Memory giant Micron Technology (MU) reports earnings after the closing bell today. The tech giant joined the trillionaire’s club this year on the back of a 700% surge in share price.
The demand for its product – memory chips – is tracking with the AI buildout story. But it’s also a highly cyclical part of the tech hardware market. Micron’s volatile stock chart mirrors Google search traffic for the term “AI bubble.”
Searches for “AI bubble” are in a decline, suggesting that the market may have more room to run (Source:FX Evolution)
Much like bets on prediction sites such as Polymarket and Kalshi, Google search terms provide anecdotal data. The phrases chosen show, in real time, where sentiment lies not in price, but in what people are thinking in the real world about their money.
So far in 2026, we’ve seen two major spikes in “AI bubble” fears. That makes for some itchy trigger fingers over the sell button.
The sentiment explains, in part, why the market has shifted away from Nvidia’s (NVDA) earnings report as the most anticipated to Micron’s.
For its fiscal third-quarter 2026 earnings report scheduled for today, Wall Street consensus expects Micron to report revenue of up to $35 billion, a nearly 280% year-over-year increase. Earnings Per Share (EPS) are expected to clock in near $20.
Today’s report should wring AI Bubble fears from market sentiment once again.
Wall Street analysts like JPMorgan track around 41 AI-related stocks, about 8% of the S&P 500 Index’s total constituents.
However, AI-linked and AI-adjacent stocks now account for an unprecedented 53% of the S&P 500’s total market capitalization, meaning more than half the index’s performance depends on AI.
As long as the preponderance of those companies can report strong growth, the great game will continue. And so it goes…
But be cautious of the perverse psychology of market sentiment: When nobody thinks there’s a bubble… that’s precisely when the bubble will burst. We likely have another earnings season ahead of a bust.
Today’s Grey Swan Pro reveals an oversold tech name due for a bounce. The last time it happened earlier this year, shares popped nearly 15% in a matter of weeks — details here.
~ Addison
P.S. Tomorrow, we’ll host good friend and Jim Rickard’s investment strategist Dan Amoss for Grey Swan Live! You’ll want to tune in to Dan’s aggressive warning about the midterm Fed and Treasury tactics:
Grey Swan Live @ 2 p.m. EST/11 a.m. PST Thursday June 25, 2026.
In a brief conversation we had with Dan following Warsh’s first press conference, Dan, skeptical, explained how he believes the Fed, even under Warsh, will be forced into “financial dominance,” a fancy way of saying monetary policy will be under Trump’s thumb at least until November.
