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•  26 Jun 2026
 

Wall Street is heading into the trading day with clear signs of weakness. Futures on the S&P 500 are down about 0.5% before the open, Dow futures are losing about 0.1%, and Nasdaq 100 futures are down around 1.2%. The VIX fear index is rising slightly, the yield on the 10 year U.S. Treasury is falling to 4.376%, Brent crude is weakening by more than 3%, gold is rising about 0.5%, and Bitcoin is climbing slightly toward the $59.4 thousand area.

$MU Micron, SK Hynix, and Samsung were seen for months as the main beneficiaries of the memory shortage. The shortage allowed them to raise prices, improve forecasts, and benefit from exceptional demand from data centers. Now that same dynamic is starting to look like a problem as well: if memory components become more expensive too quickly, the cost reaches large customers and then the end consumer.

$AAPL $MSFT Apple is raising prices on MacBooks and iPads, while Microsoft is raising prices on Xbox consoles, which means the increase in memory component costs is leaving the closed world of servers and data centers and reaching the shelf. That is an important friction point. Apple can absorb costs for a limited time, but when it chooses to pass part of the cost to the consumer, the market understands that the shortage is already affecting the broader computing supply chain.

The concern is circular. High memory prices increase chipmakers revenue in the short term, but they may later hurt demand for computers, tablets, consoles, and smart devices. If consumers delay purchases, and if companies slow equipment replacement, memory producers may face a slowdown precisely after a period of peak demand. That is the difference between a healthy shortage that raises profitability and a shortage that starts to choke customers.

The reaction in Asia was sharp. South Koreas Kospi index fell as much as 8% during trading, trading was temporarily halted, and the index finished down 5.8%. SK Hynix lost 8.4%, Samsung fell 5.3%, and the sentiment is also moving into Wall Street.

$MU Micron jumped about 16% yesterday after especially strong earnings, but is down about 4.6% in premarket trading. In less than a day, the market is moving from excitement over memory results to concern that prices are already starting to hurt the sectors large customers.

$NVDA Nvidia is continuing to weaken. The stock is down another about 1% before the open, around $193.5, after breaking the $200 area that had served as psychological support recently. If the weekly decline holds, it would mark a drop of more than 8% for the week, the weakest since last April. Nvidia is still at the center of the AI market, but the stock is already priced as one that must continue delivering impressive growth with strong profitability.

The fast money that chased Nvidia in recent years is starting to look for the next link in the chain: memory, storage, cooling systems, power suppliers, and data center infrastructure. But volatility is rising there as well. Micron can deliver a very strong report and still fall the next day, because the market is already asking whether the celebration in memory prices is creating a new risk for its customers.

Nvidias problem is not weak demand for AI chips. Demand is still strong, and large companies continue ordering infrastructure. The problem is that stock market pricing is running far ahead of the pace of business proof. Any sign that customers are starting to reexamine spending, spread out investments, or pass costs on to consumers could pull down multiples across all companies seen as part of the AI cycle.

SpaceX continues to lose altitude. SpaceX shares are down about 2% before the open toward the $150 area, bringing them closer to the price at which the stock opened trading in its June 12 IPO. The stock has already lost about 24% over the last six trading days, even though it is expected to join the Russell 1000 index after the close. Usually, entry into a major index creates demand from passive funds, but at this stage investors are focusing more on the high valuation and concern that enthusiasm around major IPOs is cooling.

The weakness in SpaceX is important beyond the stock itself. It has become one of the symbols of the new IPO wave: a huge company, a strong brand, deep links to space, communications, and AI, and a valuation that assumes very long growth. When a stock like that struggles to hold its IPO price shortly after coming to market, other large private companies receive a clear message. Reports that OpenAI is considering delaying an IPO to 2027 fit into the same atmosphere.

$ON ON is plunging about 14% in premarket trading after announcing the acquisition of Synaptics in an all stock deal with an enterprise value of about $7 billion. Synaptics shareholders will receive 1.35 ON shares for each share they own. ON wants to use the deal to move more aggressively into the Edge AI market, meaning artificial intelligence processing on devices themselves, not only in the cloud.

The idea behind Edge AI is simple: more computing capabilities need to move from the network to the device itself. An autonomous vehicle, a factory robot, a smart camera, or an industrial system cannot always wait for cloud processing. They need to sense, decide, and respond in real time. Synaptics brings ON processors, connectivity, and a software platform that fit exactly into that area. ON estimates that the move could expand its target market by tens to hundreds of billions of dollars by 2030 and add to adjusted earnings per share within 18 months of the deals expected completion in mid 2027.

$ON has risen sharply this year, even without especially strong revenue growth, because of multiple expansion across the chip sector. When a company like that makes a large stock based acquisition, the market examines dilution, deal price, integration risk, and whether the Edge AI promise will translate into revenue within a reasonable timeframe. This is no longer a market where every AI deal is greeted with enthusiasm.

$DVA DaVita is down about 8.8% in premarket trading and is joining the list of notable decliners, while small and mid cap stocks are showing a positive side: Immunovant is up about 9.1%, Construction Partners is climbing about 6.6%, and Bio Rad and Cytokinetics are rising by more than 5%. That dispersion shows the market is not selling everything blindly, but is moving toward clearer selection.

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