One memory leader has real earnings power behind the surge, but the better move is waiting for a cleaner entry after the gap. The restaurant spike looks more sentiment-driven than fundamental, while the chip name with hyperscaler backing has the strongest fresh AI angle.
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Futures at a Glance📈
Futures are moving higher as Micron’s blowout report puts chips back in the driver’s seat. Nasdaq names are leading the premarket bounce, with Qualcomm and other semiconductor plays joining the rally. Traders still have one major macro hurdle ahead, though, with the Fed’s preferred inflation gauge due this morning.
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What to Watch
Earnings (Premarket):
• Darden Restaurants, Inc. [DRI]
• TD SYNNEX Corporation [SNX]
• McCormick & Company, Incorporated [MKC]
• McCormick & Company, Incorporated [MKC.V]
• Acuity Inc. [AYI]
• Commercial Metals Company [CMC]
• BlackBerry Limited [BB]
Earnings (Aftermarket):
• FedEx Freight Holding Company, Inc. [FDXF]
Economic Reports:
• Durable Goods (May): 8:30 am
• 3rd Estimate GDP (1Q): 8:30 am
• Weekly Jobless Claims (Jun. 20): 8:30 am
• Personal Income, M/M% (May): 8:30 am
• Consumer Spending, M/M% (May): 8:30 am
• PCE Price Idx, M/M% (May): 8:30 am
• PCE Price Idx, Y/Y% (May): 8:30 am
• PCE Core Price Idx, M/M% (May): 8:30 am
• PCE Core Price Idx, Y/Y% (May): 8:30 am
• Kansas City Fed Survey (Jun.): 11:00 am
• FRB Chicago President Austan Goolsbee speaks at Chicago Council on Global Affairs: 6:30 pm
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$195 Million in Insider Selling Just Hit Two Strong Charts
You’re watching two stocks from the outside, where the charts still look strong enough to keep buyers interested. One is sitting near a fresh high after a huge one-year move, while the other has rallied sharply but is already slipping in pre-market trading.
Our Elite Trade Club Insider readers are seeing the cleaner signal first: major holders are using strength to move nearly $195 million of stock before the crowd has fully digested the filings.
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Memory Chips
Micron Technology Inc Just Became the Memory Trade Everyone Has to Reprice
Micron Technology Inc (NASDAQ: MU) is ripping higher after another major reset in expectations. Baird raised its price target to $1,280 from $500 while keeping an Outperform rating, citing a stronger DRAM outlook.
The stock has already had a massive run. Micron is up more than 720% over the past year and traded near $1,225 in premarket action after the latest earnings update.
The numbers justify a lot of the excitement. Micron reported adjusted earnings of $25.11 per share on revenue of $41.46 billion, well ahead of estimates for $20.49 in earnings and $35.69 billion in revenue.
The bigger story is supply. Baird expects DRAM demand to exceed supply in both 2027 and 2028, with production bit growth in the low 20% range. That gives Micron pricing power and margin visibility.
High-bandwidth memory is also accelerating. The HBM market is now expected to reach $100 billion in calendar 2027, a year earlier than management previously expected.
Micron also has 16 strategic customer agreements across end markets. These take-or-pay deals represent about 20% of DRAM volume and roughly one-third of NAND volume over the agreement period.
The stock is not cheap at roughly 49x earnings. But this is one of the rare AI-linked winners where earnings estimates are moving up fast enough to support the re-rating.
My Take For You: Micron is extended, but the earnings power, DRAM undersupply, and customer agreements make this more than a simple momentum trade.
My Verdict: Buy this on pullbacks. The risk is that a hot premarket gap turns into short-term profit-taking after a 700% one-year run.
Restaurants
Wendy’s Co Looks Like a Meme Rally, Not a Turnaround Yet
Wendy’s Co (NASDAQ: WEN) is suddenly back on trader screens after a sharp rally tied to leadership changes, franchise optimism, and retail speculation. Shares jumped more than 25% and were up again in premarket trading.
The catalyst is Steve Cirulis joining as Chief Financial Officer and Chief Strategy Officer. He previously held the same dual role at Potbelly, where he worked with current Wendy’s CEO Bob Wright during a strong turnaround period.
That gives investors a cleaner story to latch onto. The market is betting that the same leadership pairing can improve Wendy’s topline growth, franchisee profitability, and strategic direction.
But the move has clearly become bigger than the business update. Wendy’s became a top trending name on Stocktwits and one of the most discussed tickers on WallStreetBets. Retail net purchases reportedly jumped to $2.2 million this week from roughly $110,000 the week before.
There is also take-private speculation tied to Nelson Peltz’s Trian Fund Management, which holds about 16% of the company. That adds fuel, but no formal deal is on the table.
