There Are Over 3,000 Stocks in the Nasdaq Composite. And None Stand Out More Than This Ultimate Growth Stock in September.

The Nasdaq Composite index comprises more than 3,000 stocks that trade on the Nasdaq exchange. In terms of weight, it's heavily tilted toward industry-leading megacap technology companies.

While the Nasdaq Composite includes Nvidia and every other company in the "Magnificent Seven," there's another growth stock on track to be even more important for the broader market this month. Here's why Micron (NASDAQ: MU) is the top tech stock to watch in September.

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Micron's Sept. 30 earnings report will be a big event for the stock market

After the market closes on Sept. 30, Micron will report results for the fourth quarter of its fiscal 2026, which ended Aug. 31. No other quarterly report released this month is likely to have a bigger impact on the stock market's momentum.

Micron is a leading provider of memory chips that are used in graphics processing units (GPUs) and other hardware that powers data centers used for artificial intelligence (AI) and other high-performance computing applications. Due to the company's crucial role in the artificial intelligence hardware supply chain, Micron's business results have become a bellwether for the AI industry and sentiment across the broader stock market.

In its fiscal Q3 report (released in June), Micron issued strong guidance for Q4, forecasting sales of roughly $50 billion and a gross margin of roughly 86%. For the stock to experience significant gains following the Q4 report, it will likely need to hit the gross margin target and deliver a meaningful beat on sales.

Even more importantly, Micron will need to deliver strong guidance for the new fiscal year. Given the company's stellar pricing power and guidance from Nvidia suggesting that demand for AI GPUs remains very strong, the memory chip specialist will likely issue guidance for strong sales expansion and margins. Micron has also inked a number of long-term chip supply contracts that should help it maintain its pricing power for several years and ensure robust sales performance.

On the other hand, expectations for growth and margins are already high -- merely beating its own guidance and the average Wall Street analyst estimates may not be enough to spur a rally for its stock or for other players in the broader AI space. However, Micron is now arguably the second-most important company for assessing the health of the AI trade, trailing only Nvidia -- and maybe Taiwan Semiconductor Manufacturing, depending on how you view things -- and its upcoming earnings report will likely have ripple effects across the stock market.

Keith Noonan has positions in Micron Technology. The Motley Fool has positions in and recommends Micron Technology, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.