Wall Street stopped treating AI like software.

Micron Technology makes the memory chips that sit next to processors inside AI data centers. Think of them as the short-term notepad your phone uses, except each chip now costs thousands of dollars and every cloud company on Earth wants more of them.

On Tuesday, the stock surged 19% after UBS nearly tripled its price target from $535 to $1,625. The thesis: long-term supply agreements are locking in pricing power that could last through 2029.

Micron has sold out its entire 2026 supply of HBM4 chips. That is the specific type of high-bandwidth memory AI systems devour. CEO Sanjay Mehrotra said the company is filling only 50-65% of key customers' demand.

A year ago, Micron was worth less than $100 billion. It closed Tuesday above $1 trillion. The market is not paying for memory chips. It is paying for the infrastructure layer underneath every AI system being built.

The U.S. Space Force awarded SpaceX a $2.29 billion contract on Tuesday for the Space Data Network Backbone. That is a constellation of low-Earth orbit satellites designed to move military data from missile sensors to interceptors in near real time.

SpaceX is the private rocket company founded by Elon Musk. It is preparing for a June 12 IPO that could value the company at $1.7 trillion.

The SDN contract is tied to the Golden Dome missile defense program. The Pentagon wants a fully operational prototype by the end of 2027.

Here's the thing. When the defense budget treats a satellite company the same way it treats Lockheed Martin, the market stops calling it a tech startup. It starts pricing it like sovereign infrastructure.

The University of Michigan's consumer sentiment survey fell to 44.8 in May. That is a new all-time low. The survey has been running since 1948.

Two-thirds of consumers said they are cutting back on spending because of rising prices. The Conference Board's confidence index also dipped, with its Expectations Index sitting at 74.4. Any reading below 80 has historically signaled a recession within the next year. It has been below that line since February 2025.

Think about that for a second. Your brokerage app is at a record. Your gas station is at a four-year high. The S&P 500 closed Tuesday at 7,519.12. AAA's national average is $4.49 a gallon.

Polymarket prices zero Fed rate cuts this year at 66%. Polymarket is the prediction market where traders bet real money on outcomes. The volume is telling you the same thing the sentiment survey is: relief is not coming from rates.