AI’S PARABOLA RETRACES

Stocks are falling in a big way, with high single-digit or double-digit declines in most of tech and especially the AI trade. There may be something of a “flight to quality,” as shares of Apple and Meta are up slightly after declining on Monday, while names that had been up sharply on Monday such as Micron Technology, SanDisk and Bloom Energy are selling off heavily.

QUANTUM ORDER

One thing that is not selling off today is quantum computing, with the three front-runners, IonQ, D-Wave, and Rigetti up 1%, 5%, and 2%, respectively, following the White House’s two executive orders on quantum signed by U.S. President Donald Trump on Monday to “usher in the Next Frontier of Quantum Innovation,” as the White House put it.

QUALCOMM’S PITCH

Shares of Qualcomm are down 10% at $$199.46 in advance of the company’s analyst day meeting in New York that spans Wednesday through Thursday. The last analyst day was in November of 2024 — eons ago in AI time.

ASML shares are down two points at $1,929 Monday morning despite an upbeat note from Merrill Lynch’s Didier Scemama, who reiterates a Buy rating and raises his price target to €2,022 from €1,921 on the ordinary shares traded in Amsterdam, and $2,345, up from $2,268 previously on the U.S. American Depository Receipts. That’s a potential twenty-two-percent gain.

This is Scemama’s second price-target increase in less than a month.

SPACEX’S AI BUSINESS IS THE X FACTOR

SpaceX, currently worth $2.3 trillion at Monday’s price of $165.30, is so big that ittakes a village to cover it.

It’s still a bit before we receive stock ratings from Goldman Sachs and the other underwriters of SpaceX’s June 12th initial public offering, but Monday, three KeyBanc analysts, Michael Leshock, Brandon Nispel and Justin Patterson commenced coverage of the shares with a “Sector Weight” rating, the equivalent of a Hold. Each equity analyst has one of the three businesses: Leshock on rocket technology, Nispel on communications (Starlink), and Patterson on the AI part of SpaceX, the least mature part.

Shares of Intel are up almost 9% at $131.68 following a post by U.S. President Donald Trump on Trump’s Truth Social network saying that Apple has “agreed to work with Intel to design and build chips in America.”

That is, of course, not really new news. An article last month in The Wall Street Journal said that Intel had reached a preliminary agreement with Apple. And speculation about Apple by Intel investors had been going on long before that.

PRICES KEEP GOING UP FOR MICRON

Shares of Micron Technology are up another 8% this morning at $1,151.21 as analysts at Wedbush and Stifel & Co. raised estimates once again on continued strength in DRAM and NAND prices, and continued demand, and also raised price targets toward the $1,500 level, which we saw earlier in the week.

Social media pioneer Snap on Tuesday unveiled their next product offering, a set of augmented reality glasses called “Spectacles,” or, Specs for short. The battery life is short like most AR and VR gadgets, just four hours. The price is high: $2,195 as a pre-order. Oh, and it weighs as much as a baseball when it’s sitting on your face.

Those three things tell you we are still living in a post-Steve Jobs world, a world where feature set will probably not lead to a mass market, and where the technology has yet to catch up with the ambition.

DATABRICKS GAINING ON SNOWFLAKE

Analysts this week were attending the user conference of privately held software maker Databricks in San Francisco, a twenty-three-year-old company that is one of those tech startups that seems to have been ready to go public but hasn’t for a long time.

• The week ending June 12th, 2026, was a whipsaw week for stocks as tech shares swooned the first part of the week but turned around on Thursday as everyone became encouraged by Friday’s historic initial public offering of SpaceX. 

• I feel like I’m living a double life: I recommend great stocks such as Nvidia and Micron Technology but they’re attached to the insane valuations of SpaceX and OpenAI and Anthropic.

• The TL20 group of stocks to consider rose 8% for the week as many AI names had a sharp upward turn. The TL20 was up 66% for the year as of week’s end, and up 544% since inception. Which is great but, again, it’s tied up with this unrealistic valuation of giant companies that are buying all the AI infrastructure, company’s such as SpaceX.

Going on this morning: Shares of software maker Dynatrace have been getting some more favorable attention of late from the Street, receiving an upgrade to Buy from Neutral at UBS Tuesday, a day after getting the thumbs up from Merrill Lynch. The stock is up a point in response at $41.66.

