Several major technology firms reported significant financial developments this week, while separate events related to U.S.-Iran relations and extreme weather in Europe also occurred. U.S.-based Micron Technology announced record quarterly profit margins, and South Korea’s SK Hynix filed for a major stock listing on the Nasdaq exchange.
In its latest quarterly report, Micron Technology posted a gross margin of 84.9%, an increase from 74.9% in the previous quarter and 39% during the same period last year. Following the earnings release on Wednesday, the company’s shares rose by 15%. According to company filings, Micron’s reported margin is higher than the most recently reported figures for Meta (81.9%) and Nvidia (75%).
In other industry news, South Korean chip manufacturer SK Hynix has filed for an American Depositary Receipt (ADR) listing on the Nasdaq. The filing indicates a potential valuation of up to $29.4 billion. Shares of SK Hynix increased by as much as 11% in Thursday trading after the announcement.
Separately, Qualcomm increased its fiscal 2029 revenue forecast for its non-handset business to $40 billion, a substantial increase from its prior projection of $22 billion. The chipmaker also announced a new data center processor, the Dragonfly C1000, and stated that Meta intends to utilize the chip when production begins in 2028.
On the geopolitical front, U.S. President Donald Trump commented on maritime passage through the Strait of Hormuz, stating that Iran had provided assurances that no tolls or charges would be applied to transiting vessels. He further stated that recently unfrozen Iranian assets would be used to purchase agricultural goods from the United States.
These remarks followed statements from Iranian officials on Tuesday, who said that Iran would decide how to use its unfrozen assets and that any agricultural acquisitions would be based on price and quality. The White House has since sent a supplemental funding request to Congress for $87.6 billion to cover costs related to the conflict in Iran and farm aid, among other items. The funding request was met with opposition from congressional Democrats.
Meanwhile, a heatwave in Europe has led to service disruptions. On Wednesday, a power outage in France affected 68,000 homes. In the United Kingdom, Germany, and Switzerland, transportation and school operations experienced disruptions. According to data from the European Union’s Copernicus Climate Change Service, Europe has been warming at twice the global average rate since the 1980s.
In a separate development, artificial intelligence company Anthropic sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs accusing Chinese technology firm Alibaba of an attempt to extract its AI capabilities. The letter, confirmed by CNBC on Wednesday and dated June 10, alleged Alibaba carried out what Anthropic described as “the largest known distillation attack on Anthropic to date.” Distillation is a method of training a smaller AI model using the outputs of a larger one.
