Key Takeaways
- Iran’s Foreign Ministry has cooled expectations of an "imminent" nuclear agreement, citing "deep and significant" differences with the United States despite ongoing mediation efforts by Pakistan and Qatar.
- Micron Technology (MU) CEO Sanjay Mehrotra warned that memory chip shortages will persist beyond 2026, driven by a sharp increase in demand from AI data center build-outs.
- U.S. Trade Representative Jamieson Greer confirmed no immediate tariffs are coming for semiconductors, though he emphasized the necessity of duties to protect domestic investments in chip production.
- Secretary of State Marco Rubio rejected Iran's proposed "tolling system" for the Strait of Hormuz, calling the attempt to charge transit fees in an international waterway "unacceptable."
- Major personnel shifts are hitting the Trump administration, with Tulsi Gabbard set to exit her role on June 30 and Aaron Lukas tapped as the Acting Intelligence Director.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei stated on Friday that while diplomatic traffic has increased, the parties have not yet reached a point where an agreement is close. Baghaei emphasized that diplomacy takes time and that current negotiations are focused on ending the war rather than the specific details of the nuclear file or highly enriched uranium.
Despite the diplomatic deadlock, Iranian state media reported that 35 vessels transited the Strait of Hormuz over the last 24 hours in coordination with Iranian naval forces. Secretary of State Marco Rubio condemned Iran’s efforts to institutionalize a "tolling system" for the waterway, asserting that the U.S. will not tolerate Tehran's attempt to monetize access to a vital global energy artery.
In the technology sector, Micron Technology (MU) shares were in focus after CEO Sanjay Mehrotra projected that DRAM and NAND flash memory shortages will last at least until 2027. Mehrotra noted that the company can currently only meet half to two-thirds of demand from its key customers as AI-driven requirements continue to outstrip global supply capacity.
Addressing trade concerns, USTR Jamieson Greer clarified that there are no imminent plans to impose new tariffs on semiconductor imports. However, Greer maintained that trade barriers remain a critical tool for facilitating the reshoring of chip production and protecting the billions of dollars currently being invested in U.S.-based manufacturing facilities.
In domestic politics, President Trump announced that Tulsi Gabbard will leave the administration on June 30, citing personal family health reasons. Aaron Lukas, the current Principal Deputy Director of National Intelligence, has been appointed to serve as the Acting Intelligence Director following her departure.
Meanwhile, in Europe, the Italian government has officially approved an extension of fuel tax cuts to help households and businesses manage high energy costs. The measure, which was set to expire, was prolonged as Italy remains particularly vulnerable to energy supply disruptions linked to the ongoing Middle East conflict.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.