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NYSE is closed today for Memorial Day. Use this briefing to position for Tuesday’s open.
AI & Semiconductors: NVDA dropped 2.5% to $215.33 as profit-taking continued after a strong run. TSM fell 1.2% to $404.52 in sympathy. The pullback is mechanical, not fundamental. Nvidia just launched the Ising AI model family for quantum error correction, expanding its infrastructure play beyond GPUs. The AI capex cycle is intact, and hyperscaler spending commitments through 2027 remain at record levels.
Data Centers: EQIX held steady at $1,079.79, up 0.1%. Data center REITs remain the quiet compounders in the AI trade. Equinix continues to benefit from hyperscaler expansion with occupancy rates above 90% across major metros.
Energy Bottlenecks: The big movers this week. VST surged 3.5% to $156.27 and CEG jumped 2.3% to $294.07. Nuclear is the new oil for AI. Vistra signed 20-year PPAs with Meta for 2,600 MW of nuclear power. Constellation has over 5,650 MW in clean energy contracts with hyperscalers including Microsoft and Meta. Vistra trades at 18x forward P/E vs. Constellation at 26x, with projected 77% earnings growth in 2026. This sector is the backbone of the AI power grid.
Oil & Gas: OXY inched up 0.2% to $58.81. Crude held near four-year highs on US-Iran negotiation uncertainty. Elevated energy prices are fueling inflation concerns and boosting expectations for delayed rate cuts. OXY remains a Buffett-backed value play in a tight supply environment.
Commodities & Rare Earth: FCX dipped 1.1% to $61.99 on short-term profit-taking, but the copper thesis is stronger than ever. Supply disruptions, AI infrastructure buildout, and global electrification are keeping large speculators net-long. Gold held above $4,500/oz with GLD up 0.3% to $245.18. Overall commodity prices are forecast to rise 16% in 2026.
Quantum Computing: IONQ exploded 9.7% to $63.64. This is the sector of the week. The Trump administration unveiled plans to pour over $2 billion into quantum computing companies. IonQ reported Q1 revenue of $64.7M and raised 2026 guidance to $260-270M. The company also achieved a photonic interconnect breakthrough, linking two independent trapped-ion quantum systems. Nvidia’s entry into quantum with the Ising models is validating the entire sector.
Emerging Healthcare: HIMS slipped 1.4% to $23.75. The telehealth space is consolidating after a volatile Q1 earnings season. Hims continues to expand its GLP-1 and compounded drug offerings, but regulatory uncertainty around compounded semaglutide weighs on sentiment. Watch for clarity from the FDA in June.
Defense & AI: PLTR eased 0.4% to $136.88 after its monster run. Palantir posted 85% YoY revenue growth in Q1 and raised full-year guidance to $7.65-7.66B, implying 71% growth for 2026. That is the fastest quarterly growth since IPO. The defense-AI convergence thesis is playing out exactly as positioned. Analysts have a consensus $183 target, representing 34% upside.
Emerging Space: RKLB soared 3.3% to $135.76 and hit fresh all-time highs this week. Q1 revenue came in at $200.3M, up 63% YoY with a record $2.2B backlog. Rocket Lab landed a $90M Space Force contract for defense satellites and signed its largest launch contract ever. The stock is up 94% in 2026. This is the SpaceX of the public markets.
Week Ahead: Markets reopen Tuesday after Memorial Day. Key data drops include Consumer Confidence on Tuesday and GDP second preliminary for Q1 on Thursday. Earnings to watch: Salesforce, HP, and Synopsys on Wednesday, Costco and Best Buy on Thursday. The earnings season has confirmed that AI investment is generating real returns and the consumer remains resilient, with tax cuts from last year’s One Big Beautiful Bill Act helping to offset higher energy costs.
The signal this week: the market is rotating from the AI picks-and-shovels trade into the AI power grid and the AI application layer. Nuclear, quantum, space, and defense-AI are leading. Semiconductors are consolidating. This is healthy. Position accordingly.
All Signal. Zero Noise.
Deep, Founder | zeronoisereport.com