US Inflation Cools, Micron’s AI Forecast Surges and Stocks Close Q3 Higher: What’s Going On Today

Markets

US inflation rose less than economists expected in August, offering the Federal Reserve some breathing room. The Personal Consumption Expenditures price index increased 0.3% for the month after a revised 0.1% rise in July, while consumer spending remained strong, Reuters reported on September 30.

Wall Street’s close was mixed: the S&P 500 dipped 0.23%, while the Nasdaq rose. Both indexes nevertheless recorded a second consecutive quarterly gain, according to Reuters’ September 30 market report.

Tech

Micron forecast quarterly revenue above analyst estimates on September 30, saying customer demand for AI-related memory was strengthening and its backlog was growing, Reuters reported. The outlook adds to evidence that AI infrastructure demand is flowing through to memory-chip suppliers.

Anthropic’s IPO pitch also put the economics of frontier AI in focus. Reuters reported September 30 that the company is planning what could become the largest initial public offering in history, framing the business around both AI’s potential and its risks.

Sources

Reuters.