An Nvidia-fueled tech rally powered stocks to new records, though market breadth was weak as only the information technology and energy sectors rose.
Stocks continued to power higher, with the S&P 500 and Nasdaq 100 setting new record closing highs, though the Russell 2000 dipped. The S&P 500 has risen for its eighth straight session, its longest winning streak in over a year.
Gains were concentrated in the information technology and energy sectors, as software stocks rallied and oil rose. On Truth Social, President Trump posted that talks with Iran “are continuing, at a rapid pace,” pushing back against reporting earlier in the day.
Moving higher:
Nvidiaclimbed after announcing its entry into the laptop market with a new PC “superchip” that willpower a fresh line of Windows laptops by Dell and HP.Nvidia’s new laptop superchip — which uses Arm architecture — sent shares of
Armhigher,validating demandfor its IP in the PC market.Jensen Huang’s comments at Computex threw fuel on the AI software trade, lifting
Microsoft,Salesforce,ServiceNow,Snowflake,Oracle,Atlassian,Zscaler,Okta,MongoDB,Figma,Asana, andBigBear.aiin a broadsoftware rally.Salesforcegot an additional boost after Bloomberg reported its $50 million investment in Anthropic is nowvalued at around $5 billion.AI data center stocks surged after Dell delivered an Nvidia server to CoreWeave, with
Dell,CoreWeave,Nebius, andPOET Technologiesallclimbing.IRENrose after closing a$3.65 billion GPU financingfacility to support its Microsoft contract.Taylor Morrisonjumped after Berkshire Hathaway agreed tobuy the housebuilder for $6.8 billion.AMCandCinemarkclimbed onrecord May movie theater attendance.MGM Resortssurged after a report that Barry Diller isplanning a bid for the company.IBMsurged after Barclays initiated coverage with a $350 price target, while a2025 video of Trumpsaying the stock will “go up a lot more” went viral.Niogained after reporting a62% surge in May deliveries, with Chinese EV peerXPengalso climbing after sales mostly rebounded.HPclimbed as one of the manufacturers set tobuild laptops powered by Nvidia’s new chip.HYPEhit anall-time highas its treasury companies proved to be the only profitable ones in the space, with treasury stockHyperliquid Strategiesalso climbing.
Moving lower:
Nvidia’s entry into the laptop market with a new PC superchip pressured incumbent chipmakers, with
Intel,AMD, andQualcommallfallingon the competitive threat.Strategysank after revealing itsold bitcoin.Appleslipped as Nvidia’s push into the laptop market raised questions aboutcompetitive pressure on MacBooks.Bitcoincontinued to dip afterclosing May in the red, raising questions about whether June will bring more downside.