👉 Cerebras' $20B OpenAI Contract

Together with Waldo

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• Micron signed 16 multi-year strategic customer agreements — providing predictable cash flows.

• FedEx returned $2.2 billion to shareholders in the form of share buybacks and dividends.

• Cerebras signed a multi-year contract with OpenAI valued at $20 billion.

Investor Events / Global Affairs:

• Apple was forced to raise their prices by Micron.

• Amazon had another blockbuster Prime Days sale.

• OpenAI is likely to delay its IPO until 2027.

Economic Updates:

• Core PCE climbed to its highest level since 2023.

• The U.S. economy is growing faster than expected.

Portfolio Update:

The Dividend Growth Portfolio continues to trend up and to the right. My YTD performance is +14.9%, with my “Long Risky” subsection leading the way at +25.8% YTD. Some of the biggest winners in that subsection YTD include Astera Labs, Arm Holdings, and Oscar Health — all up well over +100% YTD.

Delighted to see the “Dividend Growth Stocks” subsection is finally outperforming the S&P 500 YTD, albeit marginally. That subsection is being led higher by names like Analog Devices, UnitedHealth Group, and WWW Grainger.

Very happy to see the SPMO position, which replaced Berkshire Hathaway a few months ago, if up +17.4% YTD — more than double the YTD performance of the S&P 500, and outperforming the Nasdaq-100.

👉 Best and Worst ETF Performers of the Week

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👉 Key Earnings Announcements:

Micron signed 16 multi-year strategic customer agreements — providing predictable cash flows, FedEx returned $2.2 billion to shareholders in the form of share buybacks and dividends, and Cerebras signed a multi-year contract with OpenAI valued at $20 billion.

• Micron (MU)

Key Metrics

Revenue: $41.5 billion, an increase of +345% YoY

Operating Income: $33.3 billion, an increase of +1,461% YoY

Profits: $28.2 billion, an increase of +1,398% YoY

Earnings Release Callout

“Micron's record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era. Micron is investing at record levels in technology, products and supply to address our customers' rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron's strong financial performance.”

My Takeaway

• FedEx (FDX)

Key Metrics

Revenue: $25.0 billion, an increase of +13% YoY

Operating Income: $2.1 billion, an increase of +3% YoY

Profits: $1.6 billion, compared to $1.7 billion last year

Earnings Release Callout

“We delivered a strong finish to fiscal 2026, driven by momentum in FedEx Express and our ongoing transformation initiatives. As we enter this next chapter, including the strategic spin-off of FedEx Freight, we remain focused on executing our Network 2.0 strategy to drive structural profitability and operational efficiency.”

My Takeaway

• Cerebras (CRBS)

Key Metrics

Revenue: $193.4 million, an increase of +94% YoY

Operating Loss: -$15.0 million

Net Loss: -$14.0 million

Earnings Release Callout

“This was an outstanding start to 2026 for Cerebras. And we are proud of our achievements. AI has moved from being a novelty to being useful and productive. Cerebras' wafer-scale technology delivers the fastest AI in the world.”

My Takeaway

👉 Investor Events / Global Affairs:

Apple was forced to raise their prices by Micron, Amazon had another blockbuster Prime Days sale, and OpenAI is likely to delay its IPO until 2027.

• Apple (AAPL) and Micron (MU) Raise Prices

Here’s where Micron’s earnings shared earlier comes full circle. This week, Apple raised prices on roughly 14 products — MacBooks and iPads — by as much as $300, explicitly citing the surge in memory costs.  Apple rarely does this. Tim Cook’s machine is built around holding price and protecting margin through supply-chain mastery — so when Apple raises prices, it’s a flashing signal that input costs have moved beyond what even they can absorb.

And it wasn’t just Apple. Microsoft also hiked prices, citing the same surging chip and memory costs. Apple even went out of its way to explain the move publicly, shown below.

Memory is printing record margins because it’s suddenly scarce and expensive — and the flip side is that everyone who buys memory is now eating higher costs and passing them straight to consumers. Apple shares had a rough week into the news, down about 5.5% before bouncing Friday, while Microsoft held up far better, roughly flat to up on the week.

• Amazon (AMZN) June Prime Days

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