A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. UBS raised its price target on Micron $MU to $1,625 from $535 while maintaining a Buy rating, citing structural changes in the memory market driven by AI. The firm expects Micron’s EPS to stay above $100 through 2029 and sees the company generating more than $400B in free cash flow over that period. UBS also pointed to long-term agreements across the memory industry that could lock in pricing and create a smoother earnings profile. Micron has now passed $1 trillion in market cap, making it the 9th largest company in the world.
2. As Elon Musk prepares to take SpaceX public, there is growing speculation that his longer-term goal could be combining SpaceX with $TSLA Tesla. According to CNBC, Musk has discussed the idea of folding the companies together with colleagues. Tesla and SpaceX already share engineers and collaborate on major technical challenges, including power and compute constraints.
3. The top 10 most active options today by contracts traded were $NVDA with 3.8M contracts, $TSLA with 3.6M contracts, $MU with 1.2M contracts, $AAPL with 932K contracts, $NOK with 801K contracts, $MSFT with 684K contracts, $AMZN with 635K contracts, $INTC with 627K contracts, $AMD with 548K contracts, and $F with 532K contracts. Nvidia and Tesla dominated the market, each trading more than 3.6M options contracts, while Micron was the next major standout with over 1.2M contracts traded.
4. $QCOM has reportedly struck an AI chip deal with ByteDance, with Bloomberg saying Qualcomm will supply AI-focused ASICs and ByteDance is expected to buy millions of chips for its AI agent software. The deal could make ByteDance one of Qualcomm’s first major AI ASIC customers as the company pushes beyond smartphone processors into AI infrastructure. ByteDance is also spending aggressively on AI, with SCMP reporting its 2026 AI capex was raised by at least 25% to about $29.4 billion. The agreement depends on the chips staying within U.S. legal compute thresholds for China.
5. Piper Sandler reiterated its Overweight rating on Microsoft $MSFT and maintained its $540 price target, citing material Copilot improvements, potential for more than 5 million FQ4 seat additions, AI capex converting into cloud revenue, and margin tailwinds from newer models.
6. The value of equities held by U.S. households has climbed to a record $57.7 trillion, up 156% since 2020. That is now $9.8 trillion, or 20%, above the total value of household real estate, marking the widest gap on record. Markets are pricing an 81% chance of a new U.S.-Iran agreement by June 30, likely leading to lower oil (now below $100) which could continue propelling markets to maintain their momentum.
7. $IREN signed a $1.6 billion purchase agreement with Dell for air-cooled NVIDIA Blackwell systems at its Childress, Texas data centers. The systems are expected to support IREN’s previously announced 5-year, $3.4 billion managed services AI cloud contract, with commissioning targeted for early 2027. IREN said the deal could increase its annualized run-rate revenue target from $3.7 billion to $4.4 billion, although that full target is not yet fully contracted.
8. Taiwan’s stock market has reached a record total market cap of $4.95 trillion, surpassing India’s $4.92 trillion for the first time and making Taiwan the world’s 5th largest stock market. The move has been driven by the AI-led rally in semiconductor stocks, with Taiwan’s market value more than doubling since mid-2024. Taiwan Semiconductor $TSM, which now represents roughly 42% of Taiwan’s total market value, has surged 130% over that period. Meanwhile, India’s market cap has fallen 12%, pressured by record foreign outflows, expensive valuations, and a weaker rupee. The contrast is notable because India is the world’s 6th largest economy, with GDP of $4.15 trillion, more than 4x Taiwan’s $977 billion economy.
9. Figure, the humanoid robotics company, has signed a commercial agreement with Catalyst Brands, the operator of JCPenney, Aéropostale, and Brooks Brothers, to deploy humanoid robots at scale. The partnership will begin with an initial deployment in Reno, Nevada, as Figure continues expanding real-world commercial use cases for its humanoid robotics platform.
10. Some insider buys: $NCLH CEO John Chidsey bought 153,000 shares at $16.37, worth about $2.5M, following Director Cohen’s ~$475K purchase last week. $HIMS Director David Wells bought 48,400 shares at $24.235, worth about $1.17M. Meanwhile, $NOK insider buying is accelerating, with Konstanty Owczarek buying roughly $1.1M of stock across two purchases in the last 30 days. An $INTU Intuit Director bought 1750 shares, the first insider buy since 2006.
11. AI is increasingly driving market profitability. The S&P 500’s net profit margin excluding financials has climbed to a record roughly 15%, while margins excluding the Magnificent 7 and tech have fallen to around 8%, near the lowest level since the 2020 pandemic. That creates a roughly 7 percentage point gap between tech and non-tech sectors, the widest on record. While margins outside of tech have been trending lower since 2022, Magnificent 7 and tech companies have seen margins accelerate sharply over the last several quarters.
12. SpaceX $SPCX has won a $2.29 billion contract from the U.S. Space Force to develop a space-based data network.
WALL STREET IS THE GREATEST SHOW ON EARTH.
