US Pre-Market: Micron Drops Nearly 5% Pressuring Memory Chip Sector, Flurry of Bad News from Tech Giants Weighs on Market Sentiment, OpenAI IPO May Be Delayed to 2027

The memory chip sector pulled back across the board. Memory chip stocks, which surged yesterday boosted by Micron Technology's ( MU) blowout earnings report, pulled back significantly in premarket trading today. As of press time, in US premarket trading, Micron Technology fell nearly 5%, SanDisk ( SNDK) fell over 5%, Western Digital ( WDC ), Seagate Technology ( STX) fell over 2%.

The semiconductor sector was under pressure overall in premarket trading. ON Semiconductor ( ON) fell over 14% to lead the decline in the chip sector, ARM ( ARM) fell over 4%, Intel ( INTC) fell more than 3%, Nvidia ( NVDA) fell about 1%.

Optical communication concept stocks fell across the board in premarket trading. Lumentum ( LITE ), Marvell Technology ( MRVL ), Coherent ( COHR) fell over 3%. In addition, SpaceX ( SPCX) fell about 1%.

Micron Technology faces profit-taking after 'blowout' earnings, falling nearly 5% pre-market. After the market closed on June 24, Eastern Time, Micron Technology announced its third-quarter financial results for fiscal year 2026: revenue reached $41.46 billion, a year-on-year surge of 346%, far exceeding market expectations; gross margin reached 84.9%, hitting a record high for the company. Revenue guidance for the fourth fiscal quarter is $49 billion to $51 billion, also greatly beating expectations. Following the earnings release, Micron Technology rose more than 15%. Nine major investment banks collectively raised Micron's price target. The company's CEO stated that supply and demand for the industry's memory products will remain tight in 2027, and the supply shortage will extend beyond 2027. However, after yesterday's surge, Micron Technology faced profit-taking in pre-market trading today, falling nearly 5%.

onsemi plans to acquire Synaptics for $6.2 billion, plunging over 14% pre-market. On June 26, onsemi announced plans to acquire chip design company Synaptics in an all-stock transaction valued at $6.2 billion. Concerns over an excessive valuation and integration uncertainties sent onsemi down over 14% in pre-market trading, leading declines in the semiconductor sector.

Fed officials speak out: Inflation pressures remain too high, but monetary policy stance is appropriate. Data released by the U.S. Commerce Department on Thursday showed that the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 4.1% year-on-year in May, marking the highest level since April 2023. Inflation has now exceeded the Fed's 2% target for more than five consecutive years. New York Fed President Williams stated that the current monetary policy stance is well-positioned to bring inflation back to the 2% target. Chicago Fed President Goolsbee noted encouraging signs in the inflation report but warned that overall price pressures remain too high.

Samsung to announce 1 quadrillion won domestic investment plan, focusing on chips and AI. According to media reports, Samsung Group will announce a plan next Monday (June 29) to invest 1 quadrillion won (approximately $648 billion) in South Korea over the next decade, marking the largest single investment by a South Korean company in history. The semiconductor sector is the top priority, with plans to invest approximately 300 trillion won to build multiple wafer fabrication plants in southwestern South Korea. In addition, the plan covers key businesses such as AI data centers, energy storage batteries, and displays.

OpenAI rumored to postpone IPO to 2027, U.S. government reportedly demands phased release of GPT-5.6. According to The New York Times, three sources familiar with the discussions on OpenAI's listing preparations revealed that OpenAI leans toward postponing its initial public offering (IPO) until next year. The company had originally planned to IPO as early as the third or fourth quarter of this year. CEO Sam Altman made it clear that he will not accept any proposal below a $1 trillion valuation. Advisory teams warned that the company must either wait until 2027 to list at a $1 trillion valuation or lower its target valuation to expedite the process. Meanwhile, according to reports from The Information and Bloomberg, due to cybersecurity concerns, the Trump administration has requested OpenAI to release GPT-5.6 in phases rather than opening it to the entire network immediately, requiring 'case-by-case approval' for customer access.

SoftBank Group shares plunge over 13%, hit by rumors of OpenAI's postponed listing. On June 26, SoftBank Group shares plummeted over 13%, wiping out 5.6 trillion yen in market value in a single day. Market analysts pointed out that SoftBank's total investment in OpenAI exceeds $60 billion, and the latter's delayed listing means the monetization cycle of this massive investment will be extended. The plunge in SoftBank's shares also dragged the Nikkei 225 index down by over 4%. Additionally, Samsung Electronics and SK Hynix both fell over 9% in the South Korean stock market, causing the Kospi index to plummet over 8% intraday, triggering a circuit breaker.

Apple ( AAPL) makes rare global price hikes, raising Mac/iPad prices across the board as stock plunges over 6%. Apple announced price hikes for Mac and iPad on June 25, citing an unprecedented shortage of memory chips driven by AI data center expansion. The MacBook Air rose to $1,299 (from $1,099), the 16-inch MacBook Pro rose to $2,999 (from $2,499), and the iPad Air rose to $749 (from $599). Apple stated it has 'never seen components go up this fast.' Following the announcement, Apple shares closed down 6.1% on Thursday, marking its largest single-day drop since April last year. As of press time, Apple's pre-market stock price rose slightly by 0.4%.

The final US Michigan Consumer Sentiment Index for June, alongside inflation expectations, is set to be released at 10:00 AM ET on June 26. The previous reading was 44.8, with a market forecast of 50; the previous one-year inflation expectation was 4.8%, with a market forecast of 4.6%. If sentiment rebounds while inflation expectations remain elevated, it will further reinforce market expectations that the Federal Reserve will resume rate hikes.

In addition, the Fed's Kashkari will deliver a speech at 11:30 AM, which may offer the market further clues on the policy path.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.