New York, June 28, 2026, 13:15 EDT
- U.S. stocks will see a short trading week ahead. NYSE and Nasdaq both close Friday, July 3, for Independence Day.
- The S&P 500 lost 2.05% last week. The Nasdaq was hit harder, down 4.7%. The Philadelphia semiconductor index slid 7.9%, according to Reuters.
- Micron’s best-ever quarter and higher Apple prices are putting the AI trade to a test on memory pricing.
- June payrolls are set for release Thursday. A Reuters poll is calling for a 110,000 increase in jobs.
AI stocks in the U.S. head into the four-day week after last week’s drop facing a tighter focus: who is on the hook for memory bills. The memory crunch that helped Micron Technology NASDAQ:MU is now hitting hardware prices at Apple NASDAQ:AAPL. For investors, it’s a sharper gauge of whether AI spending still drives profit, or if those costs are now squeezing the rest of tech.
Micron posted third-quarter revenue of $41.46 billion and GAAP net income at $28.24 billion. The company put its fourth-quarter revenue outlook at $50.0 billion, give or take $1.0 billion. CEO Sanjay Mehrotra said the figures and guide showed the “strategic value of memory in the AI era.” Micron Technology
Micron says it has $22 billion in customer commitments to lock in memory supply, with Reuters saying total performance obligations run near $100 billion. CEO Sanjay Mehrotra said he expects “tight conditions” in the market through at least 2027. Daniel Newman of Futurum Group said the pace and size of the AI ramp “has been underestimated at every turn.” Direxion’s Jake Behan summed it up: “The bull case is built on tightness.” Reuters
Apple (AAPL) moved on prices again. The company bumped up some iPad and Mac models after memory and storage got pricier. MacBook Neo jumped to $699 from $599, while the 512GB MacBook Air hit $1,299, up from $1,099. The 128GB iPad Air saw a hike to $749 from $599. Apple said it had “never seen a component price increase this much, this quickly.” TrendForce tracked DRAM prices up as much as 98% in the first quarter and expects another 58%-63% rise this quarter. Creative Strategies CEO Ben Bajarin saw the memory market as “structurally tough.” IDC’s Nabila Popal said: “The iPhone isn’t spared.” Reuters
| Test for AI trade | Fresh data point | Why investors care this week |
|---|---|---|
| Memory seller: Micron Technology NASDAQ:MU | Fiscal Q3 revenue $41.46 billion; Q4 revenue guide $50.0 billion ± $1.0 billion | Keeps pricing power at the center of the AI trade |
| Hardware buyer: Apple NASDAQ:AAPL | MacBook Neo $599 to $699; iPad Air 128GB $599 to $749 | Puts the same memory squeeze into consumer prices |
| Memory workaround: Qualcomm Incorporated NASDAQ:QCOM | HBC sampling expected mid-2027; Dragonfly C1000 commercial availability expected 2028 | Tests how long HBM scarcity can protect margins |
| Sector tape: Philadelphia semiconductor index | Down 7.9% last week, worst since early April | Shows risk cuts even after Micron’s beat |
Qualcomm’s pitch goes right at the memory wall. Its High Bandwidth Compute plan targets more bandwidth per watt than HBM, and a Meta Platforms NASDAQ:META data-center CPU deal is expected to start production in the second half of 2028. Qualcomm CEO Cristiano Amon called the Meta deal a “significant validation” for its data-center strategy. qualcomm.com
Chip stocks gave up 7.9% last week, as investors started to separate AI winners from the rest. That came despite Micron’s beat. Art Hogan, chief market strategist at B. Riley Wealth, said Wall Street faced a “comparable supply shock, this time driven by memory.” Reuters
Rate risk is at the center of the trade. The June payrolls report lands Thursday, ahead of the Friday market holiday. Doug Huber, deputy CIO at Wealth Enhancement, said a strong jobs print could be seen as bad news if it adds to rate-hike risk. Julia Hermann, global market strategist at New York Life Investment Management, said the key issue is whether higher rates could hurt the more cyclical leaders.
BIS flags AI investment risks, global economy pressure pointsThe Bank for International Settlements warned Sunday that AI investment could be a stress point for the world economy. BIS said supply bottlenecks and intense competition might spark overinvestment. “Sound fiscal and financial foundations” are needed for policy to work, General Manager Pablo Hernandez de Cos said. Reuters
U.S. markets are shut on July 3, so AI stocks get squeezed into a Monday-Thursday window. Traders are watching Micron’s pricing, Apple and Dell Technologies NYSE:DELL for margin risks, and Qualcomm’s memory fix. That’s alongside the payrolls-rate setup.
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