SYDNEY, June 22 (Reuters) – Australia said on Monday it will sell advanced radar technology capable of detecting long-range ‌missiles to Canada under a A$2.5 billion ($1.75 billion) ‌agreement, the country’s largest-ever defence export deal.
The agreement is Australia’s first overseas sale ​of the radar, known as Over-the-Horizon Radar technology, and will support Canada’s surveillance of the Arctic region.
“Today’s agreement marks a significant milestone in Australian defence trade and lays the foundation for ‌deeper and mutually beneficial ⁠defence industry collaboration with Canada,” Prime Minister Anthony Albanese said in a statement.
Canada’s Arctic region represents ⁠about 40% of its total landmass, though it is sparsely populated and has little infrastructure. Much of Russia’s Arctic area, which ​is about ​a fifth of its landmass, ​faces Canada and the ‌U.S. state of Alaska.
“Canada is reinforcing Arctic security through the Arctic Over-the-Horizon Radar project,” said Stephen Fuhr, Canada’s secretary of state for defence procurement.
“This project is part of a broader effort to build an integrated Arctic surveillance and communications network that ‌will strengthen Canada’s ability to monitor, ​understand and respond to activity in ​the Arctic.”
Australia’s Jindalee Operational ​Radar Network can detect and track aircraft, ‌ships and missiles up to 3,000 ​km (1,864 miles) away.
The ​deal to share the technology with Canada will create around 300 jobs in Australia and is the first ​stage of a ‌broader collaboration between the two countries on the radar, ​Australia said.
($1 = 1.4269 Australian dollars)
(Reporting by Christine Chen in ​Sydney; Editing by Christopher Cushing)

The AI boom has created a market where good results are no longer good enough. Investors have rewarded companies tied to artificial intelligence with premium valuations, but they have also become far less forgiving. A strong quarter can still lead to a falling stock price if management fails to convince Wall Street that growth is accelerating. We’ve already seen it happen to semiconductor leaders this year. Now it’s Micron Technology‘s (NASDAQ:MU | MU Price Prediction) turn in the spotlight.
And with the stock up nearly 300% year-to-date and roughly 830% over the last 12 months, expectations have never been higher.
AI Memory Demand: The Hottest Corner of Semiconductors
Micron’s rally hasn’t come out of nowhere. The company sits at the center of one of the tightest supply-demand imbalances in technology.
Demand for high-bandwidth memory (HBM), the advanced memory used alongside AI accelerators from Nvidia and others, continues to outpace supply. At the same time, prices for both DRAM and NAND memory have climbed as manufacturers prioritize higher-margin AI products and capacity remains constrained. Reuters recently noted Micron’s earnings growth is being driven by soaring memory prices and strong HBM demand.
The memory market is also highly concentrated. SK hynix, Samsung, and Micron control roughly 89% of the global DRAM market, according to Counterpoint Research, giving the trio unusual pricing power.
That combination of rising prices, tight supply, and explosive AI demand has transformed Micron from a cyclical memory maker into one of Wall Street’s favorite AI trades.
Beating Estimates Isn’t Enough Anymore
Micron reports fiscal third-quarter results on Wednesday, June 24, after the market closes.
According to Zacks, analysts expect fiscal Q3 revenue of approximately $34.8 billion and earnings of $19.72 per share, representing revenue growth of 268% and earnings growth of more than 930% year-over-year.
Those numbers are extraordinary. Yet they may not be enough. The market’s new standard is “beat and raise.” Investors want proof that future growth will exceed current expectations. Results matter, but guidance matters even more.
That’s exactly what tripped up both ASML (NASDAQ:ASML) and Broadcom (NASDAQ:AVGO) this year. ASML delivered a beat-and-raise quarter, but the increase in guidance was modest, leading to an initial selloff. Broadcom beat earnings estimates too, but its outlook failed to satisfy investors who had priced in even more growth, causing a bloodbath with its shares.
Micron faces the same challenge. Consensus expectations currently call for another strong quarter in fiscal Q4 and continued growth into fiscal 2027. To keep the stock’s momentum intact, management will likely need to exceed Q3 estimates, beat the whisper numbers circulating on Wall Street, and raise guidance for the current quarter and beyond.
Valuation Gives Micron an Edge
That said, Micron has one advantage Broadcom lacked heading into earnings: valuation. Broadcom entered earnings priced for near perfection. Micron doesn’t. Even after its massive run, Micron trades for less than 10 times forward earnings and carries a minuscule PEG ratio of approximately 0.07. Those metrics remain far below many AI-related peers.
