Gearing Up for Two Key Tech Conferences This Week

With the technical outlook for the S&P 500 and this week’s agenda items discussed, let’s turn to Micron’s MU raised guidance for its current quarter, which ends later in August.

Citing improved DRAM pricing and strong execution, the company now expects revenue of $11.2 billion, plus or minus $100 million, up from its prior forecast of $10.7 billion, plus or minus $300 million. That is the latest in a string of positive data points that inform us demand for AI and data center chips is robust. It may also confirm that the expected seasonal strength in smartphones and PCs is starting to play out.

Over the last few weeks, we and the rest of the market digested the prospects for incrementally higher capital spending levels from Meta META, Alphabet GOOGL, Microsoft MSFT and Amazon AMZN. Last week, July revenue reports from Taiwan Semiconductor TSM and Foxconn FXCOF underscored the ongoing strength in AI and data center demand, with Foxconn sharing that it sees its connected device end market entering the peak season in 2H 2025.

We see all the above as positive for our shares of Nvidia NVDA and Marvell MRVL, as well as incrementally constructive for Qualcomm QCOM, Universal Display OLED and Apple AAPL shares. As it relates to AAPL shares, their run over the last few days has pushed them into overbought territory and that much closer to our $235 price target.

For that reason and others, we will be mining comments about the current quarter and the rest of 2025 over the next few days from the Oppenheimer 28th Annual Technology, Internet & Communications Conference (August 12) and the JP Morgan Hardware & Semis Management Access Forum (August 13). Managements from both Qualcomm and Universal Display will be presenting at those events, and

Earnings From CoreWeave and Cisco

In addition to those comments, we’ll want to pay close attention to those coming from CoreWeave CRWV and Cisco CSCO later this week.

Based on Big Tech spending comments, especially from Microsoft and to a lesser extent Alphabet, it would be shocking if CoreWeave delivered just a beat-and-reiterate quarter. While we have no direct interest in CRWV shares, we have indirect exposure through our position in SuRo Capital SSSS. Hence, our larger interest in CRWV shares and their impact on gains in SuRo’s portfolio and subsequent dividend payments to us.

With Cisco, we’ll be interested in its comments about AI adoption and the impact that it is having on demand for its networking business. During the company’s last quarterly earnings call, Cisco management shared that the company “received AI infrastructure orders from web-scale customers in excess of $600 million in Q3, bringing our year-to-date total to well over $1 billion, surpassing our original fiscal year '25 AI order target a full quarter early.”

In addition to getting an update on that order front, we’ll also be listening for Cisco to discuss a part of our rationale for owning Marvell shares. Our thinking is that as AI adoption increases, the ensuing explosion in data demand and creation will pressure existing network infrastructure, giving rise to rising capital spending levels.

More Pro Portfolio

At the time of publication, TheStreet Pro Portfolio was long META, GOOGL, MSFT, AMZN, NVDA, MRVL, QCOM, OLED, AAPL and SSSS.