โญ๏ธ Community Spotlight | Micron's Record Quarter, S-REIT Resilience, and the SpaceX Valuation Split
This week's community feed centred on the AI memory supercycle, Singapore's income names holding firm into a hot inflation print, and a sharp re-test of post-IPO valuations. ๐
๐ Micron (MU) โ A Record Quarter Meets the Sell-the-News Tape
Micron's FQ3 print landed as a blowout: revenue more than quadrupled to USD 41.46 billion, non-GAAP gross margin hit a company record near 85%, and management guided FQ4 to USD 50 billion with HBM4 high-volume shipments now underway. The community split on what to do with it. Fattycat's breakdown read the structural undersupply as confirmation that memory is now a strategic AI asset rather than a commodity, while Rainwijaya treated the beat as a lesson in trusting the business through the noise. TheRaccoonAnalysis struck the cautious note, reading the pre-earnings memory selloff โ slower SK Hynix HBM4 output and trimmed forecasts for NVIDIA's Rubin platform โ as a sign AI demand could be moderating sooner than the bulls assume.
Featured: Micron's Q3 FY26 results, broken down โ Fattycat ยท Trusting the business through the volatility โ Rainwijaya ยท Why the memory complex sold off pre-earnings โ TheRaccoonAnalysis
๐ธ๐ฌ S-REITs and SG Banks โ Defensive Strength into the May PCE Print
An unusual pairing caught local attention: Singapore banks and S-REITs rallying together, despite their usual inverse sensitivity to rates. LazyCat argued the move looked tactical rather than fundamental โ quarter-end window dressing, defensive rotation as US futures softened, and attractive yield spreads โ with banks separately supported by "higher for longer" net-interest-margin visibility across DBS (D05.SG), OCBC (O39.SG) and UOB (U11.SG). A companion post tied REIT strength to the May PCE reading, forecast at 4.1% and the highest in years, suggesting the market is trading the direction of US 10-year yields and a "peak inflation" bet rather than the absolute number โ a rally the author flagged as fragile until the print confirms it.
Featured: SG banks and REITs rallying together โ LazyCat ยท S-REIT strength into the May PCE print โ LazyCat
๐ SpaceX (SPCX) โ Post-IPO Volatility and the Valuation Split
SpaceX's roughly 16% drawdown reopened the bull-bear divide. ๅทด้ญ็น laid out the bull case โ a USD 190 target near a USD 2.5 trillion valuation, anchored on Starlink's USD 4.4 billion of 2025 operating profit and a USD 22 billion NASA and military backlog, paired with strict single-name position sizing. Heroic Lifesaver pushed back, noting only about 4% of shares float freely and that expiring lock-ups turn the stock into "exit liquidity" for early investors. Just Kai offered the middle path, arguing that a hyped post-IPO name dropping double digits says more about thin float than broken fundamentals.
Featured: The bull case for SpaceX at USD 2.5T โ ๅทด้ญ็น ยท SpaceX as an ATM for early investors โ Heroic Lifesaver ยท A Hyped Post-IPO Stock Just Dropped 16 Percent. Here Is How To Actually Think About It โ Just Kai
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