- Futures for the three major U.S. stock indices surged across the board before the market opened, with Nasdaq 100 futures leading the rise by 1.13%, S&P 500 futures up by 0.71%, and Dow Jones futures up by 0.56%.
- Micron Technology, a giant in the memory chip industry, saw its pre-market shares rise by 12.71%, mainly driven by President Trump's public praise and significant bullish positions in the options market.
- JPMorgan raised its one-year target for the S&P 500 index to 9,000 points, noting that the monetization slope of the AI supercycle is steeper than previously expected by the market.
Pre-Market Index Surge and Divergence in European and American Assets
During the pre-market trading session in New York, there was a large-scale covering of long positions in tech stocks, driving the three major index futures higher. In contrast, major European indices showed clear regional divergence, with Germany's DAX index down 0.48%, France's CAC index down 0.72%, while the UK's FTSE 100 index rose by 0.48%. Global capital showed a clear trajectory of cross-regional flow from European stock markets to U.S. tech growth sectors before the market opened. Micron Technology's double-digit pre-market surge was linked to SK Hynix's 5.7% rise to a record high in the Asia-Pacific market, with the latter's year-to-date gain expanding to 215%. High-frequency price data indicates that the global hardware supply chain revaluation is ongoing.
Trump's Domestic Manufacturing Remarks Trigger Strong Options Squeeze
Behind Micron Technology's significant pre-market gains, Washington's political statements resonated with unusual capital flows in the options market. U.S. President Trump publicly praised Micron's domestic investment and capacity establishment, greatly improving the stock's policy compliance premium. Derivatives monitoring data shows that on the eve of the statement, the options market saw multiple large bullish options with a strike price of $1,400, expiring in January 2027, with total premiums exceeding $1.41 million. This early positioning by large-scale funds directly triggered a technical short squeeze before the market opened, pushing up memory concept stocks collectively.
JPMorgan's 9,000-Point Vision and the Storage Cycle Black Hole
JPMorgan's long-term target of 9,000 points for the S&P further establishes computing hardware as the primary liquidity magnet globally. Strategists believe that in the context of a significant increase in total factor productivity, the long-term profit growth rate of U.S. stocks is expected to remain in double digits. Correspondingly, Micron Technology's CEO provided strong micro guidance, clearly warning that the global shortage of high-performance memory chips will persist beyond 2026, and large-scale new capacity releases across the industry will not occur until at least 2028. This supply-demand black hole caused by the supply-side time lag is translating into excess pricing power for tech giants.
BlackRock's Bet Against Walsh's New Policy on Interest Rates
On the macro liquidity front, asset management giant BlackRock is directly confronting the hawkish consensus in the derivatives market. Despite the recent deterioration in the Middle East situation, which led to the federal funds futures pricing the probability of a Fed rate hike this year as high as 68%, BlackRock released a forward-looking expectation stating that under the policy path led by the new Fed Chairman Kevin Walsh, the monetary authorities actually have more reason to choose rate cuts over hikes when facing supply chain disruptions. This contrarian move successfully calmed the panic in the long-term bond market, with the implied rate hike probability quickly falling to 56%, providing a necessary interest rate defense umbrella for pre-market tech stock valuation expansion.
Geopolitical Supply Shocks and Traditional Industry Reshuffling
Beyond the tech mainline, geopolitical frictions and governance crises in traditional industries continue to suppress certain assets. The U.S. military announced a defensive airstrike in the region, while Iran quickly issued a counter-warning, declaring that if war fully resumes, it will not hesitate to block the entire region's oil exports. Affected by this potential supply shock, traditional energy giant BP saw its pre-market shares plummet by 4.74%. In addition to macro supply concerns, the company's emergency removal of its chairman and board members due to serious governance concerns also amplified the selling pressure. This stark contrast between tech prosperity and traditional energy turmoil highlights the multi-track operation characteristics of the current macro cycle.
