--- title: "US stock market recap for June 25th" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/42224686.md" description: "【Memory squeezes big tech, AAPL and MSFT raise product prices, OpenAI delays IPO, where is the turning point?】Today, influenced by MU's earnings report, memory performed strongly, but big tech also dragged down due to memory, with both sides pulling against each other leading to a sideways S&P. However, over 60% of S&P constituents rose, performing well. How far can this crazy memory rally go? Currently, all memory chip capacity for 2027 is locked in, and short-to-medium term performance will remain very strong, with market forecasts suggesting improvement only by 2028. On one hand, there's a memory shortage, chip prices are soaring, and memory companies are making huge profits..." datetime: "2026-06-26T03:26:14.000Z" locales: - [en](https://longbridge.com/en/topics/42224686.md) - [zh-CN](https://longbridge.com/zh-CN/topics/42224686.md) - [zh-HK](https://longbridge.com/zh-HK/topics/42224686.md) author: "[南瓜美股](https://longbridge.com/en/profiles/11897288.md)" --- # US stock market recap for June 25th \[Storage Squeezes Big Tech, AAPL and MSFT Raise Product Prices, OpenAI Delays IPO – Where's the Turning Point?\] Today, influenced by MU's earnings report, storage performed strongly, but big tech stocks also slumped due to the same storage impact. The tug-of-war between the two sides led to a flat S&P 500. However, over 60% of S&P constituents rose, performing well. How far can the crazy storage rally go? Currently, storage chip capacity for 2027 is fully locked, and near-term performance will remain very strong. According to market forecasts, improvement is only possible by 2028. On one hand, there's a storage shortage, chip prices are soaring, storage companies are making huge profits, and their stock prices are surging; On the other hand, the buyers (clients) are almost unable to bear it. To cope with the skyrocketing storage costs, AAPL and MSFT have announced price increases for Mac, iPad, and Xbox respectively. Price hikes will inevitably suppress consumption, leading to stock price declines. This is a vicious cycle: Heavy data center construction ➡️ Increased storage demand ➡️ Cash flow burned through ➡️ Stock prices fall ➡️ Storage price hikes ➡️ Data center costs surge ➡️ No money left ➡️ Excessive long-term pressure on shareholders ➡️ Data center investment slows down Three possible scenarios: 1\. AI revenue surges, replenishes cash flow, and both big tech and semiconductors rally significantly! Currently, this seems unlikely. In May, Google and Anthropic only achieved commercialization but are still not profitable and are incurring significant losses. 2\. Data center costs decrease, also unlikely! It's difficult for power, computing power, and infrastructure to see price reductions. 3\. Big tech slows down AI investment to ensure cash flow safety, leading to a stock price recovery. This is the most likely possibility! If one company does this, I expect others to follow. Two key potential timing points for a slowdown: 1\. Microsoft's earnings report at the end of July. July is the start of the new fiscal year. We'll see if spending slows down in the new fiscal year given the current stock price performance. 2\. Earnings reports at the end of January next year. META, GOOG, and AMZN will also enter their new fiscal years. They're already out of money and have conducted several rounds of share offerings and financing. If stock prices continue to perform poorly, what's next? If they get dragged down, the entire industry chain could collapse. AAPL Rarely saw a high-volume 6% drop today. Even without participating in AI data center construction, it got dragged down! However, an opportunity to increase positions in AAPL is about to appear. If you want to include non-AI, stable tech stocks in your portfolio, it's a good choice, at least you don't have to worry about AI impacting Apple like it did SaaS. Falling below 260 enters a reasonable valuation range. To get a real bargain, it needs to go below 240, but the support at 240 is strong, and it's unlikely to fall further. The other big tech stocks are still at buying points, but saying this now probably has few believers left 😊 Technically: Microsoft and Apple are both oversold; NVDA, GOOG, AMZN, and META are also nearing oversold conditions. OpenAI Originally planned to go public in Q3 this year. The poor performance of big tech is the main reason for OpenAI's IPO delay, as OpenAI also falls into this category. Going public now would definitely not result in a good stock price. What to do if holding big tech? 1\. SMH and SOXX have been recommended for a long time; don't get off easily. 2\. Continue waiting for big tech. Institutions are adjusting positions around the end of June/early July. Wait until the second week of July when the market officially enters the second half of the year, then reassess. ### Related Stocks - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [MSFL.US](https://longbridge.com/en/quote/MSFL.US.md) - [MSFO.US](https://longbridge.com/en/quote/MSFO.US.md) - [MSFD.US](https://longbridge.com/en/quote/MSFD.US.md) - [MSFU.US](https://longbridge.com/en/quote/MSFU.US.md) - [MSFX.US](https://longbridge.com/en/quote/MSFX.US.md) - [MSFY.US](https://longbridge.com/en/quote/MSFY.US.md) - [GGLS.US](https://longbridge.com/en/quote/GGLS.US.md) - [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [OpenAI.NA](https://longbridge.com/en/quote/OpenAI.NA.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) ## Comments (2) - **山雨 · 2026-06-26T05:29:28.000Z**: Just slow down, there's no power anyway. - **卡卡西的蜕变 · 2026-06-26T04:49:58.000Z**: The market maker's move in the storage sector this time is too ruthless.