The one part that’s missing in these positive notes is an assessment of Dynatrace’s prospects with the largest AI firms such as Anthropic and OpenAI. A big part of Datadog’s favorable perception among investors is that they have scored enormous deals with those AI giants. Dynatrace has ot exhibited the same success with the “AI natives” as those firms are called.

As expected, SpaceX, sprinting from its initial public offering on Friday, on Tuesday said on Twitter it is exercising its option to acquire AI coding startup Cursor (formally Anysphere, Inc.) for $60 billion, for the purpose of “building the world’s most useful AI models.”

SpaceX shares rose another 8% to $208.71, now up 30% from the first-day close of $160.95.

The deal is wildly overpriced, in my view.

Some things this morning: Shares of streaming pioneer Roku are selling on the news that Fox is buying the company for $22 billion in cash and stock, or $160 versus the current price of $143.29 — a deal that had been rumored on Friday and had driven prices higher by 20% that day. Fox’s CEO, Lachlan Murdock, described the deal as a “natural extension of the deliberate and focused strategy we have been executing for a decade,” including Fox’s own streaming, ad-supported service, Tubi.

The deal represents a multiple on next year’s projected Ebitda profit of 26.3 times, notes William Blair analyst Ralph Shackart, so you can use that for any media properties about which you’re currently speculating.

The trade in AI-linked names is certainly a bumpy ride, with Nvidia and others swooning last week before the SpaceX IPO reassured investors on Friday and stocks rose again to close out the week sharply higher.

Don’t expect a retreat by AI names, writes Jefferies & Co.’s Desh Peramunetilleke, head of quantitive strategy, in a note to clients Monday. The stocks are not going to really go down unless there’s some fundamental change in the earnings outlook, he opines, which doesn’t appear likely.

THE CASE FOR MICRON AT $1,500

I made a bold prediction back in March, when Micron Technology was trading at $447.02, that the stock could go as high as $700. It reached that level May 7th, and quickly moved past it, to $1,075.45 as of Monday.

And it seems I can’t keep up with Micron because over the weekend, as I was staring into the distance and contemplating the prospect of Micron rising to $1,500, someone else was doing much more serious work and beat me to the punch.

I have to hand it to Ralph Andretta, CEO of financial services firm Bread Financial, for elegantly navigating the most recent techno-financial fad, “buy now, pay later.”

In case the days of COVID-19 lockdown are a blur to you, a trend at the time was luring restless stay-at-home consumers to spend more online by letting them split the purchase price into four equal, consecutive payments, known as BNPL.

The offering was a mania of retailers hungry to lure consumers and I always thought it was a cheap gimmick. When we first met, in 2022, Andretta assured me BNPL was here to stay, and he was right: BNPL is still offered everywhere online. But, fortunately for Bread, BNPL turned out to be much less important to his company than I might have thought.

Andretta made Bread a player in BNPL, but he didn’t let the company be subsumed by that low-profit, low-quality business. Instead, he simultaneously built up the company’s book of business with branded credit cards and an expanding book of personal loans, businesses that are both better-yielding and less risky than BNPL.

Having substantially changed Bread’s revenue in the six years since he took the job, Andretta’s next challenge will be to navigate the new techno-finance wave: artificial intelligence.

AI “could change [consumer finance] very rapidly,” Andretta tells me in a chat he and I had via Zoom on June 3rd.

Shares of SpaceX opened for trading this afternoon at $150, 11% above the offer price of $135, quickly Rose to $175, before backing off to $172 or so.

Multiplied by the share offering 555,555,555 shares, the difference means $22 billion left on the table by the company and insiders relative to the total IPO proceeds of $75 billion.

Well, a billion here a billion there…

The rough story of Adobe took another leg down last night as CFO Dan Durn, who has been in the role for five years, departed for “other opportunities,” the company announced, adding to the air gap at the top as CEO CEO Shantanu Narayen told the Street on March 12th he would step down pending the selection of a replacement, which has not yet happened. (He is remaining chairman, however.)

The stock is down 8% this morning at $201.26.

The proximate cause of the drop is not just the executive aporia but also the company effectively cutting its outlook for this year’s “annualized recurring revenue,” or, ARR, the closely watched lead indicator of revenue.

CEO Narayen said Adobe has to prioritize adding more subscribers, so, the company is offering a “freemium” version of its newer AI-based design offering, Firefly. Freemium means giving away the product up-front and hoping to sell people follow-on features and such that eventually bring in money.

This morning the historic IPO of SpaceX gets its first bit of Street coverage even before it starts trading.

