Daily US Equity Report 2026-06-26 (Fri)
US 06/26 [MU earnings blowout feeds the whole village, memory + equipment euphoria vs. Apple memory-crisis selloff -6.12%: on 6/25 the three major indices diverged (Dow +0.14% / S&P -0.01% / Nasdaq Composite -0.46% /
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US 06/26 [MU earnings blowout feeds the whole village, memory + equipment euphoria vs. Apple memory-crisis selloff -6.12%: on 6/25 the three major indices diverged (Dow +0.14% / S&P -0.01% / Nasdaq Composite -0.46% /SMH +2.90%), butNDX +0.75%semiconductors carried the index;MU +15.74%(market cap broke $1.37T, surpassing Meta/Tesla) /SNDK +21.97%/ AMAT +13.42% / GLW +10.78% / KLAC +7.62% memory equipment & materials surged, CAT +6.29% industrials joined in;AAPL -6.12%passing higher memory costs through, MSFT -3.46% / PLTR -5.49% / NOW -4.56% large-cap software sold off together; May PCE ran hot4.1%(core 3.4%) yet was shrugged off, oil bounced +2.84%, VIX 18.89, breadth turned bullish129:70; 20D list rebounded to 8 names, 5D momentum board 6 names]
Data timestamp: 2026-06-25 (Thu) actual U.S. East-Coast closing figures ·Generated: Taipei 6/26 07:00
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🎯 Today's (6/26) Key Watch Points
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One-line summary
6/25 (Thu)Memory super-cycle splits in two— MU's earnings blast ignited memory/equipment and fed the whole village, but the same “memory crisis” backfired on downstream device makers: the three major indices diverged —Dow +0.14% close 51,920.62, S&P -0.01% close 7,357.49, Nasdaq Composite -0.43% close 25,358.60(though NDX/QQQ +0.81%, semis propped up the tape), SMH +2.90% leading.MU +15.74%, market cap broke $1.37T, surpassing Meta / Tesla, SNDK +21.97% / AMAT +13.42% surged,yet AAPL crashed -6.12% on passing memory costs through price hikes, MSFT -3.46% large-cap software sold off together. May PCE ran hot at 4.1% but was ignored, oil bounced +2.84%, 10Y eased to 4.39%.
Main themes
▲ Memory / equipment / materials / industrials in full euphoriaSNDK +21.97%, MU +15.74%, AMAT +13.42%, GLW +10.78%, KLAC +7.62%, LRCX +7.21%, CAT +6.29%, DE +5.00%, WDC +4.90%, CMI +4.71%, ASML +4.45%
▼ Apple / large-cap software / China-ADRs slammedAAPL -6.12%, TJX -6.04%, DELL -5.67%, PLTR -5.49%, BABA -4.74%, NOW -4.56%, APP -4.09%, MSFT -3.46%, ORCL -3.22%
↳ “Memory super-cycle splits in two”: upstream memory / equipment feast for all → downstream device makers (Apple) + high-multiple software get hit; capital violently reallocates within the AI chain.
Policy & liquidity
MU earnings-blast transmissionMicron's 6/24 after-hours Q3 revenue$41.5B (+346%) / EPS 25.11/ Q4 guidance$50Bboth beat expectations; on 6/25 the stock surged+15.74% to close $1,213.56, market cap broke$1.37T; driving SNDK +21.97% / equipment AMAT, KLAC, LRCX soaring
Apple memory crisis AAPL -6.12%— AI data centers scrambling for supply sent DRAM / NAND soaring (“RAMageddon”); Apple raised MacBook / iPad prices to pass on costs,JPM warned of volume contraction + a margin double-hit; though the iPhone was not price-hiked
Hot PCE yet ignoredMay headline PCE+4.1%(3-year high), core+3.4%(above the 3.3% expected, a 22-month high), consumer spending +0.7%; oil bounced USO +2.84%, 10Y eased to 4.39%; the market focused on MU's upside and ignored inflation
🔍 3 focal points to watch
• Whether the memory super-cycle can keep spreading ⭐⭐⭐— MU's earnings give the ultimate validation to the HBM / DRAM / NAND price-hike cycle; SNDK +21.97% / WDC +4.90% / STX +3.23% / the equipment chain (AMAT / KLAC / LRCX) all rose in tandem.Watch whether tonight extends higher or sees profit-taking on good-news exhaustion, which will set the tone for the memory bulls' staying power.