Granted, Micron is no longer the bargain it was a year ago. Yet investors are still paying a relatively modest multiple for a company benefiting from AI-driven demand, rising memory prices, and supply shortages that industry leaders believe could persist well into 2027.
Key Takeaway
In short, Micron must deliver a stellar beat and an equally stellar forecast on June 24. Anything less risks a short-term selloff because expectations have risen almost as fast as the stock itself.
Regardless of how the market reacts immediately after earnings, the long-term story remains intact. AI demand continues growing, HBM remains supply-constrained, and memory pricing remains favorable. Those trends have driven Micron’s 830% gain over the past year, and they aren’t disappearing overnight.

President Trump has claimed that United States Park Police have made several arrests in connection with what he described as deliberate sabotage of the Lincoln Memorial Reflecting Pool in Washington D.C., which underwent a multimillion-dollar renovation earlier this year.
“The United States Park Police have arrested multiple individuals for vandalizing our Nations magnificent Reflecting Pool,” Trump wrote on Truth Social late Saturday evening. “These are very serious crimes having to do with the destruction of National Monuments. Years in jail! Work will begin immediately on its repair.”
In a second post on Saturday, Trump described the alleged damage in greater detail, saying more arrests had followed. He provided no evidence for any of his claims about the nature of the damage, and neither the Park Police nor any other law enforcement agency had publicly confirmed any arrests as of the time of publication.
On Friday, Maryland resident and former Olympian David Hearn was arrested and charged with destroying government property. Hearn says he merely reached into the pool to touch one of the already dislodged blue pieces, and denies the charge.
Trump said that the pool would be drained and repaired quickly, and framed the alleged vandalism as an affront to American history. “We met with contractors today, will probably be forced to release and drain much of the water in order to do the necessary repairs,” he wrote. “What these terrible Vandals have done is a true affront to both Presidents George Washington and Abraham Lincoln, and should be dealt with accordingly”.
‘A 250-foot long gash’
Trump described what he said was physical destruction to the pool’s newly renovated lining. “They took some form of knife or blade, and put a 250 foot long gash into the beautiful facade of what took so much work, competence, and money to build and complete,” he wrote Saturday. “They also poured corrosive and destructive chemicals into the Pool.”
The president connected the alleged vandalism to the recent green color of the pool — again, without evidence. The pool turned green last week after being refilled following its renovation, in which its floor was repainted in a shade Trump calls “American flag blue.”
Aquatic ecologists and pool specialists told NPR the discoloration was caused by a natural bloom of algae from the genus Desmodesmus — a process scientists say is common in shallow, sun-exposed bodies of water, and one that may have been accelerated by the renovation disturbing the nutrient balance of the water.
A George Mason University professor who took water samples confirmed the algae was not toxic.
A renovation that grew in scope and cost
In April, Trump revealed his plans for the pool to be made “American flag blue,” in time for the 250th anniversary of the Declaration of Independence on July 4. The president also posted a fake image of himself and several of his administration officials in swimsuits, along with an unidentified woman in a bikini lounging in the water.
Trump defended the recent work in his Saturday post, writing: “The Reflecting Pool was never so beautiful as it was just one week ago, even going back to 1922 when it opened.” The pool opened in 1923.
The renovation project expanded significantly beyond the initial public cost estimate of $2 million, to more than $14 million by the time work was completed. A Virginia-based contractor received the no-bid contract. A separate Ohio-based company was paid approximately $1.7 million for nanobubble ozone technology deployed to treat the algae bloom.
The project was also the subject of a lawsuit filed in May by the Cultural Landscape Foundation, a nonprofit that argued the administration had bypassed required historic preservation reviews. A federal judge had not yet ruled on the case by the time the administration notified the court that work had been completed.
The White House has also provided no evidence that vandalism caused the pool’s discoloration, or any of the structural damage the president has described.

Shares of Micron Technology (MU +8.80%) have rocketed past $1,000, propelling the company into the elite trillion-dollar club. That meteoric rise reflects the seismic shift that artificial intelligence (AI) is imposing on the semiconductor landscape, where memory chips have shifted from boring commodity to mission-critical infrastructure.
While Micron’s rally is still in full swing, smart investors are wondering where the stock could be headed next. The answer will hinge on the durability of AI-driven data center demand, how Micron’s valuation stacks up against both the memory market’s volatile past and today’s AI chip leaders, and whether the market has already fully priced in the best-case scenario.
Breaking down the AI memory supercycle
The biggest catalysts for Micron’s explosive ascent are surging demand for high-bandwidth memory (HBM) and advanced DRAM solutions. AI training and inference workloads require enormous bandwidth and capacity that conventional memory solutions struggle to deliver efficiently.
