The clearest hard number in this period's AI-infrastructure story comes from a filing, not an analyst note. Micron Technology spent $7.676 billion on capital expenditure in fiscal 2023 and $8.386 billion in fiscal 2024. In fiscal 2025 it spent $15.857 billion, nearly double the year before.1 The trend is still climbing. Micron's first-quarter capex was $1.796 billion in fiscal 2024, $3.206 billion in 2025 and $5.389 billion in 2026, about three times the 2024 quarter.1 All of these figures are canonical, taken from SEC filings.
The money behind the buildout
Micron's cash balance has grown too. It stood at $9.298 billion in the third quarter of fiscal 2023, $7.594 billion in the same quarter of 2024 and $10.163 billion in 2025. In the third quarter of fiscal 2026 it was $24.995 billion, roughly two and a half times the year before.2 For scale, that is close to the $27.35 billion in 2026 revenue that Baker Hughes forecast on its recent earnings call.12
The cost of making what Micron sells has risen far more slowly than its spending on capacity. Cost of revenue was $16.956 billion in fiscal 2023, $19.498 billion in fiscal 2024 and $22.505 billion in fiscal 2025, a rise of about 15% in the last year while capex rose by almost 90%.3 The dossier contains no Micron revenue figures, so we cannot calculate a profit margin. This is a picture of a company investing heavily ahead of its costs, not proof that the investment will pay off.
The European angle, stated honestly
Via News's analysis of this period's sell-side coverage finds it dominated by AI-infrastructure plays: memory and chips, data centres, dispatchable power and quantum computing. Analysts are mostly bullish, but they warn about stretched valuations.4 For a European reader the link runs through supply chains, not regulation. Our entity graph records Micron as located in Taiwan and as a supplier to Amazon Web Services and Meta Platforms. It also records TD Cowen as covering the Dutch chip-equipment maker ASML.5 On September 4, 2026, ASML shares rose more than 4% in a sympathy rally, after a very bullish analysis of another top chip name.6 That is a move driven by sentiment about a neighbour, not by news about ASML itself.
The dossier contains almost no EU regulatory material. The only regulator in the entity graph is the US Securities and Exchange Commission, linked to SpaceX.5 We will not invent a Brussels angle that the evidence does not support. Two other European touches are small. From January 1, 2027, Tilray will brew, market and sell Carlsberg, Carlsberg Elephant 1664 and Kronenbourg 1664 Blanc across the US.7 UBS also started a $3 billion buyback, and analyst Anke Reingen said the bank "reported a strong set of results, not unexpected post peer results."8
Bulls in power and quantum, with warnings attached
Power is where the buildout meets the physical world. Analyst Nicholas Amicucci argued that Bloom Energy's ability to provide reliable, dispatchable power to a volatile demand profile differentiates it from competitors.9 The source, a Bull of the Day column, is an enthusiast's piece. Our measured reliability for that source is 46% of 520 checked claims holding up, so read it as advocacy.9 On NuScale (SMR), a Motley Fool article reports that shares have fallen nearly 40% since 2026. It says Bank of America analyst Rinny Singh reiterated a buy in early August with a $12 target, implying roughly 24% upside.10 That source holds the weakest record in our set, at 22% of just 18 checked claims. The sample is tiny, but the figure is a reason for caution.10
Quantum computing carries the sharpest valuation warning. Melissa Tucker's note says D-Wave (QBTS) trades at 171 times sales, on projected 2026 revenue near $35 million. She puts fair value at $9.50 a share and cites a delayed technology roadmap and reliance on a supplier, SkyWare, that IonQ is set to acquire.11 The same article reports the stock closing at $17.64 after a $1.88 fall, down 25% over the month.11 Against $17.64, a $9.50 fair value is about 46% lower, while the note says roughly 40% downside. The two figures do not match exactly, so the note was likely struck at a different price. We flag the gap rather than smooth it over. In the energy-equipment world, analyst Carlos Escalante asked Baker Hughes about the "drivers of record IET orders and margins."12 The company reported orders doubling year-over-year to a record $7.1 billion.12
The other half of the economy
Consumer names tell a different story, and the dossier supports the K-shaped description. Capital One paid more than $35 billion for Discover, more than twice Micron's record annual capex. It has since racked up $1.8 billion in integration expenses.131 Analyst Stephen Biggar suggested the market read its large reserve build as a signal that Capital One expects "some weakness or deterioration in credit quality."13 At Nike, Lorraine Hutchinson lowered the price target because the sales recovery is taking longer than expected.14 Levi Strauss fares better. Kendall Toscano reiterated a Buy and a $27 target, citing a brand moving toward "higher-quality, consistent growth."15 That article comes from a source with a measured 57% of 4,956 claims holding up.15
On September 16, 2026, Wendy's shares fell nearly 6% after Seaport Global Securities started coverage with a neutral rating from Eric Gonzalez. The fall added to a downward trend since a take-private plan collapsed.1617 At homebuilder KB Home, built-to-order deliveries were 60% of the total in the second quarter of 2026. Analyst Rafe Jadrosich noted that guidance rests on today's prices and costs.18
What to watch
Event risk is concentrated in the coming months. Goldman Sachs analyst Andrea Newkirk resumed coverage of Iovance with a buy and a $15 target on September 24, 2026.1920 The FDA's target decision date for Summit Therapeutics' ivonescimab application is November 14, 2026.21 One issuer has $500 million of 2.9% notes maturing in March 2027, and they are expected to be refinanced at higher rates.22 For Micron, the next filings will show whether capex keeps climbing alongside the cash pile. The dossier does not give index weights, so we cannot tell you how much of this sits inside your own funds.
