Today&#x27;s John J. Hardy substack (and yes, embarrassing bad math from your host in today&#x27;s podcast) Today, we try to keep observations balanced as we observe the latest race higher in memory chip makers after a big bank posted a jaw-dropping price target for Micron. This helped pull the broader market higher, as did the recent drop in crude oil prices. Elsewhere, we look at Ferrari&#x27;s stumble with its new EV, note today&#x27;s important earnings calendar, break down the latest in macro and FX and much more. Today&#x27;s pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on today&#x27;s podcast and our Chart of the Day can be found on the John J. Hardy substack (within two to four hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Memory mania or just catching up with fundamentals?

Saxo Market Call

# Full Transcript

**Podcast:** Saxo Market Call

## Participants

- **John J. Hardy** (SaxoStrats)

## Transcript

Welcome to the Saxo Market Call. Before we get started, it's important we emphasize that the views and opinions expressed in this podcast are those of the hosts and guests and do not constitute investment advice or recommendations. All information provided is for educational and entertainment purposes only.

Hey everyone, it is Wednesday, 27th of May, 2026 and some new record highs in U.S. equities. A crazy, what was it, a crush, memory crush or memory mania that is going on here.

The approximate cause, thanks for highlighting this to me, UBS putting a $1,625 target on micron shares and they rallied 19 plus percent yesterday, ending just below 900 I believe it was. Putting the company into the trillion dollar club. Just a remarkable target there and, you know, of course, that's another doubling on top of what's already been happening for this company.

And sympathy with it, of course, in the Korean memory makers SK Hynix up, what was it, 11-12 percent overnight. Also joining, by the way, the trillion dollar club. And a reminder just on the valuation of these companies that the market is really cautious here. I mean, you know, if these were software companies of yore, they would be valued at multiples of this. Samsung also up heavily and Samsung potentially to become the most profitable company of all time if these growth rates that are anticipated hold.

But the 4PEs, for example, for an SK Hynix, still just around 8 even after an incredible big ramp yesterday. So I've got a couple of links as well talking about the outlook for AI, both on the very, very booster-ish side of things and then on the somewhat more skeptical side of things. As we all await how this turns out, one thing for sure is this market is chasing momentum for sure. It's not just the memory makers.

The SOX index overall, so the semiconductor index, up 5.5 percent yesterday. And, of course, a lot of the heavy components in that, also helping the NASDAQ 100 higher to the tune of 1.76 percent. The S&P 500 up 0.6 percent. Equal weight S&P 500 up only just under half a percent. But Russell 2000 up a hefty 1.8 percent. I have it here if I've jotted it down correctly.

So broad market positivity, some of that on the Russell side I imagine has to be due to crude oil prices having crushed lower here to start the week. Justifiably or not, we have this weird combination of the U.S. touting progress in terms of the peace deal. And at the same time, there have been some various strikes on missile sites, even on ships that they claim were laying mines, etc.

Is Iran speaking with one voice or are there opposing forces in conflict internally that are preventing a clear sense of who we're even negotiating with? I don't know. The key thing is that we're not much the wiser on the fate of this nuclear material. That's one of the key things. And Iran also apparently holding out on t...

Memory mania or just catching up with fundamentals?

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Memory mania or just catching up with fundamentals?

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.