Weekly Market Commentary

The Noble Weekly Review

Week of June 22 – 26, 2026  •  Published June 29, 2026

Market Scorecard — Last Week

Gabe's Weekly Perspective

The story of the week was Micron. When a company in the middle of the AI supply chain beats earnings by that kind of margin, the market pays attention — and it did, hard. What I found equally interesting was how the rest of the Mag 7 traded: they all sold off mid-week, sometimes sharply, and then nearly all of them recovered. That's a healthy pattern — it tells you dip buyers are still there, and conviction in these names hasn't broken. The two that didn't recover, Apple and Nvidia, are worth watching. Apple's price increase announcement was the catalyst for its selloff — the market is clearly skeptical that customers will absorb higher prices in the current consumer environment. As always, weeks like this reinforce why diversification across the AI theme — not just one or two names — matters.

Moving Higher

Under Pressure

What Moved Markets Last Week

Micron Ignites a Rally

Micron Technology reported fiscal Q3 earnings Wednesday evening and demolished expectations — revenue and guidance both came in well ahead of consensus, driven by surging AI-related memory demand. The stock surged roughly 15% intraday Thursday, pulling the broader semiconductor and AI supply chain with it. For investors watching the AI infrastructure buildout, this was a clear signal that the data center spending cycle remains firmly intact.

Mag 7 Sold Off, Then Snapped Back

The Magnificent 7 faced a sharp mid-week selloff — Meta dropped from ~$562 to ~$543, Microsoft fell from ~$374 to ~$353, Amazon slid from ~$234 to ~$227, and Tesla dipped to ~$375 by Wednesday. But the recovery was equally sharp: most names closed the week at or above where they started. Amazon finished up +4.4%, Alphabet gained +3.2%, Tesla closed +0.9%, and Meta and Microsoft essentially broke even. The message — these names remain well-bid on dips.

Apple and Nvidia Left Behind

Two notable exceptions to the recovery story: Apple dropped sharply mid-week and did not bounce back, finishing down -5.2% on the week, after the company announced price increases across its product lineup — raising concerns about demand elasticity and consumer pushback heading into the back-to-school and holiday cycle. Nvidia also slid -3.8% with no meaningful recovery, as investors may have rotated into Micron and other memory plays as the cleaner AI earnings story. The divergence between AI-infrastructure winners (Micron, Amazon, Alphabet) and the AI-adjacent megacaps (Apple, Nvidia) was the defining rotation of the week.

On the Radar — June 29 – July 3

• Wednesday, July 1
  Sinda Ltd. (SIND) IPO (Price: $11.25-13.25)
• Wednesday, July 1
  Bending Spoons S.p.A. (BSP) IPO (Price: $26.00-28.00)
• Wednesday, July 1
  ITG, Inc./DE/ (ITG) IPO (Price: $19.00-22.00)
• Wednesday, July 1
  CopperTech Metals Inc. (CUX) IPO (Price: $16.00-18.00)
• Wednesday, July 1
  Neutron Holdings, Inc. (LIME) IPO (Price: $24.00-26.00)

USA Advances to the Knockout Round

On a lighter note — the U.S. Men's National Team has advanced to the knockout stage of the 2026 FIFA World Cup, and they play again this week. As the host nation, the energy around this tournament has been unlike anything we've seen in American soccer. It's a good week to be in this country. Let's go USA.