HBM gets layered directly alongside GPU clusters in servers, enabling the low-latency data movement that is essential for large language models (LLMs) and other compute-intensive applications. Micron, Samsung, and SK Hynix are the largest manufacturers of HBM.
Micron’s management has repeatedly emphasized the extraordinary tightness in HBM supply relative to demand. Not only is the company’s entire 2026 production capacity sold out, but all indications point to DRAM shortages lingering past 2027 as AI capital expenditures continue to accelerate.
According to data compiled by TrendForce, the size of the global memory market is expected to reach $1.3 trillion in 2027 — up 44% from 2026. TrendForce estimates that DRAM revenue will rise 303% this year to $619 billion and expand to $903 billion in 2027.
As HBM and DRAM remain in short supply, producers like Micron should be able to sustain meaningful pricing power — supporting the case for robust gross margins that the memory market rarely sees.
NASDAQ : MU
Micron Technology
Today’s Change
( 8.80 %) $ 91.81
Current Price
$ 1135.00
Key Data Points
Market Cap
$1.3T
Day’s Range
$ 1092.99 – $ 1149.21
52wk Range
$ 103.38 – $ 1149.43
Volume
1.8M
Avg Vol
51.3M
Gross Margin
58.54 %
Dividend Yield
0.04 %
Analyzing valuation trends in the memory market
The memory market has historically been notoriously cyclical. During past supercycles, Micron’s price-to-earnings (P/E) multiple typically bottomed out between 3.5 and 8 as investors cautiously priced in the near-certainty that as the chipmakers rushed to expand their production capacity, they would inevitably overshoot as a group, leading to an eventual oversupply and subsequent margin erosion.
Micron’s current P/E of 48 looks expensive relative to its historical thresholds. The company’s profitability has surged so rapidly in recent quarters that its P/E ratio only partially reflects a dramatically higher earnings per share (EPS) base rather than simple multiple expansion on static profits.
What differentiates the current environment from past cycles is Micron’s ability to win longer-term customer commitments. The company has moved beyond spot-market negotiations and is securing multiyear supply agreements with hyperscalers that lock in both volume and pricing. These contracts should alleviate some of the boom-bust volatility that has historically plagued the memory market.
Against this backdrop, Micron’s trailing P/E multiple of 48 captures both the immediate earnings inflection and the market’s ongoing reassessment of memory’s role as a durable component of AI infrastructure build-outs rather than as a pure commodity.
Does Micron stock have room to run?
Comparing Micron to other prominent AI chip stocks can provide some useful context. Nvidia, Broadcom, and Taiwan Semiconductor Manufacturing are all leaders in their respective verticals within the chip value chain. Each stock has traded at elevated valuation multiples throughout the AI revolution — frequently carrying P/E multiples above 40.
The forward P/E multiples for each of these leaders have generally settled in the mid-20s to mid-30s range, even after meaningful stock price appreciation. These trends suggest investors remain confident in the multiyear visibility and pricing power that come with accelerating hyperscaler spending.
While Micron’s trailing P/E multiple sits within or modestly below the peer range shown, its forward P/E of 9.5 is considerably more attractive, given the scale of its expected revenue and earnings growth over the next two or three years. This gap suggests Micron stock has further room for valuation expansion as the market rerates the stock in light of the structural shift in the nature of the company’s business.
That said, investing in Micron stock is not without risk for investors. Should new foundry capacity from Micron and its competitors come online faster than investors anticipate, or if hyperscalers moderate their data center capital expenditures, its profit margins and valuation multiples will likely compress toward their historical averages.
Nevertheless, the combination of sold-out near-term HBM supply, multiyear contract visibility, and a modest valuation profile relative to other AI chip leaders suggests that Micron stock has room for meaningful upside before it reaches levels that would qualify it as fully priced for perfection.

Chip Somodevilla | Getty Images
Federal Reserve Chairman Kevin Warsh’s first big announced changes point toward a quiet revolution, with task forces set up to rethink virtually everything done to set policy and the approach used to get there.
Following his first meeting at the helm Wednesday, Warsh outlined the plan — a sprawling, ambitious endeavor entailing five task forces that will utilize resources and experts within the Fed and from the outside.
The reviews amount to a comprehensive examination of all the areas that define modern monetary policy. No chair in recent history has launched a project that has matched the ambition of this one.
Their job will be to examine communications, data the Fed uses to measure the economy, the view on inflation and its causes, the impact of technology such as artificial intelligence and the size and composition of the Fed’s $6.7 trillion balance sheet and the potential path to cutting the holdings.
The task forces will “start with first principles, ask hard questions, examine current practice, consider alternatives, and ultimately propose next steps for policymaker consideration,” Warsh said.
