Micron relieves some pressure on the AI trade: Michael Santoli
December 18, 2025 • 2m 58s
Frank Holland (Anchor)
00:00.070
sure
i'll
turn
to
you
mike
what's
on
your
mind
as
you
watch
how
this
market
has
traded
a
nice
bounce
for
tech
which
really
needed
Mike Santoli (Senior Markets Commentator)
00:06.110
it
yeah
we
sort
of
got
to
exhale
a
little
bit
so
the
big
pressure
has
been
on
the
AI
trade
micron
gives
you
a
reason
to
have
some
of
that
pressure
relief
and
then
i
don't
think
there
was
really
a
bearish
case
surrounding
CPI
but
a
downside
surprise
you
know
however
many
grains
Mike Santoli (Senior Markets Commentator)
00:21.030
of
salt
you
take
it
with
is
still
net
positive
the
the
bond
markets
had
a
sort
of
meet
measured
but
positive
response
to
that
that
being
said
i
keep
looking
for
this
stall
phase
that
we've
been
in
in
the
market
two
months
we've
been
right
in
the
same
rates
in
the
S
and
P
as
Mike Santoli (Senior Markets Commentator)
00:35.670
something
that's
showing
economic
anxiety
building
and
it's
really
not
it
still
seems
to
be
a
repositioning
into
crap
from
crowded
AI
at
a
time
when
conviction
in
the
long
term
AI
story
is
starting
to
flag
a
little
bit
so
banks
making
a
new
high
again
today
you
know
industrials
Mike Santoli (Senior Markets Commentator)
00:53.190
participating
it
feels
as
if
there's
some
comfort
about
the
macro
the
question
is
what
does
that
leave
us
with
because
it's
been
very
messy
this
rotation
you
have
had
some
relief
hit
some
parts
of
the
market
that
were
lagging
for
a
long
period
of
time
i
don't
believe
really
in
Mike Santoli (Senior Markets Commentator)
01:08.590
the
changing
horses
at
a
full
gallop
and
a
new
leadership
group
starts
to
to
kind
of
drive
a
bull
market
into
next
year
so
maybe
it's
just
a
resting
phase
for
attack
and
as
i
said
yesterday
nvidia
getting
down
to
a
market
multiple
metas
down
to
just
an
S
and
P
average
multiple
Mike Santoli (Senior Markets Commentator)
01:24.510
so
it
it
seems
as
if
you
know
maybe
the
market
is
just
kind
of
bidding
its
time
here
for
a
little
bit
i
wouldn't
really
bet
against
levitating
for
the
next
seven
and
a
half
trading
days
at
least
part
of
that
as
the
seasonals
will
tell
you
is
is
likely
Frank Holland (Anchor)
01:37.430
micron
was
much
needed
today
we
see
it
on
the
board
here
up
better
than
ten
percent
i
mean
really
as
we've
been
saying
throughout
the
day
kind
of
just
what
the
doctor
ordered
for
Mike Santoli (Senior Markets Commentator)
01:45.070
this
trade
without
a
doubt
i
mean
it's
certainly
the
memory
side
of
this
equation
it's
kind
of
a
mixed
blessing
because
that
area
is
is
really
hot
but
it's
also
a
cost
for
everybody
else
and
you
have
in
video
OK
it
bounces
two
percent
trading
at
a
price
it
got
to
in
late
july
Mike Santoli (Senior Markets Commentator)
02:01.110
you
know
so
it's
just
tough
for
the
index
to
find
its
way
higher
when
it's
been
this
kind
of
low
momentum
phase
i
mean
even
today
there's
more
new
fifty
two
week
lows
than
highs
on
the
nasdaq
that
hasn't
been
the
trend
but
it
is
the
case
today
so
i
guess
after
a
six
month
Mike Santoli (Senior Markets Commentator)
02:16.750
blistering
run
that
we
had
from
april
to
october
maybe
this
is
just
that
kind
of
payback
phase
it's
not
really
hurting
anybody
we're
up
fifteen
percent
year
to
date
on
the
S
and
P
five
hundred
that's
following
two
up
twenty
percent
years
it's
really
not
something
anybody
should
Mike Santoli (Senior Markets Commentator)
02:32.350
complain
about
but
there
is
a
level
of
frustration
and
it
looks
to
me
like
a
market
where
people
were
nearly
all
in
coming
into
december
they
didn't
have
to
buy
more
didn't
really
have
to
chase
it
we're
hoping
the
market
was
going
to
you
know
get
them
out
at
higher
levels
to
to
Mike Santoli (Senior Markets Commentator)
02:47.070
exit
the
year
and
maybe
it
still
will
but
i
think
that's
why
you
see
the
church
i
still
just
take
part
in
the
fact
that
there's
not
a
lot
of
stress
on
the
economically
sensitive
parts
of
this
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