25/06/2026
Boosted by Micron Technology’s robust earnings outlook and upbeat growth expectations for the artificial intelligence (AI) sector, global market risk sentiment has improved, driving a rally in Asian equities alongside U.S. stock index futures. The stellar earnings report from the leading memory chip maker has fully reversed the earlier weakness in technology stocks, injecting strong momentum into global capital markets.
1. U.S. Futures and Asian Markets Rise Broadly, Led by Memory Chip Stocks
U.S. index futures edged higher across the board, with the Nasdaq 100 futures rising 1.6% and S&P 500 futures gaining 0.4%. Driven by positive spillover effects, Asia-Pacific markets trended upward, with the MSCI Asia Pacific Index advancing 1.1%. South Korea’s KOSPI index surged more than 5% in early trading.
The core catalyst for the market rally is Micron Technology’s better-than-expected earnings results. As the largest U.S. manufacturer of computer memory chips, Micron’s stock jumped approximately 15% after hours. Its quarterly sales far outpaced Wall Street consensus estimates, clearly demonstrating the strong growth resilience of the AI track and reviving market confidence in the AI industrial chain.
The upbeat momentum also boosted South Korean memory chip giants. SK Hynix announced plans for a U.S. listing, aiming to raise around $29 billion to capitalize on the booming global demand for advanced memory products, further lifting market optimism toward the memory chip sector. Fueled by the news, SK Hynix’s share price surged as much as 12% in early Thursday trading.
Global demand across the AI industry chain remains robust, with traditional memory chips and high-bandwidth memory — a critical component for AI systems — staying in tight supply. As three global leaders in memory chips, Micron, Samsung Electronics and SK Hynix have been major beneficiaries of the booming spending on global data centers.
2. Sharp Oil Price Decline Eases Market Jitters
The recovery in market sentiment is also supported by a notable pullback in international crude oil prices. Global technology stocks faced broad pressure earlier, pushing up market risk aversion, while falling oil prices effectively mitigated market risks.
International crude oil prices continued to decline amid rising crude supply and progress in U.S.-Iran peace talks. Brent crude plunged more than 4% on Wednesday, extending losses to settle near $73 per barrel, hitting a two-week low. The drop in oil prices has significantly eased global inflationary pressures and calmed volatile capital markets.
3. USD and Treasury Market Moves Trigger Rethink on Fed Rate Path
The foreign exchange and bond markets showed divergent trends. After three consecutive trading days of gains, the U.S. Dollar Index climbed to a seven-month high on Wednesday, weighing on most Asian currencies. Nevertheless, the retreat in oil prices has offered some reprieve for Asian markets.
U.S. Treasury bonds rallied sharply, pushing yields lower. On Wednesday, the 10-year U.S. Treasury yield tumbled 11 basis points, while the 30-year yield fell to 4.85%, the lowest level since April 8.
The sharp swings in Treasury yields reflect a market repricing of the Federal Reserve’s interest rate path. Market participants previously bet that the Fed may kick off a rate hike as early as next month, following the first policy meeting chaired by new Fed Chair Kevin Walsh. Markets are now focused on the May Personal Consumption Expenditures (PCE) price index due for release on Thursday, with forecasts pointing to month-on-month and year-on-year accelerations, which will serve as a key benchmark for the Fed’s subsequent policy adjustments.
4. Updates on Gold, Bitcoin and Offshore Bond Markets
Commodity and cryptocurrency markets traded steadily. Gold prices slumped below $4,000 per ounce earlier, marking the first drop below this threshold since last November, pressured by a stronger U.S. dollar and heightened rate hike expectations, before stabilizing at lower levels. Bitcoin saw muted price movements, recovering to above $60,000 after breaking below a key support level on Wednesday.
In addition, China has launched a 5 billion euro (approximately $5.7 billion) sovereign bond marketing exercise, set to become the largest euro-denominated bond issuance in China’s history, boosting liquidity in the offshore RMB and Chinese bond markets.
Appendix: Micron Technology’s Core Earnings Forecasts
Micron Technology stated in its guidance that revenue for the fourth fiscal quarter ending in August is expected to reach approximately $50 billion, well above the average analyst consensus estimate of $43.2 billion. Excluding special items, adjusted earnings per share are projected at around $31, surpassing the market’s prior expectation of $25.31, reflecting a substantial earnings beat.
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