Micron's results blew past expectations, but JPMorgan says the stock could still drop hard — good for the memory business, risky for anyone buying now.

• Micron's quarterly sales jumped sharply from a year ago and beat forecasts, with profit per share also coming in higher.
• Its guidance for the next quarter is even stronger, helped by rising memory chip prices and a better product mix.
• JPMorgan points out that after Micron's last strong report in June, the stock still fell about a third within a month.
• JPMorgan is keeping its buy rating and a target well above today's price, so the warning is about timing, not the business.
• Micron shares swung between gains and losses and closed roughly flat despite the good numbers.

Elsewhere in the market: Taiwan's main index rose over 300 points after giving up a bigger intraday gain, with heavy institutional buying. Taiwan's state power company is deep in the red as gas costs climb following the Middle East war. Amazon took its first stake in AI server circuit-board maker Gold Circuit Electronics through a private share placement, turning a customer into a shareholder. Gold demand from central banks keeps growing as countries move away from the dollar, and a new Taiwan-listed US gold mining ETF is about to launch.

Outlook: Memory chip prices look strong into next quarter, but Micron's stock may stay choppy as traders take profits after the beat.