• Whether AAPL -6.12% drags down big tech ⭐⭐— memory costs bite back at device makers; Apple's price hikes may cut volume; ifAAPL stays weak + software (MSFT / ORCL / PLTR) fails to stop the bleeding, it could cap index upside, and the market may shift from “memory-only strength” to an “index split” tug-of-war.
• Whether hot PCE + the oil bounce reignite inflation worries ⭐⭐— May PCE 4.1% hit a 3-year high and core 3.4% beat expectations, masked today by MU's upside; if oil keeps bouncing and yields rebound, it could pressure the just-recovering high-multiple valuations — watch the 6/26 UMich consumer-sentiment inflation-expectations subcomponents.
⚡ This week's rhythm: 6/24 (Wed) stock stabilized + after-hours MU blast →6/25 (Thu, shown) memory / equipment euphoria vs. Apple crash -6.12% + May PCE hot 4.1% → 6/26 (Fri) NKE earnings + UMich consumer-sentiment final(tonight) → next week 7/1 ISM Manufacturing + 7/3 (Fri) early close / June nonfarm payrolls + 7/4 Independence Day holiday (market closed)
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🏛 Market Backdrop6/25 close
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🌡 Macro Risk Signals6/25 close · Futu / CNN actual figures
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📅 Earnings / major events over the next 2 weeks6/26 - 7/8
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💡 Key observations
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🔎 Focus stocks: MU / SNDK / AMAT / AAPLMemory super-cycle splits in two
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| 🚀 Momentum picks: top 5Stock-selection logic: momentum × relative valuation, a two-factor screen — strong across 5D/10D/20D simultaneously, with Fwd P/E within the industry's reasonable range (a valuation gate filters out the too-expensive), ranked by “momentum strength × valuation cheapness”; ignores revenue / earnings / themes |
1SNDK SanDiskNAND 5D +19.21%10D +42.10%20D +46.86%Fwd P/E 12.7 ★cheapmarket cap $345.8B Strongest across all three windows + cheap + follow-through blast: 5D/10D/20D (19.2/42.1/46.9) the hottest in the list; 6/25 +21.97% topped the day's board, Fwd just 12.7x; the most leveraged pure-NAND price-hike play, ranking 1st overall on momentum × cheapness. |
2MU MicronDRAM/HBM/NAND 5D +16.33%10D +36.07%20D +30.71%Fwd P/E 9.4 ★cheapestmarket cap $1,370.0B All three windows aligned + cheapest + earnings blast: 5D/10D/20D (16.3/36.1/30.7) all strong, Fwd just 9.4x the lowest in the list; 6/25 earnings surged +15.74%, market cap broke $1.37T surpassing Meta/Tesla; ultra-low valuation plus ultimate validation, ranks 2nd. |
3AMAT Applied MaterialsSemiconductor equipment 5D +12.66%10D +34.40%20D +49.02%Fwd P/E 41.0market cap $530.4B Strongest in the equipment group across all three windows + top of the 20D board: 5D/10D/20D (12.7/34.4/49.0) leads equipment; 6/25 +13.42% surged, Fwd 41x in the mid-range of the equipment band (25–55), reasonable valuation; ranks 3rd on momentum. |
4KLAC KLASemiconductor equipment 5D +8.41%10D +21.18%20D +32.23%Fwd P/E 51.1market cap $338.1B Inspection equipment aligned across all three windows: 5D/10D/20D (8.4/21.2/32.2) all strong; 6/25 +7.62%, Fwd 51x at the upper edge of the equipment band, valuation acceptable; alongside AMAT as the equipment-momentum duo, ranks 4th. |
5LRCX Lam ResearchSemiconductor equipment 5D +7.39%10D +24.95%20D +26.08%Fwd P/E 50.2market cap $502.5B Etch equipment aligned across all three windows: 5D/10D/20D (7.4/25.0/26.1) all positive; 6/25 +7.21%, Fwd 50x at the upper edge of the equipment band; a direct beneficiary of expanding memory capex, mild momentum, ranks 5th. |
* This “momentum selection” uses amomentum + relative-valuation two-factorranking: the universe is the top 200 by market cap, requiring5D/10D/20D all positive in the same direction, with each industry's reasonable Fwd P/E range as thevaluation gate.On 6/25 MU's earnings blast ignited memory / equipment, all aligned across three windows(SNDK 5D+19.2/10D+42.1/20D+46.9 strongest across all three; MU Fwd 9.4x the cheapest in the list, scoring big at the valuation gate; AMAT/KLAC/LRCX equipment chain alongside);though GLW's 5D +29.99% was strongest, its Fwd 54x was too expensive and filtered out by the gate; DELL/MRVL/WDC had negative 5D, failing the three-window alignment. Each % is from Futu's 6/25 close, 10D computed by Yahoo, Fwd P/E from Yahoo's same-day value. High-momentum names also pull back fast — always set stop-losses and position caps. This information is for reference only and does not constitute investment advice.