But first: Jefferies & Co. has made a full-court press to assess what’s holding back artificial intelligence data centers, deploying numerous analysts to pick apart the supply chain, the report’s title being “All the Data Center Demand in the World, Still Not Enough Supply.”

Their point is that only 8.9 billion watts (gigawatts, or, GW) of computing power was “lit” in 2025, globally, versus 21.1 GW that was contracted for, a 12 gigawatt deficit that the firm calls “staggering.”

The frantic need for compute is good not only for electricians, it continues to be a boon to semiconductors including Intel stock. The shares are up 6% at $113.96 after Merrill Lynch’s Vivek Arya Thursday morning raised his rating all the way from Underperform to Buy, and jacked his price target way up to $135 from $96, after concluding that “agentic AI” is going to be a material source of growth in the microprocessor market.

Another big data center bet, of course, is the SpaceX IPO, which gets underway tomorrow.

And blessed be Oppenheimer & Co.’s Tim Horan, who has given us something interesting to chew on Thursday.

Horan initiated coverage of SpaceX even before the first day’s trading with an Outperform rating and a $190 price target, well above the offer price of $135.

Oracle’s stock is down 8% in pre-market trading at $185.39 following its report Wednesday evening, which was another debt and burn show. This is a reversal of the positive attitude that greeted the results back in March — perhaps a sign that the massive spending to win the AI race is wearing thin with investors.

It’s a good news, bad news story.

The good news is we got some great insights from the company’s newly installed CFO Hilary Maxson about how to think of the payoff. The bad news is it seems to be a kind of old-economy view of tech.

First, the numbers: Maxson told analysts on Wednesday’s call to brace themselves for more spending and lower profit in the near term. The company’s gross profit margin will “step down” again in the new fiscal year after dropping five points in the year just ended, which I reckon means gross margin will fall below 60%. The company is boosting once again its capital spending for the new fiscal year to $70 billion versus the $48 billion just spent.

It’s a pretty terrible day for the artificial intelligence trade, with shares of prominent AI names such as Nvidia, Broadcom, Marvell and many others trading lower by a few points, contributing to a Nasdaq downdraft of two points.

One of the bright spots is Fermi America, the startup planning to build multiple gigawatts of power for data centers in Texas, whose shares are up almost 24% today at $6.97. (The registered name is actually Fermi, Inc., but they do business under the much-grander-sounding Fermi America.)

Fermi has no customers, but, no problem! The stock got favorable mention from Citizens Bank’s Greg Miller, a bull on the stock.

Miller takes his cue from a report by The Information’s Anissa Gardizy relating that OpenAI is in talks to lease ten gigawatts of computing capacity in Ohio at a facility that has a connection to the U.S. Department of Energy.

I spent a few hours Tuesday morning at Bloomberg’s Generative AI Forum, where speakers included Akamai, CoreWeave, Broadcom, and AI coding startup Cursor.

It was a useful event that confirmed some of my suspicions. First, agentic AI, the stuff everyone has been crazy about for a couple of years, is stuck. It is not moving forward fast enough, and that’s a problem because it is agents running inside of enterprises that is supposed to provide the big payoff for AI in terms of revenue — the $22.7 trillion annual market that Elon Musk’s SpaceX has claimed is the value of enterprise AI.

‍The second obvious point from the conference is that bigger and bigger AI models from the “frontier” AI labs, including OpenAI and SpaceX and Anthropic and Google and Meta Platforms, are not going to solve this impasse in agentic AI. What is going to solve it is lots of brute-force engineering, teams of developers working to make agentic programs complete tasks without causing havoc.

Things going on today: Deutsche Bank’s global head of macroeconomic research and “thematic strategy” Jim Reid puts Friday’s massive sell-off in perspective in his Monday email. The nearly 11% drop in the Philadelphia Semiconductor Index, the SOX, the principal benchmark for chips, was the fourth-worst on record, writes Reid.

And, meantime, the good news keeps right on coming for the semiconductor world. Over the weekend, analysts were catching up with some important data points.  Data point one is that SEMI, the trade consortium for the chip-equipment makers, raised its outlook for the total market for this year to $152.2 billion, which would be an increase of 23.5%, up from its prior forecast of $143 billion and 16.5%.

Data point two is that the other big trade body for the chip makers themselves, the Semiconductor Industry Association, on Friday reported that sales of chips more than doubled in April, up 106.4%, with sales of memory chips, such as DRAM, almost quadrupling, up 364%. Micron Technology shares are once again surging on that news, up almost 9% today at $939.60, and now up 229% for the year. 

