Chip Rally Has Consequences for Hyperscalers

MPC Markets Morning Call — Friday 26 June 2026: Chip Rally Has Consequences for Hyperscalers Micron's blowout AI earnings sent memory stocks surging — but the flip side hit hard. Apple raised MacBook and iPad prices by up to $500, Microsoft hiked Xbox pricing 25–60%, and every Magnificent Seven stock closed lower. The chip boom is feeding directly into the inflation problem the Fed is already wrestling with. KPMG now expects two rate hikes by year-end. May core PCE held at 3.4% year-on-year — well above the Fed's 2% target — while GDP was revised sharply higher to 2.1%. Oil rebounded after an attack on a cargo ship in the Strait of Hormuz complicated the fragile US–Iran peace deal. ASX futures point marginally higher at 8,755, with Australian employment surprising to the upside at +40,300 jobs. In today's show: — Micron +16%, market cap briefly past Meta and Tesla at $1.39tn — Apple and Microsoft price hikes — the cost of the memory shortage — PCE inflation, GDP revision, and what it means for Fed rate hikes — Oil rebound after Hormuz attack — is the Iran peace deal holding? — Commodities pullback — gold, silver, crude all down hard on the week — ASX outlook, RBA minutes preview, and the 40k jobs surprise — Week ahead: Non-farm payrolls Thursday, Independence Day shutdown Subscribe for daily pre-market analysis from MPC Markets. 🎧 Spotify: https://open.spotify.com/show/1igBks6... 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast... 🌐 Website: https://www.mpcmarkets.com.au 📩 Bulls vs Bears weekly podcast: mpcmarkets.com.au/podcast #MorningCall #ASX200 #Micron #Apple #FedRateHikes #PCEInflation #AIStocks #StraitOfHormuz #OilPrices #GoldPrice #AustralianStocks #MarketUpdate #MPCMarkets #InvestingAustralia #SemiconductorStocks #MemoryChips