Tonight's Highlights: US Futures Edge Higher as Tech Bounces Back Ahead of Micron’s Earnings "Test"

US equity futures pushed higher on Wednesday while technology shares rebounded in premarket trading. Investors turned their full attention to memory giant Micron Technology, which is scheduled to post its quarterly results after the close. Meanwhile, major European benchmarks delivered a mixed performance.

 

Global equity markets began to stabilize following a two-day slide triggered by mounting anxieties over an artificial intelligence bubble.

 

In premarket action, Micron advanced nearly 4% and SanDisk ticked up approximately 3%. Both memory operators had collapsed over 13% in the prior session.

 

Micron will report its latest financial results after Wednesday's closing bell. Analysts surveyed by FactSet project EPS at $20.83 on revenue of $35.75 billion.

 

Elsewhere, Intel gained over 1% premarket, clawing back some ground after Tuesday’s 6% drop. Qualcomm also rebounded nearly 1% following an 8% shellacking in the previous session.

 

This tech-led recovery follows Tuesday's aggressive sell-off, where growth pockets dragged down major benchmarks. The S&P 500 and the tech-heavy Nasdaq Composite shed 1.44% and 2.21%, respectively, while the Dow Jones Industrial Average ticked down 45.87 points, or 0.09%.

 

Dan Skelly, Head of Market Research and Strategy at Morgan Stanley Wealth Management, noted on Tuesday that while the market previously chalked up the tech correction to overextended technicals, fundamental risks are now surfacing.

 

"The overcrowded positioning narrative makes sense, but fundamental risks are also emerging," Skelly said. "We are already seeing price wars break out among LLM developers and lease rates for legacy GPUs starting to soften. Furthermore, the commentary out of Microsoft—which pioneered the AI wave three years ago via ChatGPT and its OpenAI partnership—is shifting."

 

Skelly pointed out that Microsoft is currently discussing a strategic pivot toward lower-cost AI models.

Corporate Dispatches

SK Hynix Plans $29 Billion Nasdaq ADR Offering to Fund Expansion

SK Hynix aims to raise KRW 45.45 trillion ($29.4 billion) via a depositary receipt issuance on the Nasdaq. According to a corporate statement released Wednesday, the securities are scheduled to begin trading on July 10.

 

The memory manufacturer has filed its US IPO prospectus under the ticker "SKHY," with BofA Securities, Citigroup, Goldman Sachs, and JPMorgan acting as joint bookrunners.

 

In its filing, Hynix disclosed that it maintains the global number-one spot in the HBM market with a 56.4% market share as of Q1 2026. Geographically, its US sales subsidiary accounted for 64.7% of total revenue in Q1 2026 (down from 68.8% in 2025), while its China sales subsidiary scaled to 24.3% of the total mix in Q1 2026, up from 19.7% in 2025.

 

Samsung Preparing Massive KRW 90 Trillion Share Buyback for Employee Bonuses

Samsung Electronics is reportedly orchestrating a massive share buyback program valued near KRW 90 trillion to fund employee bonuses, with details expected shortly.

 

The buyback is legally required to satisfy a recent collective bargaining agreement with its labor union, which stipulates that special performance bonuses must be distributed in the form of corporate equity.

 

Apple Set for Late-July Mass Production of First Foldable iPhone

Supply chain sources report that Apple has locked in key specifications for its inaugural foldable iPhone—including the display, chassis, and mechanical tooling—and has entered mass production preparations.

 

Assembly line scaling is slated for late July. Despite recent rumors suggesting hinge complications might push back the timeline, sources indicate Apple remains on track for its traditional September launch.

 

Goldman Sachs Q2 Equities Trading Revenue Projected to Reset Records Above $5 Billion

Goldman Sachs’ equities trading division is tracking toward another record-breaking quarter, with Q2 revenue poised to surpass the $5 billion milestone.

 

The trading outperformance was fueled by a surge in Asian market velocity, which accelerated both execution and financing volumes.

 

This activity was heavily driven by robust hedge fund demand targeting explosive growth in AI and associated infrastructure deployment. Institutional enthusiasm surrounding SpaceX's landmark IPO provided an additional tailwind across Wall Street trading desks, with Goldman clinching the coveted lead underwriter position for the transaction.