Summary

• Micron delivered a blowout quarter and reinforced the strength of AI-driven memory demand, but the same surge in memory prices pressured Apple, Microsoft, Amazon, and other mega-cap technology names.
• Progress around U.S.-Iran negotiations and improving traffic through the Strait of Hormuz helped push crude oil lower, supporting airlines, homebuilders, industrials, and other rate- and energy-sensitive areas of the market.
• First quarter GDP was revised higher to 2.1%, May income and spending both rose 0.7%, and core capital goods orders rebounded 1.6%, keeping the soft-landing narrative alive but complicating the inflation and interest rate outlook.

By Ryan J. Puplava, CMT, CTS, CES

AI’s Memory Shock

The artificial intelligence trade remained the market’s dominant story this week, but the tone changed noticeably. Instead of a simple “AI winners go up” environment, investors were forced to sort