DeepSummary
The episode covers the rebound in tech stocks, led by Nvidia, which helped the Nasdaq and S&P 500 snap a three-day losing streak. It mentions South Korea's plans to start granting aid to chip manufacturers from a $19 billion package to boost domestic semiconductor manufacturing. The episode also provides a preview of Micron's Q3 results, highlighting the company's exposure to the rising AI trend and expectations of higher DRAM pricing.
Other topics discussed include the US pushing South Korea to curb the flow of chip-making equipment and technologies to China, the Chips Act aimed at increasing US semiconductor manufacturing, and companies like Intel, Micron, TSMC, and Samsung receiving grants and loans under the act. The episode also touches on the IRS apologizing to billionaire Ken Griffin for leaking his tax information, Google moving up its Pixel reveal event, the Surgeon General declaring gun violence a public health crisis, and Rivian's partnership with Volkswagen.
The episode concludes with updates on US stock futures, the Federal Reserve's stress test results, economic data releases, Bitcoin's rebound, and bond market movements.
Key Episodes Takeaways
- Tech stocks, led by Nvidia, rebounded after a three-day losing streak, boosting the Nasdaq and S&P 500.
- South Korea announced a $19 billion package to aid domestic chip manufacturers, including tax incentives and expanded support.
- Micron's Q3 results are expected to benefit from increased demand for its AI-focused memory chips, with analysts anticipating higher DRAM pricing.
- The US is pressuring South Korea to limit the flow of chip-making equipment and technologies to China, amid the ongoing tech rivalry between the two countries.
- Several companies, including Intel, Micron, TSMC, and Samsung, have received grants and loans under the US Chips Act to boost domestic semiconductor manufacturing.
- The IRS apologized to billionaire Ken Griffin and others for the leak of their tax information by a former contractor.
- Rivian's stock soared after announcing a partnership with Volkswagen to develop advanced electric vehicle software and architecture.
- The US Surgeon General declared gun violence a public health crisis and called for stricter regulations on firearms.
Top Episodes Quotes
- “Markets are sleepy going into the end of the second quarter, but we could see some window dressing before the end of this week.“ by Andrew Hecht
- “The US wants South Korea to curb the flow of equipment and technologies for making high end logic and memory chips to China.“ by Rena Sherbill
- “Micron is a big beneficiary of the rising artificial intelligence trend, which led to increasing demand for its high bandwidth memory chips, or HBM chips, also known as AI memory.“ by Rena Sherbill
- “The IR's has apologized to Ken Griffin, billionaire CEO of hedge fund Citadel, as well as thousands of other wealthy Americans whose personal tax information was leaked to the press by a former IR's contractor named Charles Littlejohn, who is serving a five year prison sentence and exploited system loopholes to steal the income tax returns of people including Tesla's Elon Musk, Amazon's Jeff Bezos and even Donald Trump.“ by Rena Sherbill
- “Rivian automotive soared 36% in post market trading on Tuesday after the ev maker disclosed it intends to form a joint venture with Volkswagen to create next gen electrical architecture and best in class software technology.“ by Rena Sherbill
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Episode Information
Wall Street Breakfast
Seeking Alpha
6/26/24
Episode transcripts: seekingalpha.com/wsb
Show links:
Nasdaq, S&P, Dow futures tick up after tech stocks recover
Asia markets mixed on hotter-than-expected Australian CPI data; eyes on U.S. inflation data
Exxon threatens to suspend French refinery if strike continues
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