• Micron lifts outlook: Micron (MU) beat earnings and raised guidance as AI memory demand drove revenue and profit sharply higher. The company now expects memory shortages to persist beyond 2027 and has signed 16 long-term supply agreements. Shares surged 19% premarket. Source: WSJ.
• Qualcomm expands AI ambitions: Qualcomm (QCOM) forecast $15B in annual data center chip sales by 2029, backed by AI deals with Microsoft (MSFT) and Meta (META). Shares jumped 10% premarket. Source: Reuters.
• SK Hynix plans U.S. listing: Korean chipmaker SK Hynix (SKHY) is raising $29.4B in a U.S. IPO to expand AI memory chip production and capacity, leveraging its leadership in high-bandwidth memory and growing demand from AI infrastructure. The listing is planned for July 10. Source: Bloomberg.
• Apple raises prices: Apple (AAPL) raised MacBook and iPad prices, citing soaring memory and storage costs driven by AI demand, and suggested that more increases may follow. Shares dipped 1% premarket. Source: CNBC.
• OpenAI unveils custom AI chip: OpenAI introduced Jalapeño, its first custom AI chip developed with Broadcom (AVGO) to improve ChatGPT efficiency, reduce reliance on Nvidia (NVDA) hardware, and support lower-cost AI infrastructure. Broadcom rose 2% premarket. Source: CNN.
• Darden posts mixed quarter: Darden Restaurants (DRI) beat earnings estimates but missed on revenue as weaker-than-expected same-store sales at Olive Garden and its fine-dining brands offset a 13.7% sales increase. Shares fell 2% premarket. Source: CNBC.
• Alibaba allegedly steals Anthropic's tech: Anthropic claimed that Alibaba (BABA) extracted its AI capacities through a massive distillation attack that used 25K fraudulent accounts. Alibaba fell 3% premarket. Source: CNBC.
• Merck buys Bio-Techne: Germany’s Merck (MRK) agreed to acquire Bio-Techne (TECH), which makes laboratory tools, for $11.4B in cash. Bio-Techne soared 21% premarket. Source: WSJ.
• Wendy’s becomes meme stock: Wendy's (WEN) jumped as much as 42% before closing up 26% yesterday after retail traders piled in, triggering a volatility halt. Heavy Reddit (RDDT) activity and high short interest fueled the rally, with shares up another 10% premarket. Source: CNBC.
• IBM preps tiny chip: IBM (IBM) introduced technology capable of producing the world's first sub-1-nanometer chip, targeting up to 50% higher performance or 70% better energy efficiency for AI workloads. Shares gained 3% premarket. Source: Reuters.
• Ferrari's marketing chief exits: Ferrari (RACE) said that marketing chief Enrico Galliera will leave after 16 years, weeks after the company's Luce EV launch was widely panned. Source: BBC.
• Bitcoin drops below $60K: Bitcoin fell below $60K for the 3rd time this year, hitting its lowest level since October 2024. Source: CNBC.

• SpaceX joins Russell 1000: SpaceX (SPCX) will be fast-tracked into the Russell 1000 growth index, accelerating index-fund buying and helping drive an estimated $150B in trading during Friday’s Russell reconstitution. SpaceX rose 4% premarket. Source: Reuters.
• Doncasters prices IPO: British aerospace parts manufacturer Doncasters (DPC) raised $919.3M in its U.S. IPO, pricing shares above the marketed range. Source: Reuters.
• Anduril eyes Nissan plant: Defense startup Anduril is in talks to acquire a Nissan (TYO:7201) factory to produce military drones in Japan. The move would support the country’s defense buildup. Source: Reuters.
• Lockheed wins missile contract: Lockheed Martin (LMT) received a Pentagon contract worth up to $35B to produce missile interceptors, helping the U.S. replenish missile stockpiles after the Iran war. Shares fell 2.4%. Source: WSJ.
• Airbus jets grounded: E.U. regulators ordered inspections of 16 Airbus (EPA:AIR) planes after cracks were detected in the wings. 5 jets were grounded immediately. Source: NY Times.

• JPMorgan advances succession: JPMorgan (JPM) named Doug Petno and Troy Rohrbaugh as co-presidents, positioning both as leading candidates to succeed CEO Jamie Dimon. The reshuffle includes exec Marianne Lake’s planned retirement after more than 25 years. Source: WSJ.
• Banks boost shareholder returns: JPMorgan (JPM) authorized a $50B share buyback and raised its dividend 10% after passing the Fed’s stress test. Goldman Sachs (GS), Morgan Stanley (MS), and Wells Fargo (WFC) also increased dividends, with Morgan Stanley reauthorizing a $20B buyback. Source: CNBC.
• Banks pass Fed stress test: The Federal Reserve said all 32 large U.S. banks passed its annual stress test, showing they could absorb more than $708B in losses during a severe recession while remaining above minimum capital requirements. Source: CNBC.

