The Weekly Wrap – June 27th, 2026

A key inflation report hitting a three-year high kept Federal Reserve rate hikes in play, while the corporate world was dominated by the consequences of the AI boom, highlighted by Micron's record earnings and Apple raising prices due to soaring memory chip costs. Major corporate and political developments included OpenAI delaying its IPO amid market volatility, and the president threatening 100% tariffs over digital services taxes. Meanwhile, SpaceX's inclusion in the Nasdaq 100 and Alphabet's addition to the Dow signaled a shift in market indices, as the financial world also marked the passing of former Federal Reserve Chairman Alan Greenspan at the age of 100.

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From Phinextra Pro in Tampa, it's Saturday, June 27th, and I'm Rachel Anderson with your weekly wrap. The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures Index, hit a three-year high of 4.1% in May. The report, showing broadening price pressures, has kept the possibility of a Fed rate hike firmly on the table, with markets now pricing in a 50-50 chance of a hike by September. Those price pressures are being felt by households. While the University of Michigan's consumer sentiment survey showed a slight rebound in June from record lows, it noted that over half of all consumers are still weighed down by the high cost of living. AI-themed stocks took a beating on Friday, capping a volatile week that saw the Nasdaq take a sharp downturn on Tuesday over concerns about ballooning valuations and the debt being used to finance the AI buildout. The cause and effect of this AI frenzy were perfectly illustrated by two of the world's biggest tech companies. First, the cause. Micron delivered a blockbuster earnings report, posting record revenue, record earnings, and a staggering 84.9% gross margin, now the highest among all major U.S. tech companies, surpassing even NVIDIA and Meta. The memory chipmaker said it has locked in $22 billion in long-term commitments from customers desperate to secure supply for their AI systems. Then, the effect. Apple announced it is raising prices on its MacBook and iPad lines, stating it can no longer shield customers from the skyrocketing cost of those very memory chips. The move shows that even a company with Apple's legendary supply chain power is not immune to the AI industry's voracious appetite for components. The immense costs are also forcing strategic shifts across the tech landscape. Oracle announced it is cutting 21,000 jobs, 13% of its workforce, to realign its cost structure as it prepares for a massive $50 billion AI infrastructure build-out, a plan heavily reliant on a few large customers like OpenAI. And speaking of OpenAI, the maker of ChatGPT is now leaning toward delaying its highly anticipated IPO until next year. Advisors are reportedly urging caution after the volatile stock performance of the recently listed SpaceX and the choppy tech markets, though CEO Sam Altman is said to be holding firm on a target valuation of $1 trillion. After its historic IPO, SpaceX stock had a roller coaster first couple of weeks, but it was confirmed that the company will officially join the Russell 1000 and the prestigious NASDAQ 100 index on July 7th, a move that will trigger a wave of buying from passive funds. The Dow Jones Industrial Average is getting a major tech upgrade. Alphabet is set to replace Verizon in the 30 stock index on June 29th, a move SP Dow Jones indices said will better reflect growing areas of the U.S. economy like AI and cloud computing. On the world stage, trade tensions flared as the president threatened a 100% tariff on all goods from any country that imposes a digital services tax on American tech companies. The threat came just as the EU worked to meet a July 4 deadline on a separate trade deal, escalating transatlantic friction. This week, we mark the passing of a true giant of economic policy. Alan Greenspan, the former Federal Reserve Chairman known as the Maestro, died this week at the age of 100. His nearly two-decade tenure shaped the modern U.S. economy, and his famous 1996 warning against irrational exuberance feels particularly relevant in a week dominated by the boom, the bust, and the sheer cost of the AI revolution. U.S. Treasury yields dipped over the course of the week. The 10-year ended at 4.38%, the two-year yield was at 4.09%, and the 30-year bond yield was at 4.87%. Finally, let's check the scoreboard. Wall Street indices ended with mixed results this week. After the five days, the SP was down nearly 2%, the Dow was up around 0.6%, and the Nasdaq was hardest hit, finishing down over 4.5%. And that's a wrap for the week. I'm Rachel Anderson from Pinextra Pro, turning data into stories.