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Micron boosts AI trade as Iran attack lifts oil
Risk appetite began with an AI-memory bid but ended more two-sided as higher component costs hit consumer tech and Hormuz risk lifted crude. Rates rallied despite firm inflation, while the largest single-name moves came from M&A, litigation relief and AI funding headlines.• Oil/Geopolitics: Brent settled up 2.1% at $75.26 and WTI rose 2.2% to $71.92 after Iran’s IRGC attacked the Singapore-flagged Ever Lovely near the Strait of Hormuz.• Semis/AI: Micron jumped after disclosing 16 long-term supply agreements, with memory peers also bid; late reports of massive Samsung and SK Hynix investment plans reinforced the capex cycle.• Tech/Components: Apple fell about 5% after raising Mac and iPad prices by 15%-25% on AI-driven memory shortages, while Microsoft raised Xbox prices by $100-$150.• Macro/Rates: May PCE and core PCE came in firm, GDP was revised to 2.1% and claims fell, yet two-year yields dropped 4 bp as hike pricing eased.• Deals/Legal: Merck KGaA agreed to buy Bio-Techne for $11.3 billion, Onsemi struck an all-stock Synaptics deal, and Bayer rallied after a Supreme Court Roundup ruling.
SoftBank tumbles after OpenAI IPO delay report
AI policy and funding news dominated late trading, while enforcement signals and Asian memory-capex reports added single-name catalysts.• AI/SoftBank: SoftBank fell 12% in Tokyo after a report that OpenAI may delay an IPO until 2027, threatening timing of returns on SoftBank’s planned roughly $65 billion stake.• AI/Policy: The Trump administration asked OpenAI to stagger GPT-5.6 access so officials can vet about two dozen early partners; the report is sourced to people familiar, with no White House comment.• Antitrust: WSJ reported DOJ antitrust overseer Stanley Woodward favors settlements over trials, a potentially softer path for cases involving Apple and Visa; DOJ disputed that he discouraged litigation.• Memory/Capex: South Korean media said Samsung and SK Hynix may announce hundreds of billions of dollars of investments Monday, including a reported 1,000 trillion won Samsung package.
Oil rises after Iran attacks cargo ship near Hormuz
Risk tone stayed uneven: Hormuz headlines revived crude risk, chip M&A picked up, and AI-linked component inflation kept pressuring consumer tech.• Oil/Geopolitics: Brent settled up 2.1% at $75.26 and WTI rose 2.2% to $71.92 after Iran’s IRGC attacked the Singapore-flagged Ever Lovely in the Strait of Hormuz.• Semis/M&A: Onsemi agreed to buy Synaptics in an all-stock deal with about $7 billion of enterprise value; ON fell 7.3% after hours, while the offer implies a roughly 19% premium for SYNA.• Crypto/Strategy: Strategy dropped more than 9%, its seventh straight decline, as Bitcoin traded near $59,201 and weakness in its preferred stock raised funding concerns.• Tech/Components: Microsoft raised Xbox console prices by $100-$150 from Aug. 1, citing memory and storage costs that have risen more than 2.5x.• Banks: JPMorgan named Troy Rohrbaugh and Doug Petno co-presidents, while Marianne Lake will leave.
Bayer jumps after Supreme Court shields Roundup from warning suits
Rates rallied despite firm inflation, while AI supply-chain costs hit Apple and litigation relief drove a sharp Bayer move.• Macro/Rates: May PCE rose 0.4% and 4.1% year over year, core PCE rose 3.4%, GDP was revised to 2.1%, and jobless claims fell to 215,000. Two-year yields fell 4 bp to 4.10% as hike pricing eased to 33 bp.• Tech/Memory: Apple raised Mac and iPad prices 15%-25%, left iPhones unchanged, and cited AI-driven memory and storage shortages; AAPL fell about 5% while MU and memory peers held gains.• Legal/Ag: The Supreme Court ruled 7-2 that state Roundup cancer-warning suits are preempted by EPA labeling, overturning a $1.25mn verdict; Bayer rose more than 16% in Frankfurt.• Autos/China: Commerce barred Polestar from selling new US cars under connected-vehicle rules; remaining inventory can be sold and service continues.
