WS #10688
Qualcomm Investor Day targets $15B+ data-center revenue by FY2029, Adobe acquires Topaz Labs, and Micron gets multiple PT upgrades, all signaling continued AI infrastructure investment. May PCE data (headline 4.1% YoY, core 3.4% YoY, in line) with resilient growth and low jobless claims weakens the case for Fed rate cuts, keeping 'higher for longer' narrative alive. Big tech faces steep June sell-off as broader market holds firm; MSFT down ~28% from highs, Stifel lowers PT to $400, suggesting rotation out of mega-cap growth.
AI Infrastructure Buildout Continues
Qualcomm Investor Day targets $15B+ data-center revenue by FY2029, Adobe acquires Topaz Labs, and Micron gets multiple PT upgrades, all signaling continued AI infrastructure investment.
May PCE data (headline 4.1% YoY, core 3.4% YoY, in line) with resilient growth and low jobless claims weakens the case for Fed rate cuts, keeping 'higher for longer' narrative alive.
Big tech faces steep June sell-off as broader market holds firm; MSFT down ~28% from highs, Stifel lowers PT to $400, suggesting rotation out of mega-cap growth.