📋 Full listTop 200 by market cap · 20D gain > 20% · sorted by 20D
Memory / CPULogic / ASIC / hardwareSoftware / cybersecurityNon-tech |Green= up on 6/25Red= down on 6/25
| Ticker / Name | Price | Gain (20D) | 1D (6/25) | 5D | 20D | YTD | Fwd P/E | Net income ($100M) | Market cap ($100M) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMAT Applied MaterialsSemiconductor equipment | 668.00 | +13.42% | +12.66% | +49.02% | +160.58% | 41.0 | 85 as of 4/26 | 5,304 | |||
| SNDK SanDiskNAND | 2,335.00 | +21.97% | +19.21% | +46.86% | +883.65% | 12.7 | 45 as of 4/3 | 3,458 | |||
| MRVL MarvellASIC / networking chips | 281.26 | +1.65% | -2.86% | +41.55% | +231.38% | 45.6 | 25 as of 5/2 | 2,461 | |||
| DELL DellAI servers | 409.45 | -5.67% | -2.35% | +34.11% | +227.70% | 19.1 | 84 as of 5/1 | 2,654 | |||
| KLAC KLASemiconductor equipment | 258.80 | +7.62% | +8.41% | +32.23% | +113.54% | 51.1 | 47 as of 3/31 | 3,381 | |||
| MU MicronDRAM/HBM/NAND | 1,213.56 | +15.74% | +16.33% | +30.71% | +325.38% | 9.4 | 241 as of 2/26 | 13,700 | |||
| WDC Western DigitalHDD storage | 675.39 | +4.90% | -5.16% | +27.32% | +292.34% | 37.4 | 64 as of 4/3 | 2,328 | |||
| LRCX Lam ResearchSemiconductor equipment | 401.82 | +7.21% | +7.39% | +26.08% | +135.18% | 50.2 | 67 as of 3/29 | 5,025 |
* List (20D gain > 20%): this period totals8 names(5 the prior session; on 6/25 MU's earnings blast ignited memory / equipment broadly, with KLAC / MU / LRCX back above the 20% threshold).AMAT tops the board at 20D +49.02%, SNDK +46.86% 2nd, MRVL +41.55% 3rd. The gain bar chart uses AMAT's 20D +49.02% as the 100% baseline; bar color = industry category.Net income= trailing four quarters (TTM), in units of $100M (each stock's “as of M/D” is its latest fiscal-quarter end date; MU as of 2/26 does not yet reflect this FY26 Q3); to be updated after next quarter's earnings.
