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Sources say Qualcomm (QCOM.O) is in talks with ByteDance to provide custom chip design services.

1. According to Mysteel, on June 24th, coking coal prices in Shandong province's Weifang, Binzhou, Dezhou, Jining, Zaozhuang, Heze, Rizhao, Tai'an, Linyi, and Xingtai markets are planned to rise. Wet-quenched coking coal will increase by 50 yuan/ton, and dry-quenched coking coal by 55 yuan/ton, effective from 00:00 on June 26th. 2. According to foreign media reports, data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that as of the week ending June 20th, Japan's commercial crude oil inventories were 9,757,338 kiloliters, an increase of 33,755 kiloliters from the previous week's 9,723,583 kiloliters. Refinery operational capacity utilization was 80.3%, compared to 81.9% the previous week. Refinery design capacity utilization was 70.5%, unchanged from the previous week. 3. Sources: India is using nearly 50% domestic coal in its coal-based power plants. 4. Goldman Sachs: Diesel margins in the US and Europe are expected to fall to $46 and $31 per barrel, respectively, by the fourth quarter of 2026. The fourth-quarter 2026 gasoline margin forecasts for the US and Europe remain at $23 and $13 per barrel, respectively. 5. According to foreign media reports, Tomas Manzano, CEO of Copersucar, the world's largest sugar trader, commented on the Brazilian sugarcane crop and its production and sales situation. The El Niño weather phenomenon may lead to above-average rainfall, which is beneficial to the growth of Brazil's 2026/27 sugarcane crop. Although sugarcane output may increase, rainfall may disrupt sugarcane harvesting, preventing processing or shipping of products during rainy periods. Therefore, this phenomenon will not have a positive impact on sugarcane crushing volume or sugar shipments. Sales of major products are expected to increase in 2026/27, with sugarcane crushing volume increasing to over 125 million tons, up from 108 million tons in the previous year. 6. According to data from Zhaogang.com, as of the week ending June 24, the national output and inventory data for key steel products were as follows: output was 4.7021 million tons, a decrease of 142,100 tons from the previous week; mill inventory was 5.3403 million tons, an increase of 374,700 tons from the previous week; social inventory was 6.1663 million tons, an increase of 104,900 tons from the previous week; total inventory was 11.5066 million tons, an increase of 479,600 tons from the previous week; and apparent demand was 4.2225 million tons, a decrease of 726,600 tons from the previous week. 7. The National Bureau of Statistics released data on the price changes of important production materials in the circulation sector in mid-June 2026. Monitoring of the market prices of 50 important production materials in 9 categories across the national circulation sector showed that compared with early June, prices of 15 products increased, 32 decreased, and 3 remained unchanged. Among them, the price of live pigs (three-way crossbred) was 9.5 yuan/kg, unchanged from the previous week. 8. On March 23, the U.S. Senate passed a resolution limiting the president's war powers, requiring President Trump to end military action against Iran and to obtain congressional authorization before taking any future military action against Iran. The resolution had previously been passed by the House of Representatives. The Senate passed the resolution with 50 votes in favor and 48 against; four Republican senators and the vast majority of Democratic senators voted in favor, while two Republican senators were absent. 9. According to Mysteel, as of now, only one coal mine in Qinyuan County, Changzhi City, has resumed production; the resumption of production at the remaining mines has been postponed. According to the latest survey, the daily output of the resumed mines is unstable, and the resumption of production at all non-resume mines has been postponed. The resumption of production at the two previously approved mines has also been temporarily suspended, pending review and signature.

On June 24th, US President Trump posted on social media that the price reductions by major oil companies at gas stations were not keeping pace with the already significantly lower oil prices they were paying. Gas prices are plummeting! In other words, customers are being "ripped off." Trump stated, "I have instructed the Justice Department to immediately begin an investigation into this matter. Gas prices must be falling much faster than I'm seeing!"