• Core inflation hits 2.5-year high: Core PCE inflation — the Fed's preferred inflation measure — rose 3.4% annually in May, its highest level since Oct. 2023. Headline PCE reached 4.1%, in line with estimates. Source: CNBC.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 215,000 for the week ending June 20, down 2,000 WoW. The 4-week moving average was 224,250, up 750 WoW. Source: Dept. of Labor.

• Venezuela hit by twin quakes: At least 164 people have died and 971 were injured after dual earthquakes — both above magnitude 7 — struck Venezuela. Buildings collapsed across the country, and the death toll is expected to rise. Source: AP.
• Japan showcases growth roadmap: Japan announced a 14-year, $2.3T investment plan, including billions for AI and semiconductors, though funding details remain unclear. Source: Bloomberg.
• Senate backpedals on Iran measure: The Senate rejected a renewed Iran war powers resolution after 2 Republicans changed their votes following pressure from President Trump. The chamber had previously voted to rein in Trump's war powers. Source: CNN.
• Musk loses trillionaire status: Elon Musk’s net worth fell below $1T after a broad tech selloff drove declines in SpaceX (SPCX) and Tesla (TSLA), though he remains the world’s richest person. Source: BBC.
• Wall Street pioneer dies: Norma Yaeger, a barrier-breaking stockbroker who became one of Wall Street’s first female brokers in the 1960s and later founded two securities firms, has died at 96. Source: NY Times.

• 8:30 AM: Core PCE Price Index MoM
• 8:30 AM: PCE Price Index MoM & YoY
• 8:30 AM: Durable Goods Orders MoM & Durable Goods Orders Excl. Transp. MoM
• 8:30 AM: GDP Growth Rate QoQ Final
• 8:30 AM: GDP Price Index QoQ Final
• 8:30 AM: Personal Income & Spending MoM
• 8:30 AM: Chicago Fed National Activity Index
• 8:30 AM: Initial Jobless Claims

Micron Technology (MU) has released its quarterly earnings.

• Revenue of $41.46B (+345.76% YoY) beats by $6.45B.
• EPS of $25.11 (+1,214.66% YoY) beats by $4.91.
• Financials · As Reported · Metrics · Press Release

Trip.com Group (TCOM) has released its quarterly earnings.

• Revenue of $2.35B (+23.04% YoY) beats by $20M.
• EPS of $0.83 (+1.22% YoY) beats by $0.04.
• Financials · As Reported · Metrics · Press Release

Darden Restaurants (DRI) has released its quarterly earnings.

• Revenue of $3.72B (+13.70% YoY) misses by $9.46M.
• EPS of $3.66 (+22.82% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

TD SYNNEX (SNX) has released its quarterly earnings.

• Revenue of $19.58B (+30.97% YoY) beats by $2.78B.
• EPS of $4.85 (+62.21% YoY) beats by $0.75.
• Financials · As Reported · Metrics · Press Release

Nike (NKE) will report Tuesday.

• Analysts estimate revenue of $10.85B (-2.21% YoY).
• EPS is estimated to be $0.12 (-14.29% YoY).
• Financials · As Reported · Metrics

Constellation Brands (STZ) will report Tuesday.

• Analysts estimate revenue of $2.41B (-4.29% YoY).
• EPS is estimated to be $3.26 (+1.24% YoY).
• Financials · As Reported · Metrics

General Mills (GIS) will report Wednesday.

• Analysts estimate revenue of $4.60B (+0.99% YoY).
• EPS is estimated to be $0.80 (+8.11% YoY).
• Financials · As Reported · Metrics

• Confirmed today: Alopexx, Inc. (ALPX), a biopharma company that focuses on bacterial and parasitic infections.
• Confirmed today: DCP Holdings PLC (DPC), an aerospace and military engine maker with $886M in TTM revenue and 12.2% revenue growth YoY.
• Confirmed today: DSC Holdings Ltd. (DSC), a Chinese AI infrastructure firm with $96.82M in TTM revenue and -28.6% revenue growth YoY.
• Estimated Friday, June 26: MetaOptics Ltd (MOT), a Singapore-based optical lenses maker with $613,198 in TTM revenue and 891.2% revenue growth YoY.