Most Important News

1. US May Inflation Data Released
2. Trump Hints at Further Action on Iran; Markets React;
3. SpaceX Sets Price, Retail Allocation Pending;
4. Micron's 2026 HBM4 Supply Sold Out;

US stock futures slid on Wednesday after President Donald Trump warned negotiations with Iran were taking "too long" and threatened further action. Oil prices edged higher following his remarks.

Chip stocks weakened again in early trading. West Texas Intermediate crude futures rose roughly 2% to around $90 a barrel.

Shares of Micron Technology, Inc.(MU.US), Advanced Micro Devices, Inc.(AMD.US), and Broadcom Limited(AVGO.US) declined in early trading. The PHLX Sox Semiconductor Sector Ishares(SOXX.US) fell 3% premarket, extending losses from last week's 10% drop.

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As of 03:38 PM Riyadh Time, top pre-market movements are as follows:

US May Inflation Data Released

The seasonally adjusted core CPI for May rose 0.2%, below the 0.3% forecast and down from 0.4% in April. Year-over-year core CPI increased 2.9%, in line with expectations, up from 2.8% prior. Overall CPI climbed 0.5% month-over-month, matching estimates but slowing from April’s 0.6%. Annual CPI accelerated to 4.2%, meeting projections and marking a notable rise from 3.8% in April.

Trump Hints at Further Action on Iran; Markets React

President Trump suggested potential new actions against Iran, criticizing their delay in negotiations. Reports indicate possible strikes on Iranian infrastructure. This news led to a sharp drop in US stock futures, with Nasdaq futures down 1.5%. The VIX surged 13.39% to 22.53, the highest since April 8. Oil prices rose, while spot gold fell $20, and the dollar index reversed earlier losses.

Goldman Sachs: Earnings Drive S&P 500 Gains, Not Valuation Bubble

Goldman Sachs' chief US equity strategist noted that the S&P 500's 10% rise this year is driven by a 15% increase in 12-month forward earnings expectations, lowering the forward P/E ratio from 22x to 21x. This counters fears of a valuation bubble and supports the market's upward trend. The AI capital expenditure boom is driving earnings growth, with data center infrastructure expected to contribute half of the S&P 500's earnings increase. However, risks remain, including high valuations, increased market concentration, macroeconomic pressures, and rising IPO supply.

Musk: Tesla AI6 Chip May Set Wafer Record

Tesla Motors, Inc.(TSLA.US) CEO Elon Musk says the AI6 chip could set a record for usable intelligence per wafer, praising the company's AI chip team as "awesome." Read in detail>>

Index Funds May Increase SpaceX Stock Volatility

According to Bloomberg, analysts warn that billions in potential demand from index funds could create a feedback loop, driving up SpaceX(SPCX.US)'s stock price. As NASDAQ, FTSE Russell, and MSCI plan to include SpaceX in their indices, this risk is intensifying. Intropic predicts that within 15 days of listing, around 30% of SpaceX's free-floating shares will be held by passive investors.

SpaceX Sets Price, Retail Allocation Pending

• SpaceX(SPCX.US) priced its offering, but unresolved is the plan for retail investor allocation.
• SpaceX(SPCX.US) IPO oversubscribed 3.5x+, attracting over $250 billion in demand, exceeding its $75 billion target. Read in detail>>
• SpaceX(SPCX.US) IPO at a $1.77T valuation with $75B raised could fuel a $500B buying wave from passive funds and retail, benefiting related ETFs and stocks like NVIDIA Corporation(NVDA.US), AST SPACEMOBILE INC(ASTS.US), and Rocket Lab(RKLB.US). Read in detail>>

Super Micro Computer Drops 11% Pre-Market on $7B Equity Financing Plan

Super Micro Computer, Inc.(SMCI.US) fell nearly 11% pre-market after announcing a $7 billion equity and equity-linked financing plan. The funds aim to secure components for fulfilling approximately $39 billion in AI server orders. The plan includes a $5 billion underwritten offering and a $2 billion at-the-market issuance. The company will flexibly sell common shares in the secondary market based on future market conditions.

Micron's 2026 HBM4 Supply Sold Out

Micron Technology, Inc.(MU.US) has fully committed its 2026 HBM4 output under long-term deals and is certified for Nvidia's AI platforms. Read in detail>>

SK Hynix Plans US Listing as Early as August

Sources indicate SK HYNIX INC(HXSCF.US) aims to list in the US by August, with the SEC likely to approve its ADR application the week of June 22. In a statement, SK Hynix indicated plans to issue ADRs in 2026, though details like size and timing remain unspecified. The March filing could potentially raise up to $14 billion.

YY Group Soars Over 53% Pre-Market on Humanoid Robot Initiative

YY Group Holding Limited Class A(YYGH.US) surged over 53% pre-market after announcing a commercial humanoid robot initiative. The company will deploy Unitree G1 Edu Ultimate B-U4 robots from Utree Tech. Rather than selling robots, the plan focuses on converting human operations into proprietary AI training data. The ultimate goal is to become a key data supplier and operator for autonomous facility management, driving long-term SaaS and automation revenue.

"TSM May Sales Jump 30%"

Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) reported May 2026 revenue up 30% YoY to NT$416.98B on strong AI demand. Read in detail>>

2026 World Cup 7 Investment Themes

The 2026 FIFA World Cup offers seven investment themes: prediction platforms, sportswear, media, travel, F&B, beverages, and payments—with stocks like DraftKings(DKNG.US), NIKE, Inc. Class B(NKE.US), and Visa(V.US) set to benefit from the US-hosted event's record global audience. Read in detail>>