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On June 24, AI chip manufacturer Cerebras Systems released its first earnings report following its IPO in May. The stock fell 11% in after-hours trading due to the company's forecast of declining profit margins for the next quarter. The earnings report indicated that first-quarter revenue reached $193.4 million, nearly doubling compared to the same period last year; the adjusted net loss was $2.5 million, significantly better than analysts' previous expectations of a $36.75 million loss. For the second quarter, the company expects revenue to be approximately $194 million. However, investors are currently more focused on the core gross margin performance. Cerebras anticipates that the core gross margin for the second quarter will be between 36% and 38%, down from 46.5% in the first quarter. Cerebras completed its IPO in May at a price of $185 per share, raising $6 billion. After the IPO, the stock initially surged to a high of $385 but has since continued to decline. The after-hours stock price has further dropped 11%, now at $201.55.

1. Boeing has secured a fixed-price incentive contract from the U.S. Air Force valued at up to $2 billion for the second phase of the Mobile User Objective System (MUOS) service life extension project. 2. The contract covers the design, development, construction, launch support, and on-orbit testing support for two MUOS satellites. Boeing won the contract over Lockheed Martin in a competitive procurement process. 3. The related work will take place in El Segundo, California, and is expected to be completed by September 30, 2035.

All component stocks suffered across the board, with SanDisk closing down 13.6%, Micron Technology down 13.2%, Lam Research down 9.3%, Rambus, Applied Materials, Western Digital, and Teradyne down as much as 8.6%, and Seagate Technology down 5.1%.