Overview
- Micron reported blowout results on Thursday and forecast roughly $50 billion in Q4 revenue, sending its shares up double digits and briefly lifting other memory names.
- Qualcomm set a target of more than $15 billion in annual AI‑related data‑center sales by fiscal 2029, a move that helped its stock but did not steady the broader tech cohort.
- Apple said it would raise prices on MacBooks, iPads and other devices to offset rising memory and storage costs, and its stock fell about 6% on the announcement.
- The U.S. PCE inflation gauge for May rose to about 4.1% year‑over‑year, reviving concerns that the Federal Reserve may tighten policy and putting pressure on high‑multiple growth stocks.
- A New York Times report that OpenAI may delay its IPO, plus continued post‑IPO swings in SpaceX, intensified selling of AI and chip names and left the Nasdaq notably weaker while the Dow held gains.