Earnings season is near! Barclays is cautious on Micron Technology (MU.US) and Qualcomm (QCOM.US)

As the earnings season is set to fully unfold, Barclays believes the outlook for Micron Technology (MU.US) and Qualcomm (QCOM.US) is unclear and uncertain compared to other large-cap semiconductor stocks. Barclays analyst Tom O'Malley noted that the biggest debate in the market regarding Micron Technology is centered around the average selling price of NAND flash memory. Some believe that the price of NAND flash memory will not decline significantly due to the expected increase in demand for servers and personal computers next year. O'Malley also mentioned that investors have two different views on the supply of high-bandwidth memory (HBM). Some question whether HBM is oversupplied, while others worry about whether HBM is undersupplied. The divergence means there is no clear consensus in the market. He also observed that long-term investors seem more willing to invest in Micron Technology again, while those seeking quick returns have a more negative attitude. This indicates a divergence of views among investors, which may affect the company's stock price and market performance. Micron is expected to report its earnings at the end of December, with analysts expecting revenue of $8.71 billion and earnings per share of $1.77. For Qualcomm, despite "losing some luster" in AI transactions, investors still expect its computing work next year. O'Malley mentioned that the market hopes that the name will regain attention after the company's modem business is removed, which may refer to Qualcomm possibly losing its modem business with Apple. Therefore, despite the decline in Qualcomm's appeal in AI, investors still have expectations for its future development. Qualcomm plans to announce its fourth-quarter earnings on November 6, and analysts generally expect the company's earnings per share to be $2.57 and revenue to be $9.93 billion.