Carl Quintanilla, David Faber and Michael Santoli led off the show with tech and the AI Trade: Shares of Micron soared after the memory chip maker posted a blowout quarter. Apple announced it is hiking prices on MacBooks and iPads due to the memory chip crunch. Shares of the iPhone maker fell sharply, helping to drag the Nasdaq into negative territory in Thursday&#x27;s trading and erasing the optimism sparked by Micron. Core PCE — the Fed&#x27;s preferred inflation gauge — rose in May to year-on-year levels not seen since 2023. Also in focus: Qualcomm surges, oil prices fall to fresh pre-Iran war lows, a JPMorgan Chase executive seen a potential successor to CEO Jamie Dimon is leaving the bank, Anthropic vs. Alibaba, all things SpaceX.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

9am Hour: Micron Soars on Blowout Quarter, Apple Hikes Prices, Nasdaq Rally Hopes Fizzle 6/25/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Participants

- **Carl Quintanilla** (None)
- **Christina Partsinevelos** (CNBC)
- **Mike Santoli** (CNBC)

## Transcript

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[SPEAKER_09] This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash market update podcast or find Schwab Market Update wherever you get your podcasts.

[SPEAKER_04] Market moving insight and analysis join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street. Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Mike Santoli at Post 9 of the New York Stock Exchange.

[SPEAKER_04] Cramer has the morning off. Bulls doing their best to narrow these losses for June and they'll get some help today from Micron's blowout quarter, steady PCE print, which while elevated at three year highs, isn't doing a whole lot to dampen consumer spending. Oil is another tailwind. West Texas closer to 69, 10 year yield near some six week lows. Our roadmap begins with reigniting this AI rally. Micron's results and guidance fueling some big gains across tech ahead of the open.

[SPEAKER_02] Plus, JPMorgan Chase just heard about this. Leslie, it's reshuffling top ranks to new co-president roles have been created as long term, long time veteran and head of its consumer banking division.

[SPEAKER_05] Merriam Lake exits the bank. And Apple raising prices on MacBook and iPad due to memory crunch, a hinting of more price hikes to come from there.

[SPEAKER_04] Let's begin, though, with Micron surging in the pre-market, leading the tech rally after posting that blowout quarter. Company benefits from AI fuel demand amid a shortage in memory chips, which we now think will last even longer. Here's Marotra on last night's call.

[SPEAKER_08] With respect to supply, our customers are recognizing that supply shortages in memory and storage will take considerable time to improve. Even as we expect industry supply to improve gradually in 2028, we currently do not have line of sight as to when memory supply will be able to catch up with increasing demand.

[SPEAKER_04] Some remarkable elements about the quarter. Net income doubles quarter on quarter. Gross margin guidance is better than even NVIDIA's ...

9am Hour: Micron Soars on Blowout Quarter, Apple Hikes Prices, Nasdaq Rally Hopes Fizzle 6/25/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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9am Hour: Micron Soars on Blowout Quarter, Apple Hikes Prices, Nasdaq Rally Hopes Fizzle 6/25/26

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.