Summary3 min read

Wall Street Breakfast — "Memory Lane Runs Higher"

Host: Julie Morgan, Seeking Alpha
Date: June 25, 2026

Episode Overview

This episode of Wall Street Breakfast centers on the dramatic surge in the Roundhill Memory ETF (DRAM), fueled by upbeat quarterly results from Micron and strategic plans from SK Hynix. The episode also covers significant developments involving Alibaba, major defense and energy funding requests from the White House, and key corporate and economic events on the horizon.

Key Discussion Points & Insights

1. Roundhill Memory ETF (DRAM) Rally

Micron’s Quarterly Results:
- Micron (MU), a top DRAM holding, crushes expectations with fiscal Q3 results, causing its shares to jump 17% premarket.
- [00:24] — "MU reported fiscal third quarter results and guidance that topped Wall Street's expectations by a wide margin." (Julie Morgan)
SK Hynix US ADR Listing:
- SK Hynix announces plans to raise up to $29.4B through a US American Depository Receipt (ADR) listing to expand production capacity amid soaring AI memory chip demand.
- [00:39] — "SK Hynix... announced plans on Wednesday to raise as much as $29.4 billion through a US ADR listing."
ETF Performance:
- DRAM up over 12% in pre-market; has gained nearly 152% since its April 2 debut.
- Samsung Electronics, SK Hynix, and Micron make up about 75% of the ETF's portfolio.
- [00:46] — "Samsung Electronics, SK Hynix and Micron together account for roughly 3/4 of DRAM's portfolio."

2. Alibaba Accused of AI Model Misuse

Anthropic’s Allegations:
- Alibaba reportedly accused of illicitly accessing Anthropic’s advanced AI models.
- Letter sent to White House officials and US Senators alleges "an industrial sized effort to illicitly access its... models."
- Described as a “distillation effort”—training a less capable model using a more capable model’s outputs.
- [01:06] — "Anthropic sent a letter... alleging that Alibaba was waging an industrial sized effort to illicitly access its CL flawed models."
Market Impact:
- Alibaba shares hit a 16-month low in Hong Kong, down as much as 4.9%; US-listed shares fell 3%.
- Other Chinese AI developers, Xiaomi and Baidu, also drop over 3%.

3. White House Supplemental Funding Request

Funding Breakdown:
- $87.6B in supplemental spending requested, including:
  - $21B for Department of Defense
  - $1.4B for Ebola response
  - $768M for Energy Department’s nuclear and energy security programs
- Political implications for Republicans with midterm elections approaching.
- [01:32] — "The funding request could place some Republicans in a politically difficult position ahead of the 2026 midterm elections."

4. Other Investment News & Trending Articles

Qualcomm:
- Stock surges after Investor Day; projects $15B in data center revenue by FY2029.
Alphabet:
- Set to lose two more AI researchers.
Major Banks:
- JP Morgan, Wells Fargo, and others plan dividend hikes and stock buybacks.
Catalyst Watch:
- Visteon and Barnes and Noble Education: Investor Days.
- Take Two Interactive: GTA 6 pre-orders to begin.
- Moderna: Science Day event.
- Lululemon: Annual shareholder meeting after market close.

5. Notable Movers & Economic Calendar

Wendy’s:
- Continues rally, up 15% in pre-market.
Economic Data Releases (all at 8:30am):
- GDP, jobless claims, personal income and outlays.

Memorable Quotes & Moments

On DRAM Performance:
[00:20] — "The ETF is up more than 12% in pre market action. DRAM has gained nearly 152% since its debut on April 2nd of this year." (Julie Morgan)
On Chinese Tech Shares Sliding:
[01:03] — "Shares of Alibaba slid to a 16 month low... extending this year's decline to 33%."
On AI Model Distillation Effort:
[01:11] — "The strike by Alibaba is described as a distillation effort, which Anthropic has said involves training a less capable model on the outputs of one that is stronger."

Timestamps of Important Segments

[00:01] — Episode open and date
[00:11-00:49] — DRAM overview, Micron earnings, SK Hynix news, ETF performance
[01:03-01:20] — Alibaba AI allegations, impact on shares, ripple effect on other Chinese AI stocks
[01:26-01:34] — White House funding request, political context
[01:36-02:00] — Quick headlines: Qualcomm, Alphabet, banks' dividend moves, GTA 6 pre-orders, major investor events
[02:01-02:13] — Wendy’s rally, key economic releases for the day

Conclusion

This edition spotlights a booming memory market driven by AI demand and the drama surrounding influential global tech players. Investors are reminded to monitor major corporate events and key economic data releases, while political funding battles add another layer of complexity to the market landscape.

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Transcript1 lines

[00:01]
A
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to be with you on this Thursday, June 25th. I'm Julie Morgan. The Roundhill Memory ETF is back in focus after Micron reported better than expected quarterly results and SK Hynix unveiled plans for a US ADR listing. The ETF is up more than 12% in pre market action. DRAM has gained nearly 152% since its debut on April 2nd of this year. Micron, which is one of Dram's largest holdings, is up 17% premarket after reporting quarterly results. On Wednesday, MU reported fiscal third quarter results and guidance that topped Wall Street's expectations by a wide margin. Meanwhile, SK Hynix, another top holding in the fund, announced plans on Wednesday to raise as much as $29.4 billion through a USADR listing. The company said it plans to use the proceeds to expand production capacity as demand for AI memory chips continues to accelerate. Samsung Electronics, SK Hynix and Micron together account for roughly 3/4 of DRAM's portfolio. Shares of Alibaba slid to a 16 month low in Hong Kong on Thursday after Anthropic reportedly accused the company of illicitly accessing its artificial intelligence model. Baba tumbled as much as 4.9%, extending this year's decline to 33%. The firm's U.S. listed shares ended 3% lower on Wednesday. Other Chinese firms that develop large language models also fell, with Xiaomi and Baidu both dropping more than 3%, according to Bloomberg. Anthropic sent a letter to White House officials in several US Senators this week alleging that Alibaba was waging an industrial sized effort to illicitly access its CL flawed models. The strike by Alibaba is described as a distillation effort, which Anthropic has said involves training a less capable model on the outputs of one that is stronger. It said the campaign was conducted by operators affiliated with Alibaba and Alibaba Quinn. The White House on Wednesday asked Congress to approve $87.6 billion in supplemental spending to fund the Iran war and other priorities. The package includes $21 billion for the Defense Department, $1.4 billion for Ebola response efforts, as well as $768 million for the Energy Department's Nuclear and Energy security programs. The funding request could place some Republicans in a politically difficult position ahead of the 2026 midterm elections. Now for a look at a few other articles that are trending Qualcomm surges after its Investor Day reveals 15 billion in data center revenue by fiscal 2029. A report says Alphabet is set to lose two more AI researchers and JP Morgan, Wells Fargo and other big banks plan dividend increases in stock buybacks on our Catalyst Watch for the day. Notable investor events include Visteon's Investor Day and Barnes and Noble Education's Investor Day. Take Two Interactive's Rockstar Games will start pre orders for the highly anticipated Grand Theft Auto 6 video game. Moderna will hold a Science Day event. And after the market closes, Lululemon will hold its annual shareholder meeting. You heard more about this one on Wednesday's edition of Wall Street Lunch with Kim Khan. The Wendy's company is on our biggest movers list when continues to rally. It's up 15% in pre market action. And I have a few items for you on today's economic calendar, all at 8:30am GDP, jobless claims and personal income and outlays. That's it for today's Wall Street Breakfast. Thanks for listening. To Take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a Premium subscriber. Check out SeekingAlpha.com Subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.