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Micron shares rose in pre-market trading, nearing the $1,000 threshold once again, primarily driven by robust capital expenditures from Tesla and Google.

Tesla's profit margins plunged and its free cash flow turned negative, triggering an investor sell-off that sent its shares down more than 6%.

On July 23, Eastern Time, Micron (MU) shares returned to the $1,000 mark, rising 4% to $1,000 as of press time. The upward movement in Micron's share price was primarily driven by three factors.

On July 23 ET, SpaceX (SPCX) shares hit a new all-time low, dropping to a minimum of $110.85 before rebounding. As of press time, the stock was up approximately 1% at $116.4. Gene Munster, founder of Deepwater Asset Management, stated on Wednesday that the likelihood of a merger between SpaceX and Tesla (TSLA) now appears greater. In a post on the social media platform X, he noted, "Before the conference call, I believed there was an 80% chance of these two companies merging in the next few years. Now, I have raised that probability to 90%."

On July 23, Eastern Time, the three major U.S. stock indices declined across the board. In their second-quarter earnings reports, both Alphabet (GOOGL) and Tesla (TSLA) saw free cash flow turn negative, as massive capital expenditures pressured their share prices. However, sector performance remained divergent, with memory stocks rising against the trend and the Philadelphia Semiconductor Index edging up 0.09%.

Super Micro Computer surged 24% after revealing a $60 billion record backlog and nearly doubling its gross margin guidance to 15-17% from 8.2-8.4%. Revenue came in near the low end. Here is what moved the stock and where it goes next.


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