Good morning, investors. It’s a good day to be a technology investor who didn’t exit the market through the tech sell-off at the start of the week.

Everything is, once again, in the green.

And it’s all thanks to one company.

Micron rescued the entire AI trade with a monumental and Nvidia-like earnings beat.

The memory maker reported $41.46 billion in fiscal third-quarter revenue on Wednesday, blowing past both the $35.8 billion analysts expected and the $33.5 billion it guided three months ago.

Ahead of earnings, the market had been terrified of potential disappointment and signs that the AI trade was in fact a bubble.

Yet a beat this large from the picks-and-shovels supplier put any demand concerns to rest.

In the same quarter a year ago, Micron brought in $9.3 billion, meaning Micron is now four and a half times the size today compared to last year.

Gross margin hit 84%, up from 37.7%, while operating cash flow reached $25.4 billion in the quarter.

The most astounding component to the earnings release is that Micron’s management is expecting $50 billion in revenue for the next quarter, which underscores the internal belief that the AI demand curve is still steepening.

All this matters far beyond one stock.

The S&P 500 is up 7% so far this year, and a handful of semiconductor and AI names — including Micron — have done most of the heavy lifting.

That concentration has made more cautious investors wary of a top-heavy bubble.

But historically, asset prices only make a bubble when a rally outruns its fundamentals. In the case of Micron, that just hasn’t happened yet.

If you find the nervous breath-holding around Micron earnings familiar, it’s because we’ve seen the same sentiment for the last dozen quarters with Nvidia.

As loud as the bears have shouted ahead of every recent Nvidia earnings release, the company reported record-breaking everything numbers and, as we just saw with Micron, saved the stock market in the process.

To be sure, none of this means that high bandwidth memory is no longer a cyclical business. Micron and its peers have in the past sold off as quickly as they ran up.

But according to its latest balance sheet, there’s no bubble in sight today.

SpaceX is public, trading on Nasdaq under SPCX.

Now there is a fund built for the daily move.

Meet SPCU, the Defiance Daily Target 2X Long SpaceX ETF (Cboe: SPCU). It seeks 200% of the daily performance of SpaceX stock.

SPCU is a leveraged single-stock ETF that resets daily, built for short-term tactical use, not buy and hold.

The wait is over.

🛢 Crude oil briefly fell below $70 a barrel. Tanker traffic resumed through the Strait of Hormuz, oil is now down about 40% from its wartime peak, and President Trump criticized oil companies for not cutting pump prices. (CNBC)

🚀 Wendy's stock surged more than 30% in a retail-driven rally. The burger chain entered meme-stock territory, with Reddit traders bidding up the name and organizing online. (Yahoo Finance)

🤖 South Korean tech stocks led a sharp rebound. Samsung and SK Hynix bounced after Tuesday's sell off, with the latter reportedly preparing a nearly $30 billion US listing that would mark one of the largest foreign IPOs on American exchanges. (CNBC)

📨 Anyone can tell you the market moved. Our friends at the Daily Upside tell you what’s driving it, where it leads and what most coverage misses. Join 1M subscribers for free.

I sat down with Paisley Nardini, portfolio manager and multi-asset strategist at Simplify Asset Management, to discuss the tech sell-off, how to build a resilient a portfolio around US equities, the most important macro variables, and more.

Tune in on Spotify, Apple Podcasts, or YouTube.

🗓 June 25, 2003: The Federal Reserve cut its target for the fed funds rate to 1%, the lowest since 1958, capping a 13-step easing cycle from 6.5% and ushering in a new era of cheap money.

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