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Semiconductor Gains Lift Market Caps Despite Durability Questions

Micron Technology's surge toward a $1 trillion valuation reflects earnings growth, yet market participants question whether recent gains will sustain. The chipmaker's stock appreciation is underpinned by solid financial performance. Software companies face different headwinds as investors reassess revenue outlooks. Salesforce topped quarterly earnings and revenue expectations but issued conservative full-year guidance, citing concern that emerging technologies could cannibalize traditional business. These mixed signals from technology leaders suggest investors are recalibrating expectations. Market participants are now distinguishing between companies with proven fundamentals and those relying on speculative growth narratives.