Trump accounts sell Micron, buy $5.1 million to $25.3 million of Meta

The disclosure lands against a backdrop where Micron has been one of the clearest beneficiaries of the AI build-out, with memory chips in tight supply. Micron's fourth-quarter fiscal 2026 revenue rose 379% to $54 billion, and non-GAAP net income reached $33.42 per diluted share, an 11-fold increase from $3.03. Morningstar's William Kerwin, however, argues Micron has no economic moat because DRAM and NAND are commodity-like products prone to pricing erosion, though he expects the AI boom to provide a medium-term tailwind.

Meta presents the opposite profile: a platform business whose AI spending is already showing up in ad impressions and prices, plus a newly introduced AI agent called Muse that Morgan Stanley analysts see as positioning Meta well in consumer AI agents. The stock was down nearly 30% from its high in August on worries about AI spending, and at 27 times earnings Wall Street expects 20% annual earnings growth over the next three years.

The reasoning behind the rotation is a guess — concern that memory prices and Micron earnings could fall as the supply shortage eases — and that inference should be read as speculation, not a stated rationale.