Apple announced its largest single U.S. manufacturing commitment — a chip supply agreement with Broadcom exceeding $30 billion, running through 2031 and covering more than 15 billion U.S.-made chips. Broadcom filed an 8-K with the SEC disclosing multi-generation custom ASIC silicon agreements spanning several product cycles, and shares jumped roughly 6% on the news. Broadcom is also investing $1.5 billion to upgrade its Fort Collins, Colorado manufacturing facilities as part of the pact.
SK Hynix will begin trading on Nasdaq under the ticker SKHY this Thursday in what is poised to be the largest American Depositary Receipt listing in history — surpassing Alibaba's 2014 $21.9 billion offering. The South Korean memory giant controls roughly 60% of the global High Bandwidth Memory market, the ultra-dense stacked chips that ship inside every NVIDIA AI GPU, and the listing gives U.S. retail investors their first direct entry point into the HBM supply chain. Each SKHY ADR represents one-tenth of one common share.
After a rough start to the second half, Wall Street closed solidly higher on July 7 — Nasdaq gained 1.1% to 26,121, the S&P 500 rose 0.7% to 7,537, and the Dow Jones hit a fresh all-time record at 53,055. The rebound was led by AI infrastructure names as investors rotated back into the dip. The four hyperscalers — Microsoft, Amazon, Alphabet, and Meta — have now collectively raised their AI capital expenditure budget for 2026 to $750 billion.
Intel fell 7.67% to $110.68, extending a punishing 21% weekly slide, after reports confirmed its 18A manufacturing process will not reach profitable yields until late 2026 at the earliest. Advanced Micro Devices also posted quarterly data-center revenue that surpassed Intel's for the first time — a historic inflection in the server and AI accelerator market. HSBC raised its long-term target to $200 and Bank of America to $160, but near-term execution concerns are driving the selling.
On July 1, Bank of America published a note flagging AI chip valuations as potentially bubble-level, triggering a sector-wide selloff. The SOXX semiconductor ETF lost 6.4% in a single session; AMD fell 5%, TSMC fell 6%, Intel fell 7%. Samsung's weak quarterly earnings amplified the move. The sector has begun to recover as of Monday's close, but the debate over healthy correction versus structural repricing remains squarely on the table.
Micron trades around $984, down 22% from recent highs, squeezed by Michael Burry's newly disclosed short position and concern that Thursday's SK Hynix Nasdaq debut will pull investor dollars toward a more direct HBM play. Despite the pressure, the analyst consensus price target sits at $1,486 with Susquehanna at $2,000 and Phillip Securities at $1,870. Micron holds $22 billion in locked-in long-term supply agreements and a disclosed AI partnership with Anthropic.
Citi lifted its TSMC price target to $590 from $490, reiterating Buy ahead of the July 16 earnings call and expecting management to raise its already-bullish full-year revenue growth guidance above 30%. Wall Street's consensus Q2 revenue estimate is approximately $40 billion — up from $30 billion a year ago — with gross margins expected to hold above 65%. The pre-earnings setup is drawing significant attention given TSMC's position as the single foundry powering the entire AI chip complex.
Anthropic closed a $65 billion Series H round at a $965 billion post-money valuation — within a rounding error of a trillion-dollar private company. OpenAI, which filed a confidential S-1 in June targeting a late-2026 listing, is now reportedly weighing a delay to 2027 after SpaceX's post-IPO volatility rattled confidence in mega-cap tech listings — SpaceX shares swung from $225 down to around $153 since its June 12 debut. Neither Anthropic nor OpenAI is publicly traded, but both are significant demand anchors for the AI infrastructure names that are.
Advanced Micro Devices has become the AI trade's surprise outperformer, up roughly 150% year-to-date versus NVIDIA's approximately 13% gain. AMD's Q1 2026 data-center revenue hit $5.8 billion — 57% year-over-year growth — and the company guided Q2 to $11.2 billion, implying 70%-plus server CPU growth. The MI300 series AI accelerators are winning hyperscale accounts previously considered NVIDIA-exclusive, broadening what had been a very concentrated trade.
DA Davidson upgraded Palantir to Buy in early July, citing deepening government and commercial AI contract momentum and arguing the stock has finally earned its premium. Q1 2026 revenue surged 84.7% year-over-year to $1.63 billion, and management guided full-year 2026 revenue to $7.65–$7.66 billion. The stock traded around $134 Monday, still at a trailing P/E near 142x — rich by any traditional measure, but the upgrade argues the growth trajectory now justifies it.
AI Stocks
