stocks: NEXT, VG, and LNG gained as rising oil prices pushed natural gas demand higher.
Fertilizer Stocks: CF, MOS, and IPI rose following reports that China is restricting fertilizer exports.
Copper Stocks: FCX and SCCO weakened following a dip in copper futures.

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