WS #10685

Multiple high-significance developments are converging in this window. First, the Supreme Court issued two major rulings: a 7-2 decision favoring Bayer/Monsanto in the Roundup/glyphosate preemption case, clearing the path for a $7.25B settlement and sending Bayer shares up 14-18%; and a 6-3 ruling allowing the Trump administration to end TPS protections for Haitians and Syrians, with broader immigration implications. Second, Micron's blowout earnings continue to drive the AI-memory trade: revenue of $41.46B (+346% YoY), EPS of $25.11 beating by $4.62, record 84.9% gross margin, and guidance for ~$50B revenue next quarter. RBC Capital raised MU price target to $1500. Asian markets surged (KOSPI +5.06%, Nikkei +4.61%) on the Micron-led AI memory rally. Third, geopolitical tensions in the Strait of Hormuz show mixed signals: traffic recovered to nearly 60% of pre-conflict levels (78 vessels on June 24, a record), but Iran's foreign minister reiterated determination to discuss future administration with neighbors, and the IRGC warned against new routes. A cargo vessel was hit by an unknown projectile off Oman's coast, though no casualties were reported. Fourth, Apple reportedly raised prices on Macs and iPads due to memory chip shortages tied to AI data center demand, with MacBook Air rising from $1,099 to $1,299 and iPad Pro from $999 to $1,199. Fifth, Bitcoin plunged to a new multi-year low of $58,000 before bouncing to $59,400, with derivatives data suggesting crowded short positioning and potential for a short squeeze. The dominant narrative is a split between AI-driven semiconductor strength (Micron, memory stocks) and broader macro headwinds (Fed hawkishness, geopolitical risk, tech weakness in MSFT and AMZN).