Hot May payrolls erase $1.3T from chip stocks, end Wall Street's nine-week rally
Philadelphia's chip index posted its worst day since March 2020, and rate-cut bets flipped into 43% odds of a year-end hike.
Jun 7, 2026 4 min read
Philadelphia's chip index posted its worst day since March 2020, and rate-cut bets flipped into 43% odds of a year-end hike.
Even after Bloomberg said the target slipped by $200 billion, the $75 billion raise would still be three times Saudi Aramco's record.
UBS just tripled its price target to $1,625 — implying a 90% rally and a $1.8 trillion valuation that would put Micron ahead of Tesla.