Bio-Techne jumps after Merck KGaA agrees $11.3 billion deal
M&A, cloud regulation and private-credit liquidity were the main incremental US-equity catalysts, while AI hardware momentum broadened premarket.• Life Science M&A: Merck KGaA agreed to buy Bio-Techne for $73 a share in cash, valuing the US lab-tools supplier at about $11.3 billion; TECH rose 20% premarket.• Cloud Regulation: EU regulators said AWS and Microsoft Azure should face Digital Markets Act gatekeeper rules; Amazon criticized the findings, while Microsoft questioned why Google Cloud was excluded.• Private Credit: Ares’ nearly $11 billion Strategic Income Fund received second-quarter redemption requests equal to 14.4% of the fund and met just over one-third under its cap.• AI/Semis: Micron disclosed 16 long-term supply agreements; MU rose 18% premarket, while Qualcomm, Sandisk and Western Digital gained 12% or more.• Oil/Energy: Saudi vessels moved toward Ras Tanura loadings, and Iraq walked back its earlier OPEC-exit threat.
Nasdaq futures rise after Micron jumps nearly 19%
AI risk appetite firmed, but policy and single-name overhangs remained active across Asia and Europe.• Semis/AI: Micron rose nearly 19% after hours and Nasdaq futures gained 2.2%; Goldman said Gulf oil exports recovered to 63% of normal.• Japan/FX: Japan’s 20-year auction drew a 2.97 bid-to-cover, the weakest since May 2025, while dollar-yen traded near 161.82 as intervention warnings persisted.• China AI: Alibaba fell as much as 4.9% in Hong Kong to a 16-month low after Anthropic alleged 29mn Claude exchanges via 25,000 fake accounts.• Airlines/M&A: EasyJet rejected Castlelake’s 650p bid but opened talks, sharing limited data and extending the deadline to July 5.• Health Tech: NHS England said Palantir data cannot prove claimed benefits under its £330mn contract.
Micron outlook lifts chips as oil sheds war premium
Risk appetite improved through the day as the early tech-futures bounce broadened into an AI-hardware rally, then accelerated after the close when Micron and Qualcomm gave investors fresh revenue targets. The other major macro swing was the continued unwind of the Middle East risk premium in crude, which helped ease energy stress even as idiosyncratic policy and capital-return stories moved housing and banks.• Semis/AI: OpenAI and Broadcom introduced an inference chip that Broadcom said could cut costs by about 50%, while Micron’s $50bn sales forecast and Qualcomm’s Meta data-center chip win lifted Nasdaq futures and Asian chip shares after hours.• Oil/Shipping: Brent fell back below its prewar close as tanker departures from the Gulf rose and Hormuz-linked commodity flows normalized, outweighing a larger-than-expected US crude draw.• Banks/Capital: All 32 large banks passed the Fed stress test; JPMorgan authorized $50bn of buybacks and raised its dividend, while Goldman also lifted its payout.• Housing/Autos: Homebuilders rallied after Trump delayed signing the bipartisan housing bill, but Hertz slumped after cutting 2Q profit expectations on weak used-car demand and vehicle-sale losses.
Oil falls to prewar levels as Asian chip shares rally
Risk tone improved in Asia on AI hardware follow-through, while crude continued to unwind war premium and rates headlines leaned hawkish outside the US.• Oil/Energy: Brent fell 1.8% to $72.40, below its prewar close, after Windward data showed 31 tankers left the Gulf on Wednesday, nearly 50% more than the prior day.• Semis/AI: SK Hynix rose as much as 12%, Samsung gained nearly 6%, the Kospi jumped up to 6% and the Nikkei 225 climbed as much as 3% after Micron’s outlook revived memory-chip confidence.• Japan/Rates: BOJ board member Naoki Tamura said rates should rise every few months and could move faster if inflation risks intensify.• Autos/FX: Bloomberg estimated the weak yen could add $5.8bn to Japanese automaker earnings, with Toyota especially sensitive.• Australia/Macro: Australia added 40,300 jobs in May and unemployment fell to 4.4%, keeping RBA hikes in play.
Micron lifts Nasdaq futures after sales forecast tops estimates
AI hardware news reversed some after-hours risk pressure, while bank capital returns and defense spending added fresh single-name catalysts.• Semis/AI: Micron forecast fiscal fourth-quarter revenue of about $50bn versus $43.2bn expected and adjusted EPS of about $31; shares rose about 13%-15% after hours, lifting Nasdaq 100 futures nearly 2%.• Qualcomm/Meta: Qualcomm said Meta will use its Dragonfly C1000 data-center chip from 2028, projected more than $15bn in annual data-center AI chip sales by fiscal 2029, and rose up to 15% late.• Banks/Capital: All 32 large banks passed the Fed stress test. JPMorgan raised its dividend to $1.65 and authorized $50bn of buybacks; Goldman lifted its payout to $5.• Defense: Lockheed won an up-to-$35bn THAAD contract, and the White House sought $88bn in new spending, including $67bn tied to the Iran war.• AI/China: Anthropic alleged Alibaba used 25,000 fraudulent accounts to access Claude; Alibaba did not comment.