HOW SHOULD WE MODEL CEREBRAS’S REVENUE?

As I mentioned in this morning’s roundup of 2026 initial public offerings, Cerebras Systems, the AI chip and systems company that went public on May 14th, this morning received its first formal Street ratings, and the response is unanimously positive. Price targets range from $250 to $350, which has driven the stock up 21% today to $242.01 (still below that first-day close of $311.07.)

• Stocks didn’t sell off in May but took a big dive the first week of June, the Nasdaq Composite Index dropping 4% on Friday, June 5th.

• The TL20 group of stocks to consider fell 8% on Friday, but is still up 53% for the year.

• It was a necessary corrective, as stocks had gone “parabolic” in the month of May, with the TL20 gaining a hundred points of price appreciation in just thirty days.

• A review of the TL20 group’s valuation multiples shows that most have gotten more expensive than they were six months ago on either a price-to-sales or price-to-earnings basis. Some exceptions include the reduced P/E multiple of Micron Technology and SanDisk.

One of my favorite exercises when shoveling through lots of data is to catch up on which companies have recently come public. I find it exciting, and occasionally amusing, to see what new kinds of stuff is being thrown at the market, irrespective of whether any of it makes for great investments. 

I suppose it’s the thrill of the New, New Thing, which seems to always imply a fresh start.‍ ‍

Twenty-two companies of note showed up in the first five months of the year, and many enjoyed a big pop on the first day of trading, an average increase of 35% from the offer price. But the majority have traded down from the first day, which is fairly typical of IPOs. The average return is 6%. 

About Cerebras Systems, the AI chip and systems company, I’ve already written quite a bit. 

On Monday, analysts initiated coverage of Cerebras with price targets ranging from $250 to $300 versus Friday’s close of $201.01.

Some things going on today: Shares of yet another quantum computing hopeful just started trading, Quantinuum, a spin-out of Honeywell, under “QNT.” The shares opened at $68, above the $60 price. For more on the startup, see my profile in November. As I wrote on Tuesday, I’m not optimistic for any of these quantum properties.

Chip-equipment giant ASML gets another vote of confidence following positive reports yesterday from JPMorgan and Morgan Stanley, this time from Merrill Lynch’s Didier Scemama.

Bloomberg’s Linda Lew and Chunying Zhang report in the daily AI newsletter that China has held back on licenses for self-driving taxis after push-back from citizens including taxi drivers and “snafus” such as a hundred Baidu-financed robo-taxis turning into “bricks” on city streets.

Broadcom reported overnight and despite very favorable results, the stock is down 13% Thursday at $414.72.

The proximate cause of the sell-off is that despite hitting a record operating profit margin of 67.3%, up two points, year over year, the company is confirming that its gross profit margin will continue to be under pressure as it sells more AI chips.

Remember, this is an issue that was already an issue, that seemed to go away, and now has come back. It’s not new, in other words. I also don’t think it’s a big deal. Instead, I’m worried about the rise of external financing of AI, as I’ll explain.

Some things going on today: Shares of solar energy and energy storage equipment maker Nextpower are down 3% on Wednesday at $147.48 as the boutique GLJ Research’s Gordon Johnson issues a positive but cautionary note, writing that fundamentals are solid but that there may be a better price to buy the stock. 

Shares of cyber-security titan Palo Alto Networks are down 4%, reversing pre-market gains, at $283.81 despite a positive earnings report Tuesday evening. The stock, one of the TL20 group of stocks to consider, is up 54% this year.

Shares of Snowflake, another TL20 company, are down 6% at $246.26 despite fairly favorable responses to the company’s analyst day meeting on Tuesday. Snowflake shares are up 12% this year, underperforming the Nasdaq. I would attribute the sell-off to the fact that the company’s year outlook at the talk merely reiterated projections for revenue growth and profitability that were first offered on May 27th when the company reported first-quarter results. Ergo, there’s nothing new financially to get excited about.

JENSEN HUANG PUMPS HIS FAVORITE STOCKS

Boosting the stock market appears to be one of the side projects of Nvidia CEO Jensen Huang, especially when it’s to his own financial benefit.

He has not only taken numerous stakes in partners and vendors and even competitors (Intel); over the weekend, at the Computex trade show in Taipei, where he was doing his keynote, Huang reportedly called out Marvell Technology as “the next trillion-dollar company” — which is interesting because Nvidia has a $2 billion stake in Marvell, announced in March. 