📋 Full list (5D momentum)Top 200 by market cap · 5D gain > 10% · sorted by 5D
| Ticker / Name | Price | Gain (5D) | 5D | 20D | 1D (6/25) | YTD | Fwd P/E | Net income ($100M) | Market cap ($100M) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| GLW CorningGlass / fiber optics | 228.01 | +29.99% | +19.63% | +10.78% | +161.29% | 54.3 | 18 as of 3/31 | 1,962 | |||
| SNDK SanDiskNAND | 2,335.00 | +19.21% | +46.86% | +21.97% | +883.65% | 12.7 | 45 as of 4/3 | 3,458 | |||
| MU MicronDRAM/HBM/NAND | 1,213.56 | +16.33% | +30.71% | +15.74% | +325.38% | 9.4 | 241 as of 2/26 | 13,700 | |||
| AMAT Applied MaterialsSemiconductor equipment | 668.00 | +12.66% | +49.02% | +13.42% | +160.58% | 41.0 | 85 as of 4/26 | 5,304 | |||
| ASX ASE TechnologyOSAT (assembly & test) | 41.85 | +11.78% | +7.12% | +1.23% | +159.94% | 21.0 | 15 as of 3/31 | 933 | |||
| CAT CaterpillarConstruction machinery | 1,057.01 | +10.58% | +16.16% | +6.29% | +85.30% | 35.1 | 94 as of 3/31 | 4,869 |
* List (5D gain > 10%): this period totals6 names(4 the prior session; on 6/25 MU's earnings blast ignited memory & equipment, with GLW / SNDK / MU / AMAT / CAT 5D momentum turning strong).GLW +29.99% tops the board, SNDK +19.21% 2nd, MU +16.33% 3rd. The gain bar chart uses GLW's 5D +29.99% as the 100% baseline; bar color = industry category. ASX net income is an approximate USD conversion from TWD (reporting currency TWD).Net income= trailing four quarters (TTM), in units of $100M (each stock's “as of M/D” is its latest fiscal-quarter end date); to be updated after next quarter's earnings.
🤖 AI sub-sector breakdownafter 6/25 close · 20D average
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📈 Breadth snapshotTop 200 by market cap · 6/25 advancers/decliners
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* 6/25 breadthclearly turned bullish (1.84:1, 129 up vs 70 down), sharply stronger than the prior day's 85:108, forming a “memory super-cycle splits in two” pattern — memory / equipment / materials / industrials (SNDK / MU / AMAT / GLW / CAT) in full euphoria, but Apple / large-cap software / China ADRs (AAPL / MSFT / PLTR / BABA) sold off against the trend. The index trod water (S&P -0.01%) as AAPL -6.12% and the software selloff offset the semiconductor surge, yet single-stock breadth and capital momentum were clearly bullish.
🔁 6/24 → 6/25 change tracker
| Stock | 6/24 close (back-calculated) | 6/25 close | 6/25 change | Key change |
|---|---|---|---|---|
| MUMicron | $1,048.51 | $1,213.56 | +15.74% | earnings blast to the top, market cap broke $1.37T surpassing Meta/Tesla; Q3/Q4 both beat expectations |
| SNDKSanDisk | $1,914.46 | $2,335.00 | +21.97% | day's top gainer; NAND price hikes validated, 20D +46.86% ranks 2nd |
| AMATApplied Materials | $588.97 | $668.00 | +13.42% | equipment-chain leader, 20D +49.02% tops the 20D list |
| GLWCorning | $205.82 | $228.01 | +10.78% | glass/fiber surged, 5D +29.99% tops the 5D board |
| AAPLApple | $293.08 | $275.15 | -6.12% | day's top loser; passed memory costs through price hikes, JPM warned of a volume-contraction + margin double-hit |
| DELLDell | $434.06 | $409.45 | -5.67% | memory-cost worries squeezed AI-server margins, but 20D +34.11% still ranks 4th on the list |
| MSFTMicrosoft | $365.47 | $352.83 | -3.46% | large-cap software heavyweight selloff, dragging NDX, 20D -14.50% |
| PLTR Palantir | $113.50 | $107.27 | -5.49% | high-multiple AI software kept selling off, 20D -19.05%, bottom of software |
* From 6/24 to 6/25 the main theme shifted from “stock stabilizing” to “memory super-cycle splits in two”: MU's earnings blast ignited memory / equipment euphoria (MU +15.74% / SNDK +21.97% / AMAT +13.42% / GLW +10.78%), while the same memory crisis backfired on device makers and software (AAPL -6.12% / DELL -5.67% / MSFT -3.46% / PLTR -5.49%).the 20D main list rebounded from 5 to 8 names(KLAC / MU / LRCX back above the 20% threshold). Back-calculated prior-day close = 6/25 close ÷ (1 + 6/25 change%).
