Micron Technology: Record profits and new realities
Micron Technology delivered breathtaking numbers in the third quarter. Revenue came in at USD 41.5 billion, earnings per share of USD 25.11 and a gross margin of nearly 85% speak for themselves. AI-driven demand for high-performance memory remains unbroken. The entire HBM volume for 2026 is already sold out. With the new take-or-pay contracts, management secured long-term revenue of USD 100 billion. Shortly after the numbers, the stock initially jumped around 15% and hit an all-time high.
The recent 20% slide from the all-time high shows that even brilliant quarters can be overshadowed by other factors in the short term. A class action accuses Micron, together with Samsung and SK Hynix, of price fixing. On top of that, the market fears SK Hynix’s entry on the NASDAQ, which would dilute Micron’s rare “pure-play” label. The massive investment plans in South Korea point to future capacity expansion that could ease the currently tight supply over the long term. Added to this, insider sales are weighing further on confidence.
Fundamentally, the stock is not expensive with a price-to-earnings (P/E) ratio of about 10 based on the current annualized quarterly result, yet this figure is deceptive. The price-to-book ratio is at a record level, a clear indicator of cyclical peak earnings. The question is not whether Micron is well positioned, but how sustainable these margins are. Analysts still see potential, but for a fresh entry the risk-reward profile is considerably less attractive than a year ago, given the looming margin normalization and increasing competition. Currently, the stock is available for USD 975.56.
Zefiro Methane: Political tailwind
Approximately 4 million orphaned oil and gas wells are scattered across the USA – a legacy of more than 150 years of extraction. These abandoned wells leak methane into the atmosphere, a gas 80 times more harmful to the climate than CO₂. The cost of remediation is estimated at USD 400-600 billion. The US government has taken an important first step by allocating USD 4.7 billion to address the problem. The issue has also gained bipartisan support, whether driven by climate goals or the need to remove obstacles to infrastructure development. Abandoned wells can delay or even prevent the construction of projects ranging from AI data centers to LNG export terminals. This structural demand makes the market largely independent of the economic cycle.
Zefiro Methane is a specialist in the field with over five decades of experience. The company went through a strategic realignment a year ago. Since then, the company has posted three consecutive quarters of positive adjusted EBITDA, with record revenues of USD 33 million over the first nine months of fiscal year 2026 and a 153% increase in gross profit. An acquisition completed in May added five drilling rigs to the fleet and expanded the company’s footprint into five additional US states. Integration succeeded within weeks. At the same time, experienced energy-sector executive Correne Loeffler joined the company as CFO, further strengthening the management team. The balance sheet is cleaned up, management is focused, and the order books are filling. Unlike competitors, the company offers the entire value chain from a single source, from planning through plugging to land restoration. In addition, the company provides methane monitoring services and monetizes the resulting emissions credits, which can generate value over many years.
Orphaned wells are often undocumented and located near residential areas or in environmentally sensitive locations. As a result, every remediation project presents unique technical challenges. The company’s in-house training program helps secure a steady pipeline of skilled workers, who earn wages well above the regional average. Strong demand is reflected in contracts such as a USD 19.6 million award in Ohio and a USD 5 million project in Louisiana. The rapid expansion of AI-related infrastructure is also driving demand for methane emissions credits. For long-term investors, this niche offers a rare combination of regulatory tailwinds, high barriers to entry, and structural growth. Zefiro Methane appears to be well positioned to capitalize on these trends. The share is currently trading at around CAD 0.67.
D-Wave Quantum: Two strategies, one goal
The Canadian quantum pioneers of D-Wave Quantum stand at a strategic turning point. While the company already serves operational customers today with its annealing business, the long-term value story could lie in the gate-model area. While the competition mostly bets on a single technology, the company operates 2 quantum computer platforms in parallel. The annealing system is already commercially established and solves optimization problems in logistics or production planning. Customers such as BASF and AT&T report significant time savings. The gate-model division, on the other hand, addresses more complex areas over the long term, such as quantum chemistry or AI. Management puts the addressable market volume at USD 450-850 billion by 2040.
The acquisition of Quantum Circuits Inc., completed in January, brought not only exclusive Yale patents but also the promising dual-rail qubit technology. This is meant to enable more efficient error correction – a decisive factor for scalability. The roadmap foresees systems with 100 logical qubits by 2032. Support comes from the highest level. An NSF grant of USD 1.57 million for the ERASE project and a USD 100 million letter of intent from the CHIPS program attest to the growing state interest. The recent decrees on the national quantum strategy further underscore the technology’s strategic importance.
The financial metrics paint a double-edged picture. While revenue in the first quarter fell 81% to USD 2.9 million, bookings reached a record value of USD 33.4 million. The cash position of over USD 588 million provides financial leeway for the coming years. The valuation remains ambitious with an EV/revenue ratio of over 200, but a classic valuation is barely possible. For investors with a long-term investment horizon and a high risk tolerance, the stock could offer attractive upside potential. However, its elevated volatility and the long path to sustainable profitability warrant caution. The shares are currently trading at around USD 22.53.
The three companies from memory technology, environmental technology and quantum computing show that sustainable growth is possible in the most varied areas. Micron Technology is fundamentally convincing, but struggles with cyclical risks and legal legacy issues. Zefiro Methane benefits from a structural remediation backlog and delivers operational proof of its scalable business model. D-Wave Quantum, by contrast, combines a commercial present with a visionary future, yet remains a high-risk play. Investors should clearly distinguish between short-term value volatility at Micron, long-term stability at Zefiro and speculative potential at D-Wave, and always keep risk diversification in view.
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