Broadcom gains on OpenAI chip while Trump delay lifts homebuilders
AI infrastructure and policy headlines drove the cleanest equity moves, while oil weakened despite a bullish US inventory draw.• AI/Semis: OpenAI and Broadcom unveiled the Jalapeno inference chip, with Broadcom citing early cost savings of about 50% versus typical AI GPUs and deployment above 1.3GW next year.• Housing/Policy: Trump canceled the planned signing of the bipartisan housing bill pending voting legislation; listed builders rallied, with KB Home up 16.4% and PulteGroup up 8.8%.• Oil/Energy: Brent’s prompt spread flipped into contango and crude slid toward prewar levels as Hormuz flows improved; the EIA still reported a larger-than-expected 6.1mn-barrel crude draw.• Power/AI: Sunrun jumped more than 30% after a Tesla and Renew Home deal to aggregate 16GW for data centers and utilities.• Autos: The NTSB opened a probe into the fatal Texas Tesla crash.
SK Hynix seeks $29 billion Nasdaq listing as Hertz cuts profit expectations
AI infrastructure stayed central, with a mega chip-financing plan and fresh evidence of escalating data-center liabilities, while Hertz added a discrete consumer and used-car warning.• Semis/AI: SK Hynix filed to raise Won45.45tn ($29.4bn) via Nasdaq ADRs starting July 10, one of the largest share sales on record, to fund HBM expansion.• Autos/Rental: Hertz fell 18% premarket after saying 2Q adjusted corporate Ebitda should be $50mn-$80mn, toward the low end, as used-car demand weakened and vehicle-sale losses replaced expected gains.• Data Centers: Bloomberg said future lease obligations at major cloud companies exceeded $850bn; Meta added $79bn to $182.9bn and Microsoft added more than $41bn to $196.6bn.• Qualcomm: Qualcomm confirmed it bought AI software startup Modular; terms were undisclosed, though earlier reporting put talks near a $4bn valuation.• Oil/Shipping: Fertilizer exports through Hormuz recovered to nearly 530,000 tons last week, with at least 18 stranded vessels leaving.
Tech futures rebound as Prologis pursues Segro
US tech futures indicated a modest bounce, while deal flow, energy normalization and regulatory headlines added company-specific catalysts.• Tech/Futures: Nasdaq 100 futures rose 0.6% and S&P 500 futures gained about 0.2% after the two-day Nasdaq 100 market-cap loss reached roughly $1.3tn.• Real Estate/M&A: Prologis said Segro rejected its £12.6bn all-share approach, worth 925p a share and a 24.6% premium; Prologis urged holders to press for talks.• Energy/Consumers: Trump ordered the Justice Department to examine gasoline prices, saying pump prices are not falling fast enough; US diesel fell below $5 a gallon for the first time since mid-March.• LNG/Oil: Qatar expects undamaged LNG output to normalize within weeks, while Asian refiners slowed Middle East crude buying after a three-week rush.• Aerospace: EASA ordered urgent checks on 16 Airbus A380s after wing-spar cracks were found.
Nasdaq slides after global chip rout deepens
US equities finished in a tech-led risk-off tape, though the worst pressure eased after the open and Asian chip shares later partially rebounded. Oil stayed soft as Hormuz traffic and Washington politics reduced the immediate geopolitical risk premium.• Tech/Semis: Nasdaq 100 futures fell about 3% before the open, the SOX lost 7.9% by the close, and Micron dropped 13% ahead of earnings. Korean chip shares then rebounded in late trading after the prior rout.• Oil/Iran: Brent settled at $77.08, its lowest since February, as tanker traffic through Hormuz continued and the Senate voted to direct Trump to end the Iran war or seek authorization.• Index/Single Stocks: S&P Dow Jones said Alphabet will replace Verizon in the DJIA on Monday, giving Alphabet a much larger index weight because of its above-$300 share price.• Credit/Deals: SpaceX drew about $89 billion of demand for a planned $20 billion-$25 billion investment-grade debut, while Walmart agreed to buy Vibe.co to expand connected-TV advertising.• Macro/Rates: The dollar reached its highest level since November as markets priced nearly two Fed hikes by early 2027, even as Treasuries rallied during the equity selloff.
