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Micron’s Shares Drop as Margin Forecast Dampens AI Prospects

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Micron Technology’s shares dropped 8% on Friday after the company issued a disappointing margin forecast, overshadowing strong quarterly revenue expectations driven by growing demand for its semiconductors used in artificial intelligence applications.

Despite being one of only three major suppliers of high-bandwidth memory (HBM) chips for data-heavy AI tasks, Micron’s forecast for adjusted gross margin fell below expectations. The company cited lower pricing for consumer memory chips, particularly NAND flash, as a key factor affecting profitability. NAND flash memory chips, used in products like smartphones and personal computers, remain in oversupply due to aggressive buying during the pandemic, which has led to weak pricing.

Micron projected a third-quarter adjusted gross margin of around 36.5%, slightly below analysts’ forecast of 36.9%. This would represent a 3 percentage-point drop from the previous quarter. The company’s chief business officer, Sumit Sadana, acknowledged the ongoing challenges in the NAND market, with the oversupply continuing to put pressure on margins. Micron has also been reducing NAND production, which has led to underutilization and higher fixed costs per unit.

However, the company’s prospects in AI remain strong, with a forecasted revenue boost driven by high demand for its HBM chips, particularly from key players like Nvidia. Morningstar analysts highlighted HBM as a key growth driver for Micron, with AI and data center demand expected to continue.

Nvidia to Launch Quantum Computing Lab in Boston in Partnership with Top Universities

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Nvidia has announced plans to open a quantum computing research lab in Boston, aiming to collaborate with leading academic institutions such as Harvard University and the Massachusetts Institute of Technology (MIT). CEO Jensen Huang revealed the initiative during Nvidia’s annual software developer conference in San Jose, California, where the company held a dedicated day for quantum computing discussions.

The new lab, named the Nvidia Accelerated Quantum Research Center (NVAQC), will foster partnerships with prominent quantum computing firms, including Quantinuum, Quantum Machines, and QuEra Computing. The center is set to begin operations later this year. Huang’s announcement followed his earlier statement in January, where he suggested that practical quantum computers could still be two decades away—comments he sought to clarify during the event.

The quantum computing industry, which is still in its early stages, sees companies like Quantinuum and IonQ exploring commercial applications of quantum technology. Even though some quantum machines may eventually outperform Nvidia’s renowned graphics processing units (GPUs) in tasks like simulating atomic interactions, industry leaders emphasized that quantum computers are unlikely to replace classical systems. Instead, quantum and classical computing will likely work in tandem.

Huang highlighted the continued importance of Nvidia’s GPUs in current computational tasks, with quantum machines complementing traditional systems, not replacing them. He expressed optimism about the future of quantum computing, indicating that Nvidia’s involvement would further accelerate the industry’s growth.

Perplexity AI in Talks to Raise Funds at $18 Billion Valuation Amid AI Boom

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Perplexity AI, an emerging player in the AI search tool market, is in discussions to raise funds at a new valuation of $18 billion, a significant increase from its previous $9 billion valuation in November. The startup, which is backed by Nvidia, Amazon’s Jeff Bezos, and Japan’s SoftBank Group, is capitalizing on the surging demand for AI-driven search tools.

The company aims to raise between $500 million and $1 billion in this funding round, sources familiar with the matter told Reuters. The heightened interest in AI-powered chatbots and virtual agents has fueled investor enthusiasm for startups like Perplexity AI, which competes with established players such as Google’s Gemini and Microsoft-backed OpenAI’s ChatGPT.

Perplexity has been enhancing its platform to improve its competitive edge. Recently, it introduced a new web browser, Comet, which integrates AI to understand complex queries, perform tasks, and make decisions. Its “Deep Research” feature allows users to conduct in-depth research by searching through numerous sources, offering a more comprehensive overview on various topics.

Despite facing criticism from media outlets like News Corp-owned Forbes and Wired over accusations of plagiarism, Perplexity has forged partnerships with publishers to address these concerns.

The ongoing fundraising talks underscore the growing potential of AI startups, as companies like OpenAI also continue to dominate the sector with massive valuations, such as their $157 billion valuation following a $6.6 billion funding round in October.