Finance

In a sharp contrast to the broader tech slump, Micron Technology shares soared over 15% following blockbuster earnings that surpassed Wall Street projections. The company reported a massive expansion in profit margins to nearly 85%, driven by a severe global shortage of high-performance memory components essential for AI data centers.

The cryptocurrency market faced intense downward pressure this week, with Bitcoin retreating to approximately $59,000, erasing a significant portion of its gains since its October 2023 peak. This volatility heavily impacted MicroStrategy, which saw its stock price close at a two-year low after its preferred dividend-paying stock fell below par value, complicating its strategy for future bitcoin acquisitions.

In the first meeting led by new Chair Kevin Warsh, the Federal Reserve held interest rates steady between 3.50% and 3.75%. However, the central bank adopted a more hawkish tone by removing language that suggested future rate cuts and indicating that persistent inflation may necessitate at least one more rate hike before the end of 2026.