Micron's weak results indicate Nvidia, AMD and Qualcomm are not out of the woods yet

Struggling Micron Technology continues to see the supply and demand dynamic for its memory chips out of whack — not a shocking state of play, but still a notable one because we're invested in other semiconductor stocks. Micron posted worse-than-expected fiscal first-quarter 2023 results this week and forecast a wider-than-anticipated per-share loss in its current quarter. Too much inventory was largely to blame for the weak profit guidance.

Micron's PC forecast is in line with those from Intel and other third-party estimates, Wells Fargo said in a note to clients. However, AMD CEO Lisa Su said on the company's most recent earnings call, on Nov. 1, that it is modeling PC sales down 10% in 2023. If AMD is just trying to be conservative, that's probably a smart call due to the uncertain economic outlook. Smartphones Sales of smartphones — an important market for Micron — also slumped in 2022.

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