Micron reported fiscal Q3 revenue of $41.46 billion versus the $35.84 billion consensus, with revenue more than quadrupling year over year on insatiable HBM demand. The real shock was guidance: management sees about $50 billion in Q4 revenue against a $43.58 billion Street estimate, with non-GAAP EPS of roughly $31 and gross margin near 86%. Shares jumped about 15% in extended trading, adding roughly $192 billion in market value.
Palantir and Nvidia announced a collaboration to run Nvidia's AI and Nemotron open models inside sovereign, air-gapped environments for federal agencies and critical infrastructure, pairing Nvidia's platform with Palantir's AIP, Foundry, Ontology, and Apollo. Palantir traded around $115.90, roughly flat on the day, while Nvidia rose about 1.2% to $197.37. The reaction underscored that AI enthusiasm is tilting toward software names over pure chip plays.
Stocks snapped a five-day losing streak Monday, with the Nasdaq Composite up 2.07% to 25,820.14, the S&P 500 up 1.18% to 7,440.43, and the Dow up 0.59% to 52,182.74. Easing U.S.–Iran tensions and a tech rebound led by the Magnificent Seven drove the move, with Alphabet up nearly 5% in its first session as a Dow member. The rally sets a firm tone heading into a holiday-shortened week.
Tesla surged roughly 5.8% Monday to about $401.84, reclaiming the $400 mark ahead of its Q2 delivery report due July 2. Goldman Sachs lifted its delivery estimate to 420,000 vehicles from 405,000, while Barclays sees about 418,000 and Morgan Stanley about 413,000, all above the roughly 396,000 to 406,000 consensus. Analysts also expect energy storage deployments near 13.8 GWh, up from 8.8 GWh in Q1.
AMD rose about 3.4% as semiconductor sentiment rebounded, with the stock now up roughly 260% on the year on Data Center GPU demand and its multiyear Instinct partnership with Meta. The move came alongside broad strength in AI chip names during Monday's risk-on session. Investors are watching whether MI450 execution can keep validating the rally.
Nvidia traded up about 1.2% to $197.37, holding its perch as the world's most valuable company with a market cap hovering in the $5 trillion range after touching a record $5.5 trillion in May. Sell-side sentiment stays bullish, with an average rating of Strong Buy across 62 analysts and a 12-month target near $299. Fiscal 2026 revenue landed at $215.94 billion, up more than 65% year over year.
GF Securities upgraded Super Micro to Buy from Hold with a $48 price target, citing a more favorable risk/reward following the company's $7 billion financing announced June 9. The call offered support after the stock had been pressured by reports tied to Taiwanese smuggling investigations involving Nvidia chips. Server demand tied to AI buildouts remains the central bull case.
Analysts continue raising targets on Snowflake as its Cortex Code AI agent, known internally as CoCo, drives the strongest sequential dollar growth in company history. Scotiabank's $320 target implies roughly 38% upside, with a consensus Strong Buy and an average target near $288 against a share price around $238. Product revenue growth of 34% year over year underpins the optimism.
Anthropic is now the most valuable AI startup after a $65 billion round at a $965 billion valuation led by Altimeter, Dragoneer, Greenoaks, and Sequoia, with a reported revenue run rate near $47 billion. The company filed confidentially for an IPO on June 1, while OpenAI, valued around $852 billion after its March raise, has also moved toward a public listing. Neither is yet publicly traded, so this remains a watch item, not a tradable name.
SoundHound AI traded around $6.42, down roughly 16% year to date, even as Q1 revenue grew 52% year over year and the company rolled out its OASYS agentic platform. The pending LivePerson acquisition is the key growth catalyst, but analysts stay cautious on profitability and cash burn. It carries a Strong Buy tag with outsized implied upside, reflecting its high-risk, small-cap profile.
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