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Micron (MU) and SK Hynix put the spotlight on DRAM. (00:13) Anthropic thinks Alibaba (BABA) took notes. (01:19) The White House wants $87.6B. (02:21)

This is an abridged transcript.

The Roundhill Memory ETF (DRAM) is back in focus after Micron Technology (MU) reported better-than-expected quarterly results and SK Hynix (SKHY) unveiled plans for a U.S. ADR listing.

The ETF is up 12.6% in premarket action. DRAM has gained 151.9% since its debut on April 2, 2026.

Micron (MU), one of DRAM's largest holdings, is up 17% premarket after reporting quarterly results on Wednesday.

Micron Technology (MU) reported fiscal third-quarter results and guidance that topped Wall Street's expectations by a wide margin.

Meanwhile, SK Hynix (SKHY), another top holding in the fund, announced plans on Wednesday to raise as much as $29.4B through a U.S. ADR listing. The company said it intends to use the proceeds to expand production capacity as demand for AI memory chips continues to accelerate.

Samsung Electronics (SSNLF), SK Hynix (SKHY) and Micron (MU) together account for roughly three-quarters of DRAM's portfolio.

Alibaba Group Holding (BABA) shares slid to a 16-month low in Hong Kong on Thursday after Anthropic (ANTHRO) reportedly accused the company of “illicitly” accessing its artificial intelligence model.

The company’s stock tumbled as much as 4.9%, extending this year’s decline to 33%. The firm's U.S.-listed shares ended 3% lower on Wednesday. Other Chinese firms that develop large language models also fell, with Xiaomi (XIACF) and Baidu (BIDU) both dropping more than 3%.

According to Bloomberg, Anthropic (ANTHRO) sent a letter to White House officials and several U.S. senators this week alleging that Alibaba (BABA) was waging an industrial-sized effort to illicitly access its Claude models.

The strike by Alibaba is described as a "distillation" effort, which Anthropic has said involves training a less capable model on the outputs of a stronger one. It said the campaign was conducted by operators affiliated with Alibaba and Alibaba Qwen, Alibaba's AI lab.

The White House on Wednesday asked Congress to approve $87.6B in supplemental spending to fund the Iran war and other priorities, including aid for U.S. farmers and response to the Ebola outbreak.

The package includes $21B for the Defense Department to support military capabilities, munitions procurement, and the U.S. industrial base; $1.4B for Ebola response efforts; and $768M for the Energy Department's nuclear and energy security programs.

The funding request could place some Republicans in a politically difficult position ahead of the 2026 midterm elections.

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Catalyst watch:

• Notable investor events include Visteon's (VC) Investor Day and Barnes & Noble Education's (BNED) Investor Day.

• Take-Two Interactive's (TTWO) Rockstar Games will start pre-orders for the highly anticipated Grand Theft Auto VI videogame. Gamers have been waiting since 2013 for the latest GTA iteration.

• Moderna (MRNA) will hold a Science Day event that will feature an overview of research and early development programs, highlighting how the mRNA platform, together with advances in AI and robotics, is accelerating innovation and creating opportunities to expand into new therapeutic areas.

• Lululemon (LULU) will hold its annual shareholder meeting. Last month, Lululemon (LULU) and founder Chip Wilson reached a cooperation/settlement agreement that effectively ended the proxy fight.

The biggest movers for the day premarket: The Wendy's Company (WEN) +15.4% - Stock posted further gains on Thursday, holding onto a significant portion of its heavy-volume surge from the previous session after Reddit’s WallStreetBets community triggered an intraday rally.

Economic calendar:

• 8:30 AM GDP

• 8:30 AM Jobless Claims

• 8:30 AM Personal Income and Outlays