TMTB Morning Wrap

Good morning. Futures +110bps helped by a stunning MU print and a very cool CPI. BTC +2%. Asia saw mixed price action overnight: TPX -0.37%, NKY -1.03%, Hang Seng +0.12%, HSCEI -0.02%, SHCOMP +0.16%, Shenzhen -0.7%, Taiwan TAIEX -0.21%, Korea KOSPI -1.53%, Yields down 1-2bps across the curve.

Let’s dig right in…

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OpenAI Has Discussed Raising Tens of Billions at Valuation Around $750 Billion

TheInformation:

OpenAI has held preliminary discussions with some investors about raising new funding at a valuation of around $750 billion, according to three people with knowledge of the discussions. It could raise tens of billions of dollars, and as much as $100 billion, according to two of the people. Talks are early and nothing has been finalized.

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MU +13% delivered a blowout quarter and an even bigger guide, signaling a much tighter (and more profitable) memory environment than even bulls expecting. Buyside peak EPS #s going up to $50

Not much to nitpick here, a huge clean print and great earnings by MU getting memory bulls even more excited.

Here’s how bulls thinking about #s/ multiple this morning and main read-throughs: