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Range Takeaway: Friday's 60-day ceasefire extension wouldn't be the first headfake on Iran, but signals are lining up for a more durable resolution: Iran’s internet connectivity was largely restored this week, Tehran is hosting reconstruction talks, bond yields are down, and oil is having its worst month since 2020. The headline S&P reaction has been muted because AI infrastructure earnings have overwhelmed any oil-related weakness. Beneath the surface, peace would favor the laggards: retailers, homebuilders, airlines, and other rate-sensitive cyclicals.

Micron grabbed headlines by joining the trillion-dollar club this week. But the most noteworthy AI rally might be happening in Seoul, not Silicon Valley. 

South Korean bellwether Samsung crossed the trillion-dollar threshold in early May, and fellow memory heavyweight SK Hynix followed suit three weeks later. Both are up well over 100% year-to-date, with the latter up more than 1,000% in the past year. Memory is the critical fuel line powering AI, and Korea sits at the center of that supply chain.

Despite exceptional share price performance, valuations remain capped. SK Hynix is trading at 8x P/E. Samsung is at a 10-year-low valuation of 5x. Investors remain wary because memory is a classic boom-bust industry that tends to overbuild when demand is strong, leading to an eventual collapse in pricing and margins.

Yet these companies aren’t blindly adding capacity. They’re scaling back older products, shifting production toward AI chips, and raising prices sharply for both consumers and businesses.

Time will tell if this discipline holds. But with backlogs stretching through 2027, the near-term risk may be that prices head higher, not lower. That would be a boon for memory stocks, but a tax on everyone else trying to build the AI economy.

For decades, the goal has been simple: save as much as you can for retirement. What most high earners don't plan for is the challenge that comes next — pulling that money out without losing a chunk of it to taxes. One key consideration often missed when preparing for that challenge: IRMAA.

What IRMAA is: IRMAA (Income-Related Monthly Adjustment Amount) is a surcharge added to your Medicare premiums once your income crosses certain thresholds. For couples earning over $218,000, it can add up to $13,872 per year — and it applies every year your income stays above the line.

Why it can catch retirees off guard: Medicare starts at 65, and IRMAA is calculated using your income from two years prior. So the financial decisions you make in your early 60s — Roth conversions, large withdrawals, capital gains — quietly determine what you'll pay later.

The bigger trap: Required minimum distributions (RMDs) kick in as early as age 73. If you have a large pre-tax 401(k) or IRA, those forced withdrawals can push your income over the IRMAA threshold automatically — and once that happens, the surcharge can follow you through the rest of retirement.

How to prepare: The early retirement years (roughly 60–63) are a strategic window. Roth conversions done before age 63 don't count toward IRMAA at all, since Medicare hasn't started yet. Converting aggressively during that window shrinks your future RMDs, which can lower the income that triggers IRMAA later. The end result? Decades of potentially lower taxable income.

Apple legend Jony Ive designed Ferrari’s first-ever electric car, and the reception was “mixed” at best. The company’s stock slid 6% after the launch of the $640,000 car, which features a fake roar sound effect to mimic the classic Ferrari engine. 

That’s just one of the stories we covered this week on our Instagram-native news show, The Daily Range. We also covered Jeff Bezos’ latest takes on taxes, skyrocketing Knicks NBA finals ticket prices, and more. 

Follow us on Instagram @rangefinance to catch our videos next week.

With nine straight weeks of market gains, it's a good moment to check whether your portfolio has drifted from its targets — and whether you're still invested in a way that matches your actual goals. Account Executive Caroline Kenlon asked Rai: How can I better align with my investment plan?

Rai can review your portfolio and flag any meaningful drift from your target allocations as described in your Range investment plan, and can then walk you through strategies that could help you rebalance.*

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