Nasdaq 100 Stocks SEC Filings — June 24, 2026

Record FQ3 revenue of $41.46B (+346% YoY, +74% QoQ) and GAAP net income of $28.24B ($24.67 EPS) driven by AI memory demand across all business units, with Cloud Memory operating margin at 78% and Data Center at 83%

Core Data Center revenue surged to $11.52B from $1.53B a year ago (+653% YoY), indicating dominant market share capture in high-bandwidth memory for AI accelerators

Q4 revenue guidance of $50.0B ± $1.0B implies ~21% sequential growth, a sharp deceleration from 74% QoQ growth, suggesting the pace of AI memory demand may be normalizing

Operating expenses rose 7% QoQ to $1.74B, signaling increased investment spending that could pressure margins if revenue growth slows further

Acquisition of Modular Inc. for up to 19.2 million shares (private placement) indicates strategic expansion via stock-based M&A, avoiding cash outlay and signaling management views shares as fairly valued for deal currency

Director Richard Dalzell sold 284 shares at $262.32 (~$74.5K) under a 10b5-1 plan, a low-materiality transaction that does not reflect management concern but warrants monitoring for pattern changes

Mobile and Client revenue of $11.52B (+253% YoY) with 86% operating margin shows broad-based memory demand recovery beyond just AI data centers

No financial terms disclosed for Modular acquisition beyond share count, creating uncertainty around valuation and potential dilution for existing shareholders

Q4 revenue guidance of $50.0B implies ~21% sequential growth, down from 74% QoQ in FQ3, suggesting the AI memory cycle may be peaking

Operating expenses rose 7% QoQ to $1.74B even as revenue growth decelerates, potentially compressing operating margins in coming quarters

The Modular Inc. acquisition lacks disclosed financial terms or performance metrics, creating uncertainty about strategic fit and potential goodwill impairment if integration fails

Issuance of up to 19.2 million shares (adjustable) could dilute existing shareholders by ~1.7% based on current shares outstanding, with no buyback offset mentioned

While the $74.5K sale is small, it is the only insider transaction in the stream; if followed by larger sales from other executives, it could signal reduced conviction at current valuation

Revenue is heavily dependent on AI memory demand; any slowdown in AI infrastructure spending could disproportionately impact results

With Cloud Memory revenue at $13.77B (+306% YoY) and 78% operating margins, Micron is capturing significant value from the AI buildout; any pullback on growth deceleration fears could be a buying opportunity

Core Data Center revenue of $11.52B (+653% YoY) with 83% margins shows Micron is a primary beneficiary of AI infrastructure spending; continued hyperscaler capex should sustain demand

At current run-rate revenue of ~$166B annualized (Q4 guidance midpoint), Micron trades at a discount to AI peers; if growth stabilizes at higher levels, multiple expansion could occur

The Modular acquisition could open new end-markets; if the deal closes smoothly and contributes to revenue diversification, it could reduce Qualcomm's dependence on handset/auto cycles

The absence of significant insider selling (only a small 10b5-1 plan sale) suggests management confidence; Intuit's recurring revenue model remains attractive for long-term holders

Mobile and Client revenue of $11.52B (+253% YoY) with 86% margins indicates memory demand is broadening beyond AI, providing multiple growth engines

Micron's 346% YoY revenue growth and 83%+ operating margins in Data Center/Cloud segments confirm an unprecedented AI-driven memory demand cycle, with high-bandwidth memory (HBM) as the primary catalyst

Micron's Q4 guidance of ~21% sequential growth (vs 74% in FQ3) suggests the pace of AI memory expansion is moderating, a pattern that may emerge across the semiconductor supply chain

Qualcomm's use of stock (19.2M shares) for the Modular acquisition reflects a trend of using appreciated equity for M&A, avoiding cash outlay and signaling management's view on share valuation

The low-materiality insider sale at Intuit contrasts with the absence of insider transactions at Micron and Qualcomm, suggesting no broad-based insider concern across the portfolio

Both Qualcomm (stock-based M&A) and Micron (record profitability) demonstrate disciplined capital allocation, with no dividend changes or buyback announcements in the filings

Scheduled for late September 2026; watch for Q4 actual results vs $50.0B guidance, Q1 outlook, and commentary on AI memory demand sustainability

Monitor for regulatory approvals and any adjustments to the 19.2M share consideration; closing expected within 6-9 months

Watch for further OpEx increases in Q4; if OpEx grows faster than revenue, margin compression could accelerate

Monitor for any additional insider sales beyond the small 10b5-1 plan sale; a pattern of larger sales could signal management concern

Track Qualcomm's share count and any buyback announcements to offset dilution from the Modular acquisition

Watch for earnings from memory peers (Samsung, SK Hynix) to validate Micron's growth trajectory and market share claims

Monitor hyperscaler earnings (Amazon, Microsoft, Google) for AI infrastructure spending plans that drive Micron's demand