On Monday, NVIDIA (NVDA) was the second most actively traded US stock, closing down 0.72% with $22.818 billion in turnover. In its latest global memory industry report, Bernstein said the current memory chip cycle remains in a high-prosperity phase, with DRAM and NAND supply-demand tightness expected to last until 2027.

The firm expects average selling prices for conventional DRAM and NAND to rise nearly 20% quarter over quarter in the third quarter of 2026, with further gains likely in the fourth quarter. However, as long-term agreement (LTA) price caps gradually limit further price increases and new capacity is released, the current super cycle is expected to begin "normalizing" in 2028. Bernstein also adjusted its HBM demand forecast for NVIDIA's (NVDA.US) next-generation AI chip Rubin Ultra. It now assumes about half of Rubin Ultra chips will be configured with 8-layer stacked HBM and the other half with 12-layer stacked HBM, cutting its average HBM capacity assumption to 640GB from 1024GB.

Still, this does not mean the overall memory supply-demand situation will weaken significantly. Bernstein believes the reduced HBM demand could free up some capacity to produce more conventional server DRAM. The capacity released by lower HBM demand assumptions may be absorbed by conventional server DRAM, and the overall memory market shortage is expected to persist. Earlier, NVIDIA announced that its board approved an additional $150 billion buyback authorization on top of its existing repurchase program, bringing total remaining authorization to $235 billion, and it expects to complete the program by the end of fiscal 2028.

Third-place Micron Technology (MU) rose 1.05% with $20.671 billion in turnover. Micron Technology will report its latest results after the US market close on September 30. Ahead of the earnings release, super-bull D.A. Davidson analyst Gil Luria reiterated a $2,000 price target on Micron Technology, near the highest on Wall Street and about 100% above the latest closing price. He noted that this cycle is a "trinity" super cycle of GPU, CPU and memory.

Fifth-place Meta Platforms, Inc. (META) rose 3.24% with $16.912 billion in turnover. Citi noted that Muse has expanded in scale, its model API is now fully available, and the company is developing a new-generation flagship large language model, Watermelon. Citi believes the launch of the Meta Enterprise Platform reflects that the company will still have ample computing capacity through 2027, and it currently forecasts its computing capacity will expand significantly to about 14GW in 2027.

Although capacity is still constrained for now, Prometheus, third-party partnerships and broader infrastructure investment should unlock incremental capacity while serving both internal product development and external monetization plans, Citi said. Citi reiterated its "Buy" rating on Meta Platforms, Inc. (META) with an $800 target price.

Sixth-place Apple (AAPL) fell 2.66% with $12.507 billion in turnover. Well-known Apple leaker Mark Gurman wrote that new Apple CEO Ternus, just weeks into the job, has begun a comprehensive overhaul of the company, aiming to accelerate product development, broaden the device lineup and build a leaner organization more focused on engineering and R&D. People familiar with the matter said preliminary ideas under consideration include no longer strictly following the traditional spring and fall product launch cadence, cutting some middle-management roles, and reducing layers between engineers and senior executives.

Seventh-place SpaceX rose 2.59% with $11.826 billion in turnover. SpaceX's flagship rocket Starship successfully reached Earth orbit for the first time on September 28, completing the commercial space company's most ambitious mission to date. That means the giant rocket, which cost more than $15 billion and took nearly a decade to develop, has finally crossed the key step from suborbital testing to orbital flight.

Ninth-place Tesla Motors (TSLA) fell 1.29% with $11.208 billion in turnover. Morgan Stanley star analyst Adam Jonas issued his most convincing endorsement yet for Tesla Motors' Full Self-Driving system (FSD), arguing that the autonomous driving challenge represented by the "car-shaped robot" is close to being solved. Morgan Stanley maintained an Equal-weight rating on Tesla Motors (TSLA) with a $400 target price.

Tenth-place Microsoft (MSFT) fell 0.05% with $10.769 billion in turnover. Eleventh-place Intel (INTC) fell 0.09% with $10.279 billion in turnover. Thirteenth-place SanDisk (SNDK) rose 0.98% with $10.201 billion in turnover. Sixteenth-place Amazon.com (AMZN) rose 0.21% with $7.797 billion in turnover. OpenAI announced a partnership with Amazon Web Services to use AWS infrastructure to run managed AI agents.

Eighteenth-place Alphabet (GOOGL) fell 0.53% with $7.006 billion in turnover. Nineteenth-place Bloom Energy Corp (BE) surged 10.80% with $6.908 billion in turnover. Jefferies raised its target price on Bloom Energy Corp (BE) to $264 from $229 but maintained a "Hold" rating. The firm believes Bloom Energy Corp's core logic of using behind-the-meter power supply to capture AI data center electricity demand remains unchanged, and recent large orders and capacity expansion continue to support growth, but some key projects still face significant uncertainty regarding air, water, natural gas supply and local approvals. Twentieth-place Broadcom (AVGO) rose 1.58% with $6.742 billion in turnover.

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