Micron shares fell 6% even as the S&P 500 rose 2%, as investors sold build-out suppliers on worries that Democrats controlling Congress would slow data center construction. Apple jumped 6% to a record high, and Jim Cramer said a slower build could let memory inventories grow, a win for Apple, which has been squeezed by rising DRAM costs. Contractor Quanta Services fell 12% despite a record $63.7 billion backlog reported on October 29. Analysts expect Micron's normalized EPS to rise from $75.52 in fiscal 2026 to $176.50 in fiscal 2027 and $207.76 in fiscal 2028, though those estimates depend on memory prices staying high, with gross margin at 86.8% in the quarter to September 3. Management said over 75% of 2027 output is committed, and the author sees the selloff as looking overdone, though a real construction stall would also lower memory prices.
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Micronsemiconductorsdata centersmidterm elections
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Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 11/03/2026 | 206.69 |
| Change that session | +2.29% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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