LIVE · TUE, JUN 23, 2026 --:--:-- ET
Issue Nº 63 COST TOTAL $14491.28 ARTICLES TODAY 1 TOKENS TOTAL 9.08B
Podcast
aiexpert
Subscribe · $8/mo
Running the wire
Market Nvidia raises $25B in bonds; massive 20x demand signal AI capex arms race Chips Cerebras IPO pops 68% on day one; AI inference chip crew targets Nvidia Funding Anthropic confidentially files for IPO at $965B; closes $65B Series H funding Research NAIRR Pilot Delivered 700+ Research Projects on NVIDIA DGX; Boston U BEACON LLM cuts disease-report time from hours to 2 minutes Funding Bending Spoons seeks $1.62B IPO: Vimeo, Eventbrite parent targets $20B+ valuation Market NVIDIA holds ~80% AI chip market share; custom silicon from AWS, Google, Meta grows 3x faster than GPUs Chips TSMC 2nm volume production on track; 70% yields, all 2026 capacity sold out, Apple >50% of initial alloc Funding Qualcomm nears $8–10B Tenstorrent AI chip acquisition Chips ARM servers capture 45%+ of data center revenue as AI infrastructure dominates Breaking OpenAI expands Daybreak: GPT-5.5-Cyber 85.6% on CyberGym, Patch the Planet funds maintainers, 30+ open-source projects join Funding SpaceX launches $20B bond debut after IPO to refinance xAI bridge and fund AI infra Chips Meta Expands AV1 to Majority of RTC Devices; 20% Bitrate Gain Below 100kbps Funding AppsFlyer Lands $1B Series E at $2.7B Valuation; Meta, Google, Moloco, Unity Invest Chips GlobalFoundries & Qualinx Tape First End-to-End European Sovereign Chip Manufacturing Flow Policy NSA red-team test: Anthropic Mythos penetrated classified systems in hours, triggering first AI model export ban Chips GlobalFoundries and Qualinx complete Europe's first sovereign end-to-end chip manufacturing flow for defense, aerospace Market ChatGPT market share drops to 46% for first time; Claude hits 13% paid-conversion, Gemini 28% Market Micron Q3 earnings today: HBM4 ramp, record 81% gross margins expected; NVIDIA Vera Rubin focus Breaking NVIDIA 2026 shareholder meeting today: Blackwell ramp signals, Vera CPU production timeline focus Market Alphabet shares fall 7% as Gemini co-lead and AlphaFold chief exit to OpenAI, Anthropic Market Nvidia raises $25B in bonds; massive 20x demand signal AI capex arms race Chips Cerebras IPO pops 68% on day one; AI inference chip crew targets Nvidia Funding Anthropic confidentially files for IPO at $965B; closes $65B Series H funding Research NAIRR Pilot Delivered 700+ Research Projects on NVIDIA DGX; Boston U BEACON LLM cuts disease-report time from hours to 2 minutes Funding Bending Spoons seeks $1.62B IPO: Vimeo, Eventbrite parent targets $20B+ valuation Market NVIDIA holds ~80% AI chip market share; custom silicon from AWS, Google, Meta grows 3x faster than GPUs Chips TSMC 2nm volume production on track; 70% yields, all 2026 capacity sold out, Apple >50% of initial alloc Funding Qualcomm nears $8–10B Tenstorrent AI chip acquisition Chips ARM servers capture 45%+ of data center revenue as AI infrastructure dominates Breaking OpenAI expands Daybreak: GPT-5.5-Cyber 85.6% on CyberGym, Patch the Planet funds maintainers, 30+ open-source projects join Funding SpaceX launches $20B bond debut after IPO to refinance xAI bridge and fund AI infra Chips Meta Expands AV1 to Majority of RTC Devices; 20% Bitrate Gain Below 100kbps Funding AppsFlyer Lands $1B Series E at $2.7B Valuation; Meta, Google, Moloco, Unity Invest Chips GlobalFoundries & Qualinx Tape First End-to-End European Sovereign Chip Manufacturing Flow Policy NSA red-team test: Anthropic Mythos penetrated classified systems in hours, triggering first AI model export ban Chips GlobalFoundries and Qualinx complete Europe's first sovereign end-to-end chip manufacturing flow for defense, aerospace Market ChatGPT market share drops to 46% for first time; Claude hits 13% paid-conversion, Gemini 28% Market Micron Q3 earnings today: HBM4 ramp, record 81% gross margins expected; NVIDIA Vera Rubin focus Breaking NVIDIA 2026 shareholder meeting today: Blackwell ramp signals, Vera CPU production timeline focus Market Alphabet shares fall 7% as Gemini co-lead and AlphaFold chief exit to OpenAI, Anthropic
Market

Micron Q3 earnings today: HBM4 ramp, record 81% gross margins expected; NVIDIA Vera Rubin focus

Micron Technology reports fiscal Q3 2026 earnings today (June 24) after market close, with Wall Street consensus expecting $34.5–5B in revenue and ~$20 EPS. The company has guided for ~81% gross margins, which would be record profitability in its 47-year history if delivered. All eyes are on HBM4 production ramping for NVIDIA's Vera Rubin platform: Micron has begun volume production of HBM4 (36GB, 12-high stack) delivering bandwidth >2.8 TB/s and ~20% better power efficiency than HBM3E.

The structural story is HBM supply scarcity turning into pricing power. Micron's full HBM capacity for calendar 2026 and early 2027 has been fully booked by customers. HBM4 ramp speed has reached twice that of HBM3E generation, compressing the time between new product and meaningful revenue. Management has repeatedly emphasized that DRAM and NAND supply shortages will persist well beyond 2026, with long-term supply agreements locking in volume and pricing. For fiscal 2026, analysts project full-year EPS of ~$58, up 651% from $7.68 in fiscal 2025, with fiscal 2027 consensus reaching ~$98 per share.

Three variables will drive the market reaction June 24–25: (1) Hard revenue contribution from HBM4 in Q3, (2) forward HBM4 allocations and demand signals for Vera Rubin Ultra in 2027, (3) sustainability of ~81% gross margins into Q4 and full-year 2027. RBC Capital raised its target to $1,200, Cantor Fitzgerald to $1,500, and Goldman Sachs cited tight DRAM supply and margin visibility as key themes. Wall Street has no sell ratings on the stock.

Micron's re-rating from cyclical to secular growth hinge on whether management’s narrative holds: that AI-driven memory demand is structural, not cyclical. The market has bought this story, but inflation in memory pricing, oversupply signals from other vendors, or weakness in hyperscaler capex spend could quickly reverse the thesis. Watch for commentary on SK Hynix and Samsung competitive positioning, which currently hold 62% and growing share in HBM.

Sources

Get the signal before the noise.