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Micron rose about 5% in early premarket as investors positioned ahead of its after-hours print, the most-watched AI read of the day. The company's own guidance called for revenue near $33.5B (±$750M), non-GAAP EPS around $19.15 (±$0.40), and gross margin near 81%; some Street estimates run higher, around $34.4B–$35.4B revenue. HBM demand, NAND/DRAM pricing, and the FY26 outlook are the swing factors.
Bank of America's Vivek Arya raised his Micron price target to $1,500 from $950 (Buy), citing a larger semis TAM of $2.7T by 2030 and the new Anthropic agreement, even as MU dropped more than 12% to below $1,060 on Tuesday amid a memory-sector selloff. Wedbush lifted its target to $1,300 from $550, and Raymond James went to $1,100 from $530.
Micron unveiled a strategic agreement with Anthropic covering memory and storage co-design, a multi-year supply deal across HBM, DRAM, and SSDs, internal Claude deployment, and a strategic investment in Anthropic's Series H round. Financial terms of the supply deal and the equity stake were not disclosed. The Series H previously named Samsung and SK Hynix at its May 28 close; Micron joined June 22.
Cerebras Systems fell sharply — roughly 10–12% after hours and as much as ~15% premarket — after guiding full-year core gross margin to 38–41%, well below Q1's 47%, with management flagging that renting outside capacity will temporarily depress cloud margins. Q1 revenue rose 94% to $193.4M. The pressure came despite a multi-year, 750-megawatt OpenAI deployment valued at more than $20B.
UBS's Timothy Arcuri assigned a Buy rating to AMD on June 24 and raised his 12-month target to $670 from $455, citing AMD's ability to capture standalone CPU share as agentic AI workloads grow. The Street consensus remains Buy with an average target near $445, leaving UBS well above the pack.
Bernstein's Stacy Rasgon argued NVDA and AVGO screen unreasonably cheap on realistic CY27 numbers — roughly mid-teens P/E — and reiterated Outperform on both, with a $300 target on NVDA and $525 on AVGO. He's also "recently warmed" to AMD (Outperform, $525) on CPU demand, while staying cautious on Qualcomm.
SK Hynix closed up 5.6%, becoming South Korea's most valuable listed company for the first time since 2000 at about $1.35T, on the back of its ~61% global HBM share. The move lifted U.S. memory names in sympathy ahead of Micron's report, with Western Digital, Seagate, and SanDisk all higher.
Qualcomm gained about 4% premarket ahead of its 2:15 PM ET Investor Day, where management is expected to detail its push beyond handsets into gigawatt-scale data centers, agentic and physical AI, and 6G. Investors are watching for data-center market sizing and performance targets on the AI200 and AI250 inference accelerators.
Nvidia slipped about 3.6% amid memory-supply-chain jitters and profit-taking, yet remained officially the largest stock in the world as of June 23. Sentiment is still firmly constructive, with a Strong Buy consensus across roughly 38–62 analysts and an average target near $299.
Palantir fell about 2.3% Tuesday to $116.70 — a fifth consecutive decline — after a UK parliamentary committee called the company's public-sector role an "unacceptable point of weakness" and questioned a £240M no-bid Ministry of Defence contract. Analyst sentiment stays mostly positive, with 19 Buys among 31 covering the stock.
