Descriptions:
Bloomberg Technology’s Ed Ludlow anchors a market wrap examining the Philadelphia Semiconductor Index heading into its best quarter on record, up roughly 86% over three months, driven almost entirely by AI infrastructure spending. The rally’s unexpected stars are memory and storage companies — Micron, Sandisk, Western Digital, and Seagate — rather than GPU makers, as data center buildouts have created a structural shortage of memory chips that Micron’s latest earnings report suggests will persist well into 2027 or 2028, with some analysts projecting the constraint lasts until 2030.
Portfolio manager Rob Thummel of Tortoise Capital discusses broadening AI infrastructure investment beyond GPUs to networking, cooling, and power, arguing the AI story remains fundamentally intact despite the quarter’s volatility. A separate segment covers Taiwanese authorities raiding Super Micro’s offices as part of an investigation into alleged NVIDIA chip smuggling into China — a geopolitical overhang on the sector. Analyst commentary also addresses valuation concerns: while Micron appears cheap on traditional metrics, ARM and Intel trade at historically expensive multiples, and debate is intensifying over whether the market has priced in peak AI capex earnings.
The episode also covers a significant SpaceX IPO subplot: South Korean bank Asset Securities failed to convert over $1 billion in retail investor indications of interest into formal orders, receiving no allocation in the offering and drawing regulatory scrutiny.
📺 Source: Bloomberg Technology · Published June 30, 2026
🏷️ Format: News Analysis