The underlying business still has issues. Wendy’s faces declining same-store sales, elevated commodity costs, and a stock that has already been squeezed hard on sentiment.
At around 10x earnings, the valuation looks low. But cheap does not matter much if the rally is being driven by meme momentum instead of improving restaurant fundamentals.
My Take For You: Wendy’s has a more interesting turnaround story now, but the stock move has run far ahead of what the business has proven.
My Verdict: Sell this. The risk is that retail excitement fades before the new leadership team can show real operating improvement.
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Semiconductors
Qualcomm Inc Finally Has a Bigger AI Story Than Smartphones
Qualcomm Inc (NASDAQ: QCOM) just gave investors a reason to think beyond phones. The company said it expects data center chip revenue to exceed $15 billion by 2029, with the segment reaching $5 billion by fiscal 2027.
That is a major shift. For years, Qualcomm has been valued as a mobile-chip and licensing business with steady cash flow but limited growth. AI inference gives the company a new lane.
The customer validation matters. Meta is expected to adopt Qualcomm’s Dragonfly C1000 data center CPU, with production planned for the second half of 2028. Microsoft is also expected to deploy Qualcomm’s HBC chips.
The strategy makes sense. Training is dominated by GPUs, but inference is more fragmented. Search, ads, assistants, enterprise AI, edge cloud, and agent workflows all need efficient chips that control power and cost.
That plays to Qualcomm’s strengths. The company has spent decades building low-power computing technology for mobile devices. If it can apply that advantage in data centers, the market will re-rate the stock.
Wall Street is starting to move. JPMorgan raised its target to $265 from $160, while some analysts see a path to more than $300 if the data center business scales.
The valuation still looks reasonable. Qualcomm trades around 21x earnings, pays a dividend, and has not received the same AI multiple as the more crowded chip names.
My Take For You: Qualcomm’s AI inference push gives the stock a credible new growth story with real hyperscaler validation.
My Verdict: Buy this. The risk is that Meta and Microsoft interest does not turn into broad enough adoption to break Qualcomm out of the smartphone-cycle narrative.
Poll: Which of these do you feel best describes the current market environment?
Movers and Shakers
SanDisk [SNDK]: Premarket Move: +13%
SanDisk is surging as the AI memory trade catches a fresh bid after Micron’s earnings kept investor attention on high-end memory demand. The stock was hit earlier in the week during a broader memory-chip selloff, but buyers are stepping back in fast.
The bigger picture is still extreme. SNDK is up nearly 4,000% over the past year, trades above 66x earnings, and was recently flagged as sitting well above analyst targets and estimated fair value. This is one of the market’s hottest AI infrastructure winners, but it is also priced like one.
My Take: Ride the rebound, but do not add blindly after a 13% premarket jump. The AI memory story is still working, but this stock is stretched enough that profit-taking will stay violent.
FormFactor [FORM]: Premarket Move: +7%
FormFactor is moving higher after being added to the Russell 1000 Index, effective at the market open on June 29. That puts the semiconductor testing name into a major large-cap benchmark and opens the door for index-related buying.
This is a clean flow catalyst. Russell indexes are used by managers and institutional investors across roughly $12.2 trillion in benchmarked assets, so inclusion matters. FORM has already climbed more than 300% over the past year, and the market is rewarding anything tied to advanced semiconductor testing and AI chip production.
My Take: Stay with the move into index inclusion. The flow support is real, but with the stock near its 52-week high and trading above 160x earnings, this is a buy-the-pullback setup, not a chase-the-open setup.
Spyre Therapeutics [SYRE]: Premarket Move: −5%
Spyre is sliding after major insider selling hit the tape. Fairmount Healthcare Fund II sold 4.68 million shares at $85.31, worth about $399.7 million, reducing that fund’s common-stock position to zero.
That is a big supply event. Director Michael Thomas Henderson also sold 20,000 shares at $100, adding another $2 million in insider selling. Spyre is still up more than 440% over the past year, so investors are treating the sales as a signal to take some money off the table.
My Take: Avoid the dip today. The biotech story may still have long-term value, but nearly $400 million of insider selling creates too much near-term supply for a clean entry.
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Everything Else
🚀 The next market leaders are starting to emerge, as investors look beyond the usual giants for companies positioned to capture the next leg higher.
🪙 Gold and silver are back in rally mode as investors weigh rate cuts, inflation risk, and the precious metals trade.
🏗️ Anthropic is pushing deeper into global AI infrastructure as the data center race becomes a bigger part of its growth plan.
🚗 BYD is facing fresh labor scrutiny after a second worker died at its Hungary factory, putting pressure on the company’s European expansion.
🤖 Anthropic says Alibaba illicitly extracted Claude’s model capabilities, escalating the fight over AI protections.
🍎 An Apple-Intel chip deal may make strategic sense, but actual U.S. production still looks years away.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
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