Korean chip shares rebound as Nvidia black-market prices double
Asia trading showed a partial reversal in chip stress, while policy and regulatory news added discrete sector catalysts.• Tech/Semis: Korea’s Kospi rose as much as 4.2%; Samsung gained 10% on a buyback report and SK Hynix rose more than 5%.• Nvidia/China: FT said banned Nvidia AI chips more than doubled in China’s black market, with DGX B300 servers above Rmb8mn and RTX 6000 Pro chips as high as Rmb130,000.• Macro/Rates: Australia’s trimmed-mean inflation rose to 3.6%, above forecasts, lifting the Aussie dollar and three-year yields.• Housing: Congress passed a bipartisan housing bill aimed at easing manufactured-home, zoning and conversion rules; builders warned rates and costs may blunt impact.• Internet/China: Meta will invest $900mn for 20% of India’s Cred; Alibaba sued the Pentagon over its military-linked company designation.
Alphabet joins Dow as AI selloff deepens
After-hours index and earnings news joined a confirmed tech-led risk-off close, while oil kept sliding as Washington moved symbolically against the Iran war.• Index/Telecom: S&P Dow Jones said Alphabet will replace Verizon in the DJIA on Monday; Alphabet’s above-$300 stock price gives it a much larger index weight than Verizon.• Tech/Semis: The Nasdaq fell 2.2%, the S&P 500 1.4% and SOX 7.9%; Micron lost 13% and all 30 SOX members declined ahead of Micron’s Wednesday report.• Oil/Iran: The Senate voted 50-48 to direct Trump to end the Iran war or seek authorization; Brent settled at $77.08, the lowest since Feb. 27.• Earnings/AI: Cerebras fell about 8% after projecting 2026 revenue of $855mn-$865mn and full-year core operating margins of negative 28%-32%.• Transports/Retail: FedEx beat F4Q EPS and revenue estimates and guided 2026 EPS to $16.90-$18.10; Nike rose after naming Pfizer’s David Denton CFO.
Nasdaq steadies as SpaceX bond demand hits $89 billion
Risk remained tech-led, but the worst opening pressure eased by midday while credit demand for SpaceX contrasted with equity volatility.• Tech/Semis: The Nasdaq 100 fell more than 3% at the open before the Nasdaq composite narrowed losses to over 1%; the Philadelphia Semiconductor Index dropped as much as 7.7%, with Micron down about 10%.• Credit/SpaceX: SpaceX drew about $89 billion of demand for a planned $20 billion-$25 billion debut investment-grade bond sale; the stock dipped below $150, then rebounded above $163.• Macro/FX: The dollar hit its highest level since November as markets priced nearly two Fed hikes by early 2027, even as Treasuries rallied on the equity selloff.• Travel/Leisure: Carnival fell about 6%-7% after revenue missed and management cited Iran-war disruption to Mediterranean bookings and fuel costs.• Retail/Ads: Walmart agreed to buy Vibe.co, with WSJ reporting a $1.4 billion price, to expand connected-TV advertising.
Nasdaq futures slide further as crude spreads weaken
Risk stayed defensive before the open, with AI-linked shares under renewed pressure and oil fundamentals softening despite fresh political noise around Hormuz.• Tech/Volatility: Nasdaq 100 futures fell about 3%; Micron dropped 7% premarket, Intel and AMD 6%, and the VIX call/put ratio reached its highest this year.• Oil/Hormuz: Kpler counted 109 vessels through Hormuz from Saturday to Monday, but the IMO still saw a 500-600-ship backlog; North Sea and Dubai crude spreads weakened into contango.• Iran Diplomacy: Trump insisted Iran accepted the “highest level” inspections, while Tehran denied talks on the nuclear file and Iran-Oman working groups advanced Strait service-fee discussions.• Regulation/Meta: The EU is preparing DSA findings that Facebook and Instagram use addictive designs on children; fines could reach 6% of global sales.• Nuclear/Deals: Constellation will supply Walmart 176 MW from Dresden as Washington plans $17.5bn of low-cost loans for new Westinghouse reactors.
Nasdaq futures slide after Asia chip rout triggers Korea halt
Risk-off deepened as the AI unwind spread into Europe and U.S. futures, while softer oil and PMIs shifted focus back to growth risk.• Tech/AI: Nasdaq 100 futures fell as much as 2.6%; Korea’s Kospi dropped 10% after a trading halt, with Samsung and SK Hynix down over 12%, and ASML fell nearly 4%.• Oil/Iran: Brent traded below $77 as visible Hormuz crossings rose to seven tankers Tuesday morning and Iran courted Asian buyers for 68mn barrels of floating crude after the U.S. waiver.• Macro/Rates: Euro-zone PMI improved to 49.5 but stayed in contraction; Germany fell to 48, France stayed below 50 and the UK slipped to a 14-month-low 49.4.• Autos/Software: Tesla’s Europe registrations more than doubled in May; Oracle cut headcount 13% to 141,000 and booked $1.84bn of restructuring costs.