Today, the blow-out Micron earnings report is doing all it can to revive the AI hardware momentum trade, and it will be interesting to see how the huge jump in Micron shares ages into the options expiry this Friday. Elsewhere, the US dollar has continued its rally, but will fresh drivers for further strength be hard to come by? A focus on sterling&#x27;s upside potential on the potential Burnham political revolution unfolding as well. In commodities, we discuss the latest on crude oil and gold and especially silver getting into existential chart territory. Today&#x27;s pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links John&#x27;s The FX Trader piece on whether USD can find fresh fuel and special GBP focus. Bloomberg piece on a hedge fund manager looking to short private equity in interesting ways New York times piece on what kind of managers have demanded that their workers stop working from home. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. 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.

Micron tries to revive AI hardware momo. Gold tests below 4,000.

Saxo Market Call

# Full Transcript

**Podcast:** Saxo Market Call

## Participants

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

It is Thursday, 25th of June, 2026, and we have a market that is on fire after an incredible earnings report from Micron after the close, handily beating the profit expectations there for the quarter, 15 times the level of the year prior, and a strong outlook.

And we've seen Micron shares up after the – just remember, the prior session was really atrocious because of that whole wipeout from the Korean memory names, et cetera. But still, up to new all-time highs after the close and up some 17%, 18%, I think it was, and above 1,200 where our options strategist says there's quite a call wall.

So a call wall meaning there's a lot of option trading and perhaps buying, obviously, at that call level, call strike level for the Friday expiry. So the interesting thing will be how does this move survive into today's cash session and into the Friday expiry of options is always the curiosity around these high momentum plays, just tactically speaking.

But certainly this is firing up the momentum stocks, the momentum trade on all-risk cylinders, a pretty indifferent session, I would say, on the market yesterday. It may be worth pointing out that the median stock was positive on the day and the momentum stuff was cautious heading into that Micron earnings report after the close. One news item, I'll talk – I don't really have much to talk about it.

There was Jalapeno, an interesting new chip effort from OpenAI and Broadcom. Broadcom doing the chip design, obviously, with OpenAI to speed up and make more efficient the calculations used in OpenAI's model. So some 50% improvement, supposedly. I just – an interesting note here, and I'll follow up on this a little bit later in the podcast. You know, how does OpenAI finance this?

Well, apparently via chip financing vehicles enabled by Apollo and Blackstone. Again, all of this financing that's needed, this just gaping hole of debt that OpenAI is having to open up in addition to its equity raises, pretty interesting stuff. Wasn't much reaction at all in Broadcom. At least I didn't see one after hours. I'm not sure when this was announced yesterday. Not a remarkable session in any case from Broadcom.

But we have you, Ole Hansen, in the studio today on commodities and a couple of interesting things to talk about here. We are seeing not only ongoing pressure on crude oil, but even a small inversion at the front end of the Brent future yield curve. Let's go into that and as well as what the heck is going to happen next for gold and silver, which are under existential press...

Micron tries to revive AI hardware momo. Gold tests below 4,000.

Transcript

Built for investment professionals

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

Micron tries to revive AI hardware momo. Gold tests below 4,000.

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.