1. Major Index Performance

• Dow Jones Industrial Average: 50,461.68, -0.23%
• Nasdaq Composite: 26,656.18, +1.19% (all-time high)
• S&P 500: 7,519.12, +0.61% (recent peak)
• Philadelphia Semiconductor Index: +5.53% (all-time high)

2. Spotlight: Micron Technology (MU)

• Share price surged 19.29%, marking its biggest single-day gain since 2011.
• Market cap exceeded $1 trillion for the first time.
• Catalyst: UBS sharply raised its price target from $535 to $1,625. Driven by AI demand, the memory chip sector has entered a new cycle of supply shortage and long-term contract pricing hikes.
• Year-to-date gain: over 800%; monthly gain in May: 70%.
• Peer stocks: Western Digital (WDC) +8.34%, SanDisk +7.5%.

3. Tech & AI Stocks

• NVIDIA (NVDA): +1.8%, hit a new record high. Its Q1 net profit reached $58.3 billion, up 211% year over year.
• Apple (AAPL): +0.9%, market cap topped $4.5 trillion.
• Tesla (TSLA): +1.2%. Its affiliate SpaceX secured a $2.29 billion contract from the U.S. military, fueling merger rumors.
• AMD: +5%, ARM: +3%, both set new all-time highs.

4. Macroeconomy & Fed Policy

• Fed Chair Powell stated that the time for rate cuts has come. Markets widely expect a 25-basis-point rate cut in September.
• The yield on the 10-year U.S. Treasury note declined, boosting growth stocks.

5. Other Updates

• Middle East: The U.S. and Iran are close to a 60-day ceasefire deal. Brent crude rose by 2%.
• Space-related stocks rallied on SpaceX IPO expectations: Momentus +75%, Redwire +11%.

Summary