Morgan Stanley: 1. Raises Micron Technology (MU.O) price target from $520 to $1050, maintaining an "Overweight" rating. 2. Raises Q3 earnings forecast due to continued increases in average selling prices for DRAM and NAND due to supply-demand imbalances. Prices for both memory products are expected to rise approximately 20% sequentially this quarter. 3. Long-term agreements between Micron and major customers will be a key focus for the market. Wedbush: 1. Raises price target from $550 to $1300, maintaining an "Outperform" rating. 2. Raises EPS forecast from $19.16 to $22.84 and revenue forecast from $33.5 billion to $38.5 billion, due to higher-than-previous guidance and significantly higher-than-consensus pricing in Q2. 3. DRAM and NAND prices may rise approximately 20% in Q3. Deutsche Bank: 1. Raises price target from $1000 to $1500, maintaining a "Buy" rating. 2. DRAM supply shortages may persist into 2028 or even longer. New supply is unlikely to keep pace with demand growth driven by proxy AI and inference workloads. 3. Q3 revenue is expected to be approximately $35.1 billion, exceeding the upper limit of the company's guidance of $34.25 billion. EPS is projected to reach approximately $160 in 2027, with gross margin expected to remain above 80% for the foreseeable future. Citigroup: 1. Raises target price from $840 to $1200, maintaining a "Buy" rating. 2. High memory chip prices will continue into 2027, especially for HBM. DRAM average selling price is expected to surge by 200% this year due to strong data center demand driven by accelerated token growth, while supply growth is relatively limited. Stiglitz: 1. Raises target price from $550 to $1500, maintaining a "Buy" rating. 2. The average selling price of traditional DRAM is currently about twice the level initially projected by Micron. In the data center market, contract prices have exceeded $2.50 per GB; prices in the consumer PC and smartphone markets have also remained above $1.50 per GB. Against this backdrop, the company's quarterly revenue is expected to increase by 20% sequentially. Needleham: 1. Raises target price to $1550, maintains "Buy" rating. 2. Significantly raises earnings forecast; the memory chip market has continued to strengthen over the past 90 days. Market fundamentals will remain "stronger" for a longer period. Bernstein: 1. Raises target price from $510 to $1300, maintains "Outperform" rating. 2. Short-term price increases are stronger than expected; HBM average selling prices will further increase before calendar year 2027. DRAM supply shortages will be more severe and longer-lasting than previously anticipated; prices are likely to remain strong for most of calendar year 2027. SIG International: 1. Raises target price from $600 to $1750, maintains "Positive" rating. 2. The two key variables that will ultimately determine the company's sustainable operating profit margin and valuation multiple are: First, the "key-value cache offloading," as the market remains uncertain about its final configuration. Second, new wafer capacity. The supply shortage in the DRAM and NAND markets is expected to continue throughout 2027. Jefferies Group: 1. The supply and demand relationship for HBM remains tight. Currently, global HBM monthly capacity is approximately 330,000 wafers, and it is projected to increase to 480,000 wafers by 2027, but demand may still grow by 70% in the coming year. 2. Micron expects Q3 memory prices to rise 40% to 50% sequentially, and another 30% to 40% in Q4. The average selling price of memory products is expected to rise 40% to 45% year-on-year in 2027. Wells Fargo: 1. Raises target price from $550 to $1220, maintaining a "Buy" rating. 2. Continued tight supply in the memory chip market, strong progress in the Strong Customer Authentication (SCA) program, and Micron's overall excellent execution suggest further upside potential for the stock this year. Goldman Sachs: 1. Raises target price from $400 to $900, maintaining a "Neutral" rating. Current performance is driven by surging demand for HBM in the AI hardware sector. Earnings are expected to peak in fiscal year 2027, with EPS of $138.86. JianDa Company: 1. Raises target price from $700 to $1500, reiterating an "Overweight" rating. 2. The DRAM and NAND markets will remain in a state of supply shortage throughout calendar years 2026, 2027, and 2028.