“Each task force will serve an objective shared by everyone in the system, shared by everyone around that table that I sat with over the last couple of days: a Federal Reserve that is clear-eyed about its mission, fit for purpose, and focused on the future,” he added.
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In announcing the task forces, Warsh was emphatic and deliberate.
But gone was the harsh rhetoric he has used to denounce the central bank over the past year.
Last July, Warsh, in a CNBC interview while he was campaigning for the job, called for “regime change” at the Fed and cited a “credibility deficit” caused by “incumbents” at the institution. In its place were comments about how “incredibly impressed” he was with what he’d seen in his first weeks on the job and how the meeting “exemplified the very best of the Fed’s traditions.”
What once looked like a potentially rancorous atmosphere inside the institution quickly become collegial as Warsh looks to carry through a fundamental rethink of how it does business.
“What I think we’re seeing is regime change, but in a velvet glove,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman. The task forces “basically are going to review and maybe revise all the working aspects of Fed practice, from communications to data sources to the way they approach the balance sheet to the inflation framework. There’s a lot of potential regime change there.”
Warsh’s decision to take the positive view came as little surprise to Fed veterans, several of whom spoke in favor of the direction the new chairman charted.
“All those who’ve been in the Fed know that the way change operates is through just what he did, which is create task forces to build consensus,” former central bank Vice Chair Roger Ferguson told CNBC. “There are some things that one can get rid of that I think would be helpful and there are others where maybe he must be careful.”
Getting started
Former Cleveland Fed President Loretta Mester served on a communications subcommittee during her tenure that ran from 2014 to 2024, part of a nearly 40-year career at the central bank. She’s familiar with prior efforts the Fed made to enact change that perhaps weren’t quite as codified as the approach Warsh is taking.
“All the things he’s looking at are things that the Fed has looked at. But he’s organizing the work, and I think he’s putting it on a faster than typical timeframe for some of these projects that the Fed has undertaken before,” Mester said. “So, I think this is all good to be studying. Of course, we’ll have to see what then the recommendations are, and what changes he wants to make.”
One of the most visible areas Warsh has changed is communication.
The post-meeting statement eschewed much of the boilerplate language of its predecessors and instead offered a bare-bones view of what the committee decided and how it views current economic conditions. In format, the statement began with the actual rate action — unchanged, as expected — a callback to how the Fed used to formulate its statements prior to March 2009. Since the financial crisis-era period, the Fed had been starting the statements with an assessment on the economic state of affairs.
Mester said she has no problem with the Federal Open Market Committee returning to the prior format. However, the statement this week also deleted so-called forward guidance language, something she said officials may want to address with more information about the Fed’s “reaction function,” or the outline of how and why the Fed will adjust its position to economic factors.
“I like the fact that they got rid of a lot of what we would call boilerplate language that really wasn’t serving any purpose anymore,” she said. Mester added that the Fed has long had a “Hotel California problem.”
“Once a phrase or sentence got in there, it was very difficult to get it out. So this was a needed sort of purging,” she said.
Other areas likely to be explored will be the elimination of the “dot plot” rate forecasts from individual FOMC participants as well as a potential adjustment to the news conferences chairs have held for the past 15 years.
Other areas of reform
The task forces will take aim at a broad swath of Fed operations.
On the balance sheet, Warsh has long objected to the Fed’s large position in bond markets, which swelled during and after the financial crisis of 2008, as well as in the Covid pandemic in 2020.
There also will be a study of how the Fed gauges inflation after being above its goal for five years following the erroneous “transitory” call in 2021 and 2022. Artificial intelligence and its impacts also will be in focus, as will a comprehensive view of the metrics that the Fed is using to gauge the economy, with an expected look at further using data and analytics for guidance.
BlackRock fixed income chief Rick Rieder, himself a finalist for the nomination that Warsh won, called the chairman’s approach “a new era of monetary policy in the United States.”
“Building a sense of confidence in achieving monetary policy targets will only be enhanced by an impressive consideration of complex subject matter that could be very influential on the economy and Fed targets going forward,” Rieder said in a post-meeting note. “So, this time is different, we are hearing about a different philosophy, different tools, and potentially a very different policy ethos.”
One important way to make it all work is to provide clear lines about what will be moving monetary policy in the future, added Mester, the former Cleveland Fed president.
“It doesn’t have to be numerical, doesn’t have to be very prescriptive, but to get a sense of kind of what are they looking at, what kinds of things are going to persuade them one way or the other,” she said. “I think that’s something that we want our central bankers to be able to articulate to us. Otherwise it’s sort of ‘trust me,’ and ‘trust me’ is not good communication.”