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The five biggest cloud players are on track to spend roughly $520 billion on AI infrastructure in 2026 — increasingly funded by debt. On June 23, Wall Street's patience with the tab ran out, at least for a day.
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A semiconductor rout that started in South Korea swept Wall Street on June 23, sending the Nasdaq down 2.21% and the SOX cratering 7.9%. AI spending fears and rising rate-hike bets drove investors to dump chip stocks and pile into defensives.
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South Korea's KOSPI crashed nearly 10% on June 23, with memory chip giants leading the rout. The selloff spread to Wall Street by the close — the SOX fell 7.9%, while Micron, Western Digital, and SanDisk all dropped double digits intraday.
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Jefferies nudged its Tesla price target up to $375 while flagging a structural risk from SpaceX merger speculation. BofA held firm on Apple with a $380 target, calling a redesigned Siri an underappreciated AI asset.
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A 14-point US-Iran memorandum of understanding reopened the Strait of Hormuz, sending Brent below $80 and WTI to ~$76. Meanwhile, the 10-year Treasury yield hit ~4.5% and markets are pricing a ~50% chance of a September Fed rate hike.
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FedEx (FDX) reports Q4 FY2026 results Tuesday after market close — its first earnings since spinning off FedEx Freight on June 1. Consensus calls for EPS of ~$5.91 and revenue of ~$24.18B, with 21 analysts averaging a $412.45 price target.
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SpaceX (SPCX) surged 67% above its $135 IPO price within days of its historic debut — then gave most of it back. The stock fell roughly 16% on June 22, marking its third consecutive losing session.
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Alphabet shed roughly $250 billion in market cap on June 22 after Gemini co-lead Noam Shazeer defected to OpenAI and Nobel laureate John Jumper announced he was heading to Anthropic — all within seven days. The selloff, compounded by capex jitters, was GOOGL's worst single-day…
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Micron (MU) reports fiscal Q3 results after the bell on June 24. Needham lifted its target to $1,550 and Bernstein to $1,300, as the stock hit a fresh 52-week high of ~$1,192 intraday — with options markets pricing in a ~17% post-earnings swing.
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AbbVie is acquiring clinical-stage biotech Apogee Therapeutics for $135.11 per share in cash — a 49% premium — betting big on its anti-IL-13 antibody zumilokibart for atopic dermatitis and asthma. Apogee shares surged ~48% premarket Monday.
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Markets return from a long weekend with a packed schedule: FedEx reports Tuesday after the close, Micron follows Wednesday, and Friday's May PCE reading lands as the Fed's hawkish lean keeps rate expectations in focus.
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Micron (MU) reports fiscal Q3 2026 earnings after the close on June 24, with Wall Street expecting EPS of ~$19.72 and revenue of ~$34.52B. All eyes are on HBM demand and whether gross margin can hold above 80%.