Memory Chips Lead, Bears Target Distressed Names

Tech Takes the Wheel

Micron Technology is the standout analyst story of the day. DA Davidson raised its price target to $2,000 and Wells Fargo lifted to $1,525. Wedbush added to the chorus, pushing to $1,400. All three kept Buy ratings. That puts MU consensus at 38 Buys against just one Sell — a near-unanimous call. Micron's short interest sits at just 3.4% of free float. Bears have almost entirely backed away.

Apple grabbed headlines via Bloomberg. The company is reportedly skipping the high-end M6 chip line and moving straight to an AI-focused M7. That signals a meaningful shift in product strategy. Marvell Technology also moved sharply Thursday, with Amazon and Microsoft AI infrastructure deals cited as drivers.

Bears Double Down on Distressed

Short sellers are not standing still. Wolfspeed short interest hit 117.4% of free float — up 16.5 points in a week. Zero borrow availability means shorts are locked in. The SiC semiconductor maker's troubles have made it one of the most extreme short positions in the US market.

Hertz sits at 47.9% short interest. Availability is 0.3%. New short positions are nearly impossible to establish. America's Car-Mart rose to 44.5%, up 10.6 points week-on-week.

Earnings Calendar Heats Up

Next week brings major results. Nike and Constellation Brands both report Tuesday, June 30. Options markets are active ahead of both prints. Dell Technologies has 19 active options expiry dates through September. Insiders at Dell have already filed over $869M in sales this month.

Europe Watch

Oil fell back below pre-Iran conflict levels. Brent dropped under $72.48 a barrel as Gulf supply flows recovered. EasyJet rejected a £4.9 billion takeover approach from Castlelake. Bitcoin slid below $60,000 as retail sentiment shifted toward AI stocks.