Stocks Rally as Micron Revives AI Bets, Oil Slumps: Markets Wrap

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June 25, 2026 - 07:58

7 minutes

(Bloomberg) — Global stocks rebounded from a two-day slide as Micron Technology Inc.’s blowout sales forecast reignited enthusiasm for the artificial-intelligence trade and Brent oil erased all of its wartime gains.Contracts for the Nasdaq 100 jumped 2%, while those for the S&P 500 rose 0.6%. South Korea’s Kospi surged nearly 7% and the broader MSCI Asia Pacific Index climbed 1.7%. European stock futures advanced 0.3%. Shares of Micron, the largest US maker of computer memory chips, soared about 15% after the market close as quarterly results beat expectations and its sales outlook shattered Wall Street estimates, signaling that an AI-fueled growth run remains strong.Brent crude dropped for a fourth session, falling below $72.48 a barrel — its pre-war closing price — as flows through the Strait of Hormuz ramped up following progress on a US-Iran peace deal. The move, coupled with Micron’s strong results, brought relief for equity traders after a tech-led selloff dragged a global benchmark to its lowest level in two weeks.Attention now turns to the release of the Federal Reserve’s preferred inflation gauge. The Bloomberg Dollar Spot Index was steady after expectations of a hawkish policy path helped drive the measure to a seven-month high on Wednesday. Treasuries slipped after rallying in the previous session.“Micron’s earnings overnight have reminded investors that the durability of the memory cycle and broader AI trade is here to stay,” said Hugh Lam, an investment strategist at Betashares. “While sentiment can whipsaw in reaction to pronounced share price moves, structural supply constraints across both DRAM and NAND put a floor under any further weakness in these names at least throughout 2027.”Reinforcing the upbeat outlook, South Korea’s SK Hynix Inc. said it was seeking about $29 billion from a US stock listing. Kioxia Holdings Corp., a supplier of NAND storage that’s become Japan’s most valuable company, also said it intends to offer US depositary shares. Both stocks surged about 15%.Revenue will be approximately $50 billion in the quarter through August, Micron said in a statement. Analysts estimated $43.2 billion on average. Demand for conventional memory chips and high-bandwidth memory, a key component in AI systems, continues to outstrip supply. Micron said it is using the shortages to sign more clients to longer-term deals, many stretching out five years into the future and giving the firm greater visibility in sales to guide capital spending.“The additional disclosures on long-term agreements signed with customers will provide investors with more confidence that such earnings levels are sustainable over time, which is a key factor that can drive multiple re-rating for these memory names,” said Vey-Sern Ling, managing director at Union Bancaire Privee in Singapore.Elsewhere in markets, gold extended a decline, a day after a resurgent US dollar and the prospect of higher interest rates pushed the metal below $4,000 an ounce for the first time since November. The move drove bullion-related stocks lower.Bitcoin rose 1%. The cryptocurrency is facing a massive options expiry that risks putting more pressure on a market already struggling with fading institutional demand and macroeconomic headwinds.The yield on 10-year Treasuries rose two basis points to 4.41% on Thursday as investors looked ahead to May’s personal consumption expenditures price index, which forecasters expect to show acceleration on both a monthly and year-over-year basis.That followed a plunge of about 10 basis points on Wednesday, which signaled another reassessment of the Fed’s likely interest-rate path a week after Chairman Kevin Warsh’s first meeting leading the bank saw traders pile into bets that it may hike as soon as next month. Two-year yields, more closely tied to Fed policy, were steady after dropping to about 4.14% on Wednesday, pulling back from the 16-month high of 4.23% hit Monday.The PCE data “will have a significant impact on markets,” said Nick Twidale, chief market analyst at AT Global Markets. “If that comes in near expectations or higher, then we see the dollar drive further north. And we could also see a dent in the positive risk sentiment.”Meanwhile, China kicked off marketing up to €5 billion ($5.7 billion) of sovereign bonds in what could be its largest-ever such deal in euros. Separately, the nation’s central bank is introducing an overnight tenor into its open-market operations, a key step toward reshaping how it steers short-term borrowing costs.Corporate Highlights:DigitalBridge Group Inc. is considering options for Malaysia’s AIMS Data Centre Holding Sdn., including raising funds, bringing in new investors or an outright sale, according to people with knowledge of the matter. Investment firms including Blackstone Inc. and Bain Capital have advanced to the second round of bidding for the real estate unit of Fuji Media Holdings Inc., people familiar with the matter said, in what’s likely to be Japan’s biggest-ever property deal. The biggest US banks boosted their dividends after passing this year’s Federal Reserve stress tests, a hurdle that softened in recent years as regulators hash out new requirements. Two leading artificial intelligence researchers at Alphabet Inc.’s Google are planning to leave for rival Anthropic PBC, according to people familiar with the matter, adding to a series of high-profile departures that risk undercutting the search giant’s position in AI. Anthropic PBC accused Chinese technology giant Alibaba Group Holding Ltd. of waging a large-scale effort to “illicitly” access its Claude artificial intelligence model using thousands of fraudulent accounts that undermine the US AI developer’s decision to keep its products out of China. OpenAI unveiled its first custom AI chip developed in partnership with Broadcom Inc., part of a bid by the ChatGPT maker to gain an edge by tailoring hardware to better run its products. Some of the main moves in markets:StocksS&P 500 futures rose 0.6% as of 6:56 a.m. London time Nasdaq 100 futures rose 2% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 1.6% The MSCI Emerging Markets Index rose 1.6% Japan’s Topix rose 1.6% Australia’s S&P/ASX 200 fell 0.6% Hong Kong’s Hang Seng fell 1.7% The Shanghai Composite was little changed Euro Stoxx 50 futures rose 0.3% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1361 The Japanese yen was little changed at 161.80 per dollar The offshore yuan was little changed at 6.8090 per dollar The British pound was little changed at $1.3177 CryptocurrenciesBitcoin rose 1% to $61,516.55 Ether rose 2% to $1,643.19 BondsThe yield on 10-year Treasuries advanced two basis points to 4.41% Germany’s 10-year yield declined five basis points to 2.86% Britain’s 10-year yield declined seven basis points to 4.68% Japan’s 10-year yield declined three basis points to 2.630% Australia’s 10-year yield declined four basis points to 4.72% CommoditiesSpot gold fell 0.2% to $3,990.80 an ounce West Texas Intermediate crude fell 1.5% to $69.32 a barrel This story was produced with the assistance of Bloomberg Automation.–With assistance from Carmeli Argana, Winnie Hsu and Abhishek Vishnoi.©2026 Bloomberg L.P.