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News
Thursday, June 25, 2026
What’s happening: Shares of Micron Technology rose sharply in after-hours trading following the release of its fiscal third-quarter results.
What happened: The semiconductor company reported 346% revenue growth for the latest quarter.
Micron issued strong guidance for the fourth quarter and announced commitments of $22 billion from customers for memory chips.
How were the results: The Boise, Idaho-based company reported triple-digit sales growth for the third quarter of fiscal 2026.
Why it matters: The rapid adoption of AI resulted in a shortage of memory chips, allowing Micron and its rivals to charge more for their products.
Micron is the sole producer of high bandwidth memory chips in the US and has seen strong surge in demand for these chips, significantly exceeding its manufacturing capacity. These shortages prompted the company’s large-scale customers to provide funding to increase its capacity.
The company’s operating cash flow rose sharply to $25.39 billion from $11.90 billion in the previous quarter and from $4.61 billion in the year-ago period.
“Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance,” CEO Sanjay Mehrotra said.
Micron announced plans to boost its capex, as it continues to make large investments in infrastructure. For the fourth quarter, the company projected capital expenditure of around $10 billion, compared to market estimates of $8.89 billion.
Management guided to fourth-quarter revenues of $50 billion, plus or minus $1 billion, higher than market estimates of $42.95 billion. They projected adjusted earnings of $31 per share, plus or minus $1, versus market expectations of $25.50 per share.
Micron’s board declared a quarterly dividend of 15 cents per share.
How shares responded: Micron’s shares jumped 15.8% to $1,213.96 in the extended trading hours on Wednesday following the release of quarterly results. The stock has climbed more than 232% year to date.
What to watch: Investors will continue monitoring rising demand for chips, which is expected to provide a further boost to the company’s overall results.
Context: The Canadian dollar edged higher against the US dollar this morning as investors digested recent economic reports.
Details: Data released on Wednesday showed that Canada’s preliminary manufacturing sales grew 1.1% in May after a 4.2% surge in April. Growth was driven by strong sales in the country’s motor vehicle industry and chemical subsector.
Meanwhile, core inflation rate, which is tracked by the Bank of Canada, held close to the bank’s 2% target in May despite higher energy prices. This was in-line with the BoC’s comments around the US-Iran war having only a transitionary effect on prices. The Bank of Canada left its key interest rate unchanged at 2.25% at its recent meeting.
Oil prices extended losses after tanker tracking data showed crude oil tankers crossing the Strait of Hormuz following the preliminary deal between the US and Iran.
Lower prices of crude oil, one of Canada’s major exports, weighed on the loonie. Spot price for WTI crude oil fell around 1% to $69.87 per barrel this morning.
Weakness in the US dollar lent support to the Canadian currency this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, slipped around 0.1% to 101.55.
The USD/CAD pair edged lower to 1.4231 this morning.
What to watch: Investors will continue monitoring developments related to the US-Iran peace deal and traffic passing through the Strait of Hormuz.
Data on average weekly earnings (1630 UAE Time) from Canada will be released today. Average weekly earnings of Canada’s non-farm payroll employees, which jumped 3.5% year-over-year to C$1,333 in March, are expected to grow by 2.9% in April.
Other Markets: US trading indices closed mixed on Wednesday, with the S&P 500 and Nasdaq 100 down by 0.10% and 0.43%, respectively, and the Dow Jones index up by 0.35%.
Ukraine announced an air attack on Russian-occupied Crimea, which cut off power in its biggest city, Sevastopol. The news sent the USD/RUB pair lower in forex trading this morning.
UK’s car production climbed by 3.2% year-over-year to 49,249 units in May. This being the first car production growth this year lent support to the GBP/USD forex pair.
South Korea’s business survey index for the manufacturing sector fell to 79 in June from 80 in May, which sent the USD/KRW pair higher in forex trading this morning.
Argentina’s current account deficit narrowed to $1.651 billion in the first quarter from $5.158 billion in the year-ago period, exerting slight pressure on the USD/ARS forex pair.
Australia’s employment surged by 40,300 to 14.74 million in May, following a 40,700 decline in the previous month. Despite the figure topping market estimates of a 30,000 gain, the AUD/USD pair fell in forex trading this morning.
Italy’s industrial sales (1200 UAE Time), South Africa’s PPI (1330 UAE Time), UK’s CBI distributive trades (1400 UAE Time), Turkey’s foreign exchange reserves (1530 UAE Time), Mexico’s unemployment rate (1600 UAE Time) and interest rate decision (2300 UAE Time) as well as US core PCE price index (1630 UAE Time), durable goods orders (1630 UAE Time), GDP growth rate (1630 UAE Time), personal income (1630 UAE Time), personal spending (1630 UAE Time), Chicago Fed national activity index (1630 UAE Time), initial jobless claims (1630 UAE Time), corporate profits (1630 UAE Time), EIA natural gas stocks change (1830 UAE Time) and Kansas Fed composite index (1900 UAE Time).
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