📝 SummaryCore takeaways after the 6/25 close
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① Market structure: the memory super-cycle splits in two and the index treads water; the three major indices diverged —Dow +0.14% close 51,920.62, S&P -0.01% close 7,357.49, Nasdaq Composite -0.46% close 25,358.60(but NDX/QQQ +0.81% semis propped up the tape), SMH +2.90% leading, IWM +0.75% staying strong.VIX up +1.40% to 18.89, VXN +2.42% to 30.91, 10Y ~4.39%, oil bounced +2.84%. Breadth turned bullish, 129 up vs 70 down (1.84:1) — single stocks leaned bullish, but the index was flat, dragged by Apple / software.
② Theme 1: MU earnings blast, memory super-cycle confirmed: Micron FY26 Q3revenue $41.5B (+346% YoY), adj EPS 25.11(vs 20.49), gross margin 84.9%, Q4 guidance $50Ba record. On 6/25 the stock surged+15.74% to close $1,213.56, market cap broke $1.37T surpassing Meta/Tesla; drivingSNDK +21.97% / AMAT +13.42% / KLAC +7.62% / LRCX +7.21%the whole memory-equipment village to feast, HBM fully sold out, the ultimate validation of the price-hike cycle.
③ Theme 2: Apple memory crisis, device-maker costs backfire: the flip side of the super-cycle is downstream device makers getting squeezed — AI scrambling for supply sent DRAM / NAND soaring (“RAMageddon”),Apple raised MacBook / iPad prices to pass on costs, JPM warned of a volume-contraction + margin double-hit,AAPL crashed -6.12%, DELL -5.67% as AI-server margins also came into question, and the consumer-electronics chain came under pressure.
④ Theme 3: large-cap software kept selling off, hot PCE yet ignored: MSFT -3.46% / PLTR -5.49% / NOW -4.56% / ORCL -3.22%software & AI cloud at the bottom, 20D -12.6%, dragging NDX.May PCE hot 4.1% (3-year high), core 3.4% beat expectations, consumer spending +0.7%, but the market focused on MU's upside and ignored inflation for now; oil bounced +2.84%, 10Y still eased to 4.39%.
⑤ List changes: the 20D main list rebounded from 5 to8 names(KLAC / MU / LRCX back above the 20% threshold):AMAT +49.02% tops the board, SNDK +46.86% 2nd, MRVL +41.55% 3rd. The 5D momentum board grew from 4 to6 names(GLW +29.99% / SNDK +19.21% / MU +16.33% / AMAT +12.66% / ASX +11.78% / CAT +10.58%). Sub-sectors: Memory/HDD+30.7%≈ equipment+30.6%> AI servers+19.7%> cybersecurity+13.4%> logic/ASIC+11.5%> power+5.3%> CPU+0.7%> software/AI cloud-12.6%at the bottom.
⑥ Conclusion & this week's strategy: MU's earnings blast ignited the memory super-cycle and the equipment chain followed higher across the board, but the same memory crisis backfired on Apple and device makers while software stayed weak, forming a “violent split within the AI chain”. On positioning:the memory / equipment group(MU Fwd 9.4x cheapest + ultimate earnings validation, SNDK strongest across all three windows, AMAT 20D +49% on top) is the strongest main line on the tape, but single-day gains are already large and the risk of good-news exhaustion is rising — scale in rather than chase, and set strict stop-losses;software & AI cloud and device makers (the Apple chain) stayed weak — don't try to catch the falling knife. On the macro side,PCE 4.1% hit a 3-year high, core 3.4% beat expectations, sticky inflation remains a lurking worry; if oil keeps bouncing and yields rebound, it could become the biggest variable for the memory euphoria.
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Data sources: Futu's top-200 U.S. stocks by market cap (6/25 close), Yahoo Finance (indices / ETFs / risk indicators / Fwd P/E / net income), CNN Fear & Greed Index (estimated value), company earnings and news (MU FY26 Q3, AAPL price hikes, May PCE).
This report is for reference only and does not constitute investment advice. All percentages are Futu / Yahoo actuals; F&G and S&P / NDX P/E are non-live, estimated values.
DAILY US EQUITY · 2026-06-26 (6/25 U.S. East-Coast close)
This report is for reference only and does not constitute investment advice. All percentages are Futu / Yahoo actuals; F&G and S&P / NDX P/E are non-live, estimated values.
DAILY US EQUITY · 2026-06-26 (6/25 U.S. East-Coast close)
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