• I hate to be negative, but it’s worth thinking about the potential for disaster with the highly complex bets that are being placed on artificial intelligence, broadly speaking.

• SpaceX filed for IPO, as discussed in last week’s podcast, and this week Anthropic filed confidentially with the SEC its IPO prospectus paperwork, and we’re expecting to hear from OpenAI any day now. 

• All three could be worth a combined $4 trillion in market capitalization while having perhaps $200 billion in revenue next year. That would be 20 times projected revenue — pricey considering they’re losing money.

• Last week I discussed a report on how bubbles burst by Tavis McCourt of Raymond James.

Some things going on today: It’s often been said in defense of Elon Musk that he may make lofty promises but he usually ends up delivering. The New York Times’s Kirsten Grind, Jack Ewing, Aaron Krolik and Lily Boyce on Tuesday take the perception to task with a survey of 602 pronouncements made by Musk. You might call it a Bullshit Meter, as it reveals how often Musk simply doesn’t deliver.

U.S. President Donald J. Trump announced an executive order on Tuesday requiring AI companies to submit their newest models to government oversight. I expect said vendors — SpaceX, OpenAI, Anthropic, Google, etc. — will slice and dice this executive order until the order means basically nothing.

Quantum computing has been a very mixed bag this year as far as the top names, with IonQ up 58%, Rigetti merely tracking the market at 18.5%, and D-Wave Quantum underperforming, up 14%.

Monday afternoon, D-Wave made the case for its future with its first-ever analyst day meeting since coming public in December of 2020. The stock is up two points today at $29.76. Most price targets are in the $40-range.

The main takeaway from the presentation by CEO Alan Baratz and team was a set of milestones they expect to reach as they expand their product offering.

Some things going on this morning: Shares of recently public rare-earth elements supplier Rare Earths Americas get multiple favorable initiations of coverage on Monday. Rare Earths is barely a year old and joins the likes of MP Materials and USA Rare Earth. The group specialize in digging up materials such as neodymium-praseodymium in order to make things like magnets that are key for electric vehicle motors and the rest of the electrified future of heavy industry. 

At $20.92 today, up 8%, Rare Earths shares are down 8% from their first-day close of $22.69 on May 7th.

THE CPU TRADE

Most in the news this morning is the personal computer because Nvidia CEO Jensen Huang used the Computex trade show in Taipei, Taiwan, to announce the company’s “RTX Spark,” a microprocessor for desktop PCs, which will debut on new PCs this fall from Dell, Asus, etc..

Nvidia shares are up over 4% Monday morning at $220.74.

A day after cyber-security vendor Zscaler saw its shares fall 32%, founder and CEO Jay Chaudhry had a message for the Street. A couple messages, actually.

“Life is good across the board,” says Chaudhry in an interview Thursday he and I had via Zoom. Also, “We are best in class” in cyber and in SaaS software generally. That includes having “beaten all the metrics” that matter, he says, including delivering 25% revenue growth and also “annualized recurring revenue” up 25%. At $3.5 billion in ARR, “very few SaaS security companies are in that bucket,” he emphasizes.

But, as I said, the stock fell hard, so Chaudhry also had another message. At a price of $130.04 on Thursday, Zscaler trades for either 28.8 times projected earnings per share or 5.2 times projected revenue, fairly low multiples. That is “not at all” the right valuation, he tells me.

“I think investors don't appreciate the platform that we have built,” he says.

Update: Dell shares increased gains overnight following its stunning earnings report, currently up 33% in pre-market trading at $422.50.

The stock has gotten one upgrade this morning, from Mehdi Hosseini of Susquehanna Financial, who raised his rating to “Positive” from Neutral, assigning a $700 price target. That would be another 66% upside from here, not bad.

Hosseini concedes he’s a bit late, writing, “Why are we upgrading the stock following 150% year-to-date gain?”

His answer is that the ballooning server market can be sustained into 2028. “Combined with the expected ramp of the [Nvidia] Rubin AI platform in early 2027, some backlog is likely pushed into FY28, supporting continued double-digit revenue growth,” writes Hosseini.

Wednesday started out rough for software makers with a 31% plunge in Zscaler but things turned around Wednesday evening, with Snowflake rising as much as 38% in late trading, and price targets moving into the $300 and up range, 70% or better from Tuesday’s close of $175.26. With this off-hour gain, Snowflake’s loss for the year of 20% turns into a gain of 9% — still below the Nