CNBC — 2026-06-24#

Lead Story#

Micron Technology shares surged over 10% in extended trading after delivering a massive fiscal third-quarter beat, driven by explosive AI-related memory demand. The company’s staggering 84.9% gross margin has pushed it past Nvidia and Meta, crowning Micron as the tech sector’s new margin king amid persistent global supply constraints.

Markets & Economics#

Treasury Secretary Scott Bessent joined “Squawk Box” to outline the administration’s economic vision, stating that U.S. GDP growth can return to 3% before the end of the year. Bessent also assured investors that the U.S. Treasury will oversee frozen Iranian funds upon their release as part of the interim peace deal, mandating their use for U.S. agricultural and pharmaceutical goods. In real estate, Rick Santelli broke down the May new home sales decline as the housing market evaluates persistent affordability issues. The energy market saw Brent crude fall back to pre-war levels as tankers resumed exiting the Strait of Hormuz, prompting Energy Secretary Chris Wright to assert the U.S. has effectively ended Iran’s ability to close the vital shipping lane.

Business & Earnings#

Cerebras Systems stock took a 17% hit following its first earnings report since its IPO, though CEO Andrew Feldman argued on air that the market “misunderstood” the AI chipmaker’s narrowing margin forecast. Meanwhile, OpenAI President Greg Brockman discussed his company’s new custom silicon partnership with Broadcom, noting the new “Jalapeño” chip is a real performance improvement for AI inference. FedEx shares experienced a volatile session following a noisy but solid earnings beat, driven by its recently spun-off freight unit and resilient demand despite fuel surcharges. Qualcomm also made waves by announcing a new AI data center CPU, with Meta signed as its first major customer.

Investing & Commentary#

President Trump’s sudden cancellation of the bipartisan housing bill signing sent shockwaves through the market, with Sen. Elizabeth Warren stating the move “just doesn’t make any sense” while Strategas’ Dan Clifton predicted the affordable housing bill will become law anyway. On the equity side, Carson Group’s Ryan Detrick argued the recent tech sell-off and market rotation is a good sign and constructive for broader market health. Fundstrat’s Tom Lee echoed this bullishness on tech specifically, urging investors to “buy the dip” on semiconductor stocks after the recent pullback hit historical support levels.

Also Worth Watching#

• Kalshi CEO Tarek Mansour on new KPOW index and regulating prediction markets: The CEO discussed mitigating insider trading concerns and acknowledged early thoughts on taking the prediction market platform public.
• Tri Pointe Homes CEO: The need for affordable housing is not going to be fixed at the federal level: Doug Bauer reacted to the stalled housing legislation and its impact on the homebuilding sector.
• Charitable giving hits record high: Here’s what to know: A soaring stock market and recent tax changes have driven philanthropic contributions to unprecedented levels.
• Early Cerebras investor Steve Vassallo on first earnings report since IPO: Vassallo provided perspective on the AI chipmaker’s trajectory after a turbulent initial public earnings report.