NAS100 upbeat ahead of SpaceX inclusion but risks linger
NAS100 analysis
The IPO theme continues to lift investor optimism as SpaceX is set to be admitted into the Nasdaq 100 in early July [1], less than a month after its blockbuster listing, thanks to a new fast-track process. Meanwhile, Micron rival and memory chip giant SK Hynix plans a roughly $29 billion US listing as soon as July. [2]
Last week's blowout earnings from Micron also renewed conviction around memory chip demand. The HBM maker expects to maintain strong revenue momentum in the current quarter after a 345.76% y/y increase in Q3 FY26, while expanding its gross margin to a new record of 86%. [3]
NAS100 rises today as the AI and IPO narratives remain key tailwinds supporting sentiment, with investors appearing to look past fresh US-Iran hostilities as the two sides reportedly agree to halt strikes and continue talks [4]. The path of least resistance for NAS100 remains toward new all-time highs on these structural drivers, but the path will not be straightforward, leaving it vulnerable to corrections that could question the bullish outlook.
Micron's results may have reaffirmed memory demand, but they have also raised concerns over the cost of the AI infrastructure buildout. CEO Mehrotra said the company does "not have line of sight" as to when memory supply will catch up with demand, pointing to prolonged shortages and high prices. This sentiment was exacerbated by price hikes from Apple and Xbox.
This adds to broader inflation concerns, as uncertainty around Strait of Hormuz transit lingers, putting a floor under oil prices. Two more vessels were attacked over the last few days [5], prompting the United States to launch fresh strikes against Iran [6], underscoring how fragile the ceasefire and peace process remain.
The most recent PCE data from Thursday showed headline inflation accelerating and core inflation rising too, pointing to broadening pressures, albeit at a slower clip. Responding to the spike in energy prices and inflationary pressures, the Fed has turned hawkish [7] and markets now see a rate hike as early as September. [8]
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 29 Jun 2026 https://ir.nasdaq.com/node/110646/pdf | |
| Retrieved 29 Jun 2026 https://englishdart.fss.or.kr/dsbh001/main.do | |
| Retrieved 29 Jun 2026 https://investors.micron.com/static-files/631b1a32-5537-46ae-8f40-82e42fc79dfe | |
| Retrieved 29 Jun 2026 https://www.reuters.com/world/asia-pacific/us-carries-out-fresh-strikes-against-iran-after-tanker-struck-hormuz-escalating-2026-06-27/ | |
| Retrieved 29 Jun 2026 https://x.com/UK_MTO/status/2071224808121987327 | |
| Retrieved 29 Jun 2026 https://x.com/centcom/status/2071029590932258941 | |
| Retrieved 29 Jun 2026 https://www.federalreserve.gov/monetarypolicy/fomcpresconf20260617.htm | |
| Retrieved 29 Jun 2026 https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html |
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