Good morning.
The Fast Five → Micron's blowout earnings just reset the AI memory trade, Hormuz reopening is quickly flooding oil markets, Big Tech's $2.7T AI bill is coming due, the debasement trade is unraveling, and Wall Street showers billions on shareholders after stress tests…
📌 3 Wall St. Legends Have Same Dark Prediction for June 29th →
(from TradeSmith)
Calendar: Full Calendar »
Today:
Core PCE Price Index, 8:30A
Final GDP q/q, 10:00A
Tomorrow:
Revised Consumer Sentiment, 10A
Revised Inflation Expectations, 10A
Your 5-minute briefing for Thursday, June 25:
BEFORE THE OPEN
As of market close 6/24/2026.
Pre-Market:
Market Wrap:
Dow +182 (+0.35%), S&P -0.10%, Nasdaq -0.43%
Micron surged 15% after a blowout earnings report
Qualcomm jumped 14%, lifting semiconductor stocks
Futures rose as investors awaited May's PCE inflation report
Asian markets were mixed, led by gains in S. Korea and Japan
Investors viewed the recent rotation out of tech as constructive
Futures: S&P +0.5%, Nasdaq +1.8%, Dow flat
EARNINGS
Here’s what we’re watching this week:
Today: *Darden Restaurants $DRI ( ▲ 1.36% ), Lindsay Corp $LNN ( ▲ 2.65% ), *McCormick $MKC ( ▲ 0.46% )
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HEADLINES
The AI memory scare ran straight into Micron's profit machine Wednesday.
JPMorgan and Bank of America passed the tests with flying colors after the Federal Reserve last year began releasing details of the tests in advance.
Nasdaq, S&P end lower as tech stocks fall (more)
White House requests $87.6B supplemental spending for Iran war (more)
Hormuz reopening is quickly flooding oil markets with supply (more)
JPMorgan boosts S&P 500 target — but warns of 'flash crash' (more)
The debasement trade is unraveling and Kevin Warsh is one big reason (more)
Big Tech's $2.7T AI bill is coming due (more)
Qualcomm projects data center chip sales of $15B by 2029 (more)
Qualcomm takes aim at Nvidia with new line of AI chips (more)
Wendy’s stock soars 26% as meme traders flock to burger chain (more)
Jefferies shares drop as asset-management troubles linger (more)
OpenAI, Broadcom unveil chip to run models faster, cheaper (more)
Google poised to lose two more senior AI staffers to Anthropic (more)
Anthropic accuses Alibaba of ‘illicitly’ accessing AI models (more)
US health spending to top $6 trillion in 2026 on the GLP-1 wave (more)
DEALFLOW
M+A | Investments
Volkswagen to sell diesel engine unit to Bain in deal generating €7.4B
Longshot receives $5M investment from South Park Commons
VC
Ollin Biosciences, Inc., a biotech advancing therapies for vision-threatening diseases, raised $330M in Series B funding
TeraWatt Infrastructure, a developer of charging depots and infrastructures, secured a debt facility for up to $300M
Peregrine Technologies, a platform helping orgs unify information across siloed systems, raised $250M Series D funding
Assort Health, an AI agents platform for the patient journey, raised $120M in Series C funding
Taktile, an AI-powered decision automation platform, raised $110M in Series C funding
Cadence, an AI company managing chronic care for older adults, raised $100M in Series C funding
Engram, a company building a learned memory layer service for AI, raised $98M in funding
Redo, a commerce tech company that helps manage customer interactions across the post-purchase journey, raised $81M in Series B funding
Hang Ten Systems, an enterprise AI services company, raised $32M in Seed funding
Runlayer, an AI agent orchestration platform helping companies become AI-native, raised $30M in Series A funding.
Coval, an evaluation platform for voice AI, today announced a $28M Series A funding
JustAI, an AI-native marketing platform provider helping companies automate personalization at scale, raised $17M in Series A funding
Caplight Technologies, a company providing building data and transaction infrastructure for venture capital, raised $16M in Series A funding
Trovy, a home equity-backed consumer fintech and lending platform, raised $15M in Series A funding
Anodyne Nanotech Inc., a biotech company specializing in chronic care through transdermal delivery, raised $12.6M in Series A funding
Seltz, a web retrieval infrastructure layer service for LLMs and AI agents, raised $12.5M in Seed funding
AquaPoro Technologies Inc., a startup engineering a new class of industrial water infrastructure, raised $5M in Seed funding
Valence AI, an emotional intelligence infrastructure company, raised an undisclosed amount in Seed funding
AIVA, an intelligence layer service for hotels, raised $1.5M in funding
CentSight, a company developing an AI-native financial intelligence platform, raised $1.5M in Pre-Seed funding
CRYPTO
Bitcoin falls back under $60K, hitting its lowest level since October 2024 (more)
Trump's refusal to sign housing bill could delay imperil Clarity Act (more)
Ethereum Foundation upheaval has crypto’s biggest names feeling bullish (more)
How a crypto exchange became a major hub for illicit Iranian cash (more)
BULLISH BITES
📉 Tech stock slump could be a reality-check moment.
⚗️ Google taps its alumni network for a new AI startup incubator.
💸 Forget work. Passive income is the new American dream..
✈️ Want to live abroad? You can still find a great Golden Visa.
DAILY SHARES
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