Micron Technology crushed Wall Street expectations overnight, reporting Q3 revenue of $41.5 billion (a $6.2 billion beat) with cloud memory up 307% year-on-year and core data centre up 653%. The stock surged ~13% after hours, dragging Nasdaq futures up around 2% and effectively reversing the session's losses. Qualcomm added to the momentum with positive CEO commentary.

In today's Morning Call, Mark Gardner covers:

— Why Micron's result matters for the broader AI trade and whether the rally can continue from here
— Oil hitting its lowest level since before the Iran war as 20 million barrels transit the Strait of Hormuz
— The commodity rout across gold, silver, copper and crude — and where the buying opportunities might be
— U.S. dollar strength and what's driving the move despite weakening consumer discretionary budgets
— Australia's May employment data due today and what it means for the RBA rate path
— Trim mean inflation coming in slightly higher than expected — rate hikes still on the agenda?
— Healthcare sector green shoots: why names like CSL, Telix and Vive are starting to turn
— JPMorgan and Goldman Sachs boosted dividends after passing Fed stress tests
— a2 Milk's positive update and Tourism Holdings' fresh takeover approach

ASX 200 futures pointed ~20 points higher at the close. SPI up around 0.2% to 8,810.

Listen to Bulls vs Bears every Friday for a deeper weekly dive — available at mpcmarkets.com.au/podcast

MPC Markets Morning Call — 24 June 2026: Global Stocks Get Chip-Wrecked

The headline writers got their byline this morning: markets got chip-wrecked. South Korea's KOSPI triggered circuit breakers and suffered its second-worst session in history — down 10% — after a local report claimed SK Hynix is shifting production away from AI memory chips (HBM) and back to cheaper commodity DRAM. Samsung copped the same treatment. Both stocks make up roughly half the index, so it was carnage.

The damage spread fast. The Philadelphia Semiconductor Index (SOX) dropped 8%, Micron fell 13%, and the Nasdaq lost 2.2%. But outside the chip stocks? The market was surprisingly resilient. Microsoft was up. IBM gained 5%. Healthcare and consumer staples found buyers. The S&P 500 only fell 1.29% — not the sea of red you'd expect from that kind of Asian session.

Mark breaks down why the KOSPI is a structurally volatile market — heavy retail options usage, extreme concentration — and why its moves should be read carefully, not reacted to. He also puts the SOX in perspective: even after last night's 8% fall, it's still up 157% over the past 12 months and 80%+ since April. MPC had already reduced its chip exposure earlier in the week — AMD, TSM, Lam Research, and Palantir were all trimmed or sold.

In Australia, CPI for May drops today. The market's expecting headline inflation at 4.3% year-on-year, with the trimmed mean at 0.3% month-on-month. RBA Deputy Governor Andrew Hauser also speaks. And Micron reports after the US close tonight — that one matters. A bad number and nobody wants to think about what happens to the SOX.

SpaceX joins the Russell Index on Friday. Bond yields remain stubborn. The US dollar had one of its better weeks in a long time, which is hammering silver, copper, lithium, and uranium. And KMD Brands is doing a 1-for-25 share consolidation while Sonic Healthcare got a Citi downgrade.

In this episode: KOSPI circuit breaker explained · SOX 12-month context · MPC's chip trade trimming · Australia May CPI preview · Micron earnings risk · SpaceX Russell inclusion · AUD under pressure · RBA Deputy Governor Hauser watch

Listen on Spotify, Apple Podcasts, and YouTube. Subscribe at mpcmarkets.com.au.

Wall Street ended mixed on Monday as a wave of AI talent departures punished Alphabet and a post-IPO hangover accelerated SpaceX's three-day rout — while rotation into cyclicals and chip stocks kept the broader market afloat. Mark Gardner breaks down what moved markets overnight and what Australian investors need to watch today.

In this episode:

• Alphabet –5% — Nobel laureate John Jumper (AlphaFold/DeepMind) leaves for Anthropic; co-Gemini architect Noam Shazeer defects to OpenAI. What back-to-back talent exits signal about Google's AI trajectory.
• SpaceX –16% to ~$154 — three days of losses, $600B in market cap erased. Is the $135 IPO price the next stop? Mark's view on where to watch for value.
• AI capex anxiety — Amazon, Meta and Microsoft shed ~$250B in combined market cap overnight. Who's writing the checks vs. who's cashing them.
• Micron +7% — strategic agreement with Anthropic on AI infrastructure. Super Micro Computer +16%. Getty Images soared on an OpenAI licensing deal.
• Lam Research — an MPC recommendation, up 5% overnight. What the team is doing with the position.
• Oil retreats — Brent below $78 as U.S.–Iran peace talks in Switzerland produce a 60-day oil sales waiver. Why the energy sector held firm despite the oil drop — and why Mark is watching Chevron, Conoco and ExxonMobil.
• WiseTech (ASX: WTC) — Morningstar's belated bear call, yesterday's 15% drop, and why MPC thinks a long-term buying opportunity may be forming under new CEO Zubin Appoo.
• USD/JPY at multi-month highs — where's the yen carry trade unwind? Mark's take.
• Alan Greenspan, 1926–2026 — a tribute to the Fed Chair who navigated irrational exuberance, the tech bubble, and the post-Volcker era.
• Day ahead — Wednesday's Australian CPI is the big local event. Micron earnings Thursday. What to watch.

Key levels: S&P 500 7,475 | Nasdaq 26,166 | Brent $77.84 | Gold $4,192 | USD/JPY 161.60 | ASX SPI +0.2% to 8,831