🚨APPLE AND MICRON GO HEAD TO HEAD IN AN ALL-OUT PUBLIC CLASH
Apple CEO Tim Cook went public blaming memory suppliers for the company's latest price hikes.
Micron's Chief Business Officer Sadana fired back, telling the WSJ that "certain customers" forced memory prices to rock-bottom levels during the last market downturn, preventing the Micron from investing as profits collapsed.
Without naming Apple directly, Micron executive says those aggressive pricing demands starved the industry of investment, forcing today's global memory shortage and the very price hikes now hitting consumers.
NY Fed President John Williams: Inflation is "unquestionably elevated and well above" target, reflecting tariffs, energy, and AI-related demand for tech goods.
"In coming quarters, however, I expect inflation readings to edge down" for several reasons:
First, tariff effects "appear to have mostly played out."
Second, a base case is that Hormuz related supply disruptions "are resolved relatively soon."
Third, housing inflation should continue to slow.
Fourth, there's no evidence of labor-market driven price pressures.
The punchline: "Given the elevated level of inflation, it is imperative that we restore it to our 2% longer-run goal on a sustained basis. The current stance of monetary policy is well positioned to do that."
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Today, we're proud to announce a strategic agreement with @AnthropicAI that spans memory and storage AI architecture design, supply and demand, enterprise adoption of Claude across Micron and a strategic investment in Anthropic’s Series H funding round. https://t.co/WkAzl0YXxK
"Largest expiration on record"
We have ~8.3T of options notional to expire
you'll be seeing a lot of dramatic takes on this, so let's remind ourselves of a few things here.
There's a difference between not telling markets your next move and not telling them how you make decisions at all.
Kevin Warsh, at his first meeting as Fed chair, did both.
Warsh got high marks for planting a flag on the Fed's 2% inflation target and for shearing the policy statement of jargon that had become a recitation of the obvious.
But he also stretched his objection to forward guidance into something broader, using it to sidestep questions about how the committee reasons toward a decision.
"It matters to have some sense of how this committee is thinking about how it goes about conducting this business," said JPMorgan's Michael Feroli.
Big day today for index traders
VIX expires
FOMC on deck
...and not even one full trading day before a modified JUN OPEX
OPEX shifting up one day in this context is a BIG deal
we'll cover 0DTE and JUNE expirations in today's morning meeting in VS Pro
“These forecasts have been abysmal. My dots wouldn’t be perfect either, so I wouldn’t give them.”
Fed Chairman Kevin Warsh has spent 15 years arguing the central bank says too much. Wednesday is his first meeting. My story on the quiet revolution he wants:
New: Kevin Warsh has tapped two outside associates as advisers—in as temporary contractors for now.
Both are budget policy specialists, and one wrote the Fed chapter of Project 2025, which endorsed a radical restructuring of the central bank. https://t.co/iJnZBQjC8f
Bessent: The food is better at the Fed because they don’t have a budget.
“We are going to see a new sheriff in town.”
He says Warsh is going to get rid of forward guidance.
He laments too many Fed governors giving speeches, “popping off.”
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We’re proud to announce a milestone moment for U.S. memory manufacturing. Micron has officially started manufacturing 1α DRAM at our Manassas, VA fab. As the only U.S. manufacturer of memory, Micron is strengthening America’s domestic memory supply with the world’s most advanced DDR4 technology — advancing our more than $200B U.S. manufacturing and R&D investment plans. https://t.co/f8myFFv2VK
#MemoryMadeInTheUSA #USManufacturing #GoMicron #IntelligenceAccelerated