Today&#x27;s John J. Hardy Substack post - you won&#x27;t want to miss today&#x27;s links! Today, a huge vibe shift overnight as Korean memory stocks come unglued Tuesday, sending US equity market futures into a tailspin. Is this just a bit of retrenchment ahead of Micron&#x27;s earnings Wednesday after the close or is the market at risk of a bigger air-pocket? Elsewhere, the US dollar is breaking higher, but with USDJPY not participating at the moment on fears of intervention after Bessent-Katayama call. Also, some follow up thoughts on climate after yesterday&#x27;s super El Niño / AMOC collapse discussion and more. Today&#x27;s pod 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.

Chips suddenly on tilt into Micron earnings Wednesday

Saxo Market Call

# Full Transcript

**Podcast:** Saxo Market Call

## Participants

- **John J. Hardy** (Saxo Bank)

## 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 Tuesday, 23rd of June, 2026. And my goodness, what a whiplash overnight with tech stocks led out of, it seems to be Korea and the Memory Makers off over 12% last I checked coming in here to record the podcast. And that was after we saw some risk on, at least in that hardware tech space, semiconductor space in the U.S. The Sox Index was up 2.04% on the day yesterday.

We saw big advances, once again, all-time highs at Micron and some of the other chip makers ahead of a massively important earnings report as we've been underlining tomorrow after the close as Micron is set to report earnings. So, you know, there was no seeming proximate trigger of this. Perhaps it is this incoming event risk that has some taking their chips off the table.

There's been a lot of signs of very intense speculative activity. Of course, a lot of it is supported by the dynamics of the fundamentals. And we'll see that probably in some of what Micron is reporting Wednesday and that is, and tomorrow, that is, you know, this three and a half to four times revenue growth over the last year. And a 10x plus on earnings expected relative to one year ago. I mean, this is just incredible growth for a company of this size.

And that's why the shares have seen this near 1,000% advance over the last 12 months as well. So super interesting technical action. Feels a little bit shaky here. I must admit, I think in the near term, this looks a little bit threatening. Also seeing some of the action in the cluster of different stocks that are doing poorly. Here we saw some of the Mag 7 coming off Google and Amazon. Very ugly days yesterday. Amazon, by the way, poised right at the 200-day moving average. Worth having a look at that chart.

Google is still some ways above its own 200-day moving average. Also among the top 10 or 15 or so losers on the day was Oracle. The overall market, not doing that badly. S&P was actually only down around three, four-tenths of a percent. The S&P 500 equal weight was actually slightly up. So that contrast in the market breadth there with headline being slightly down for the NASDAQ and the S&P 500.

Russell 2000 actually up decently on the day, plus 0.8%. And then we have overnight. So it's not just the fact that those memory makers are doing their own thing over there in Asia. Again, with the futures off over 700 points in the case of the NASDAQ 100, we'll start to zero in on the first key support levels in the NASDAQ cash. And that's not really until 28,200.

That was the correction low and that very brutal correction we ...

Chips suddenly on tilt into Micron earnings Wednesday

Transcript

Built for investment professionals

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

Chips suddenly on tilt into Micron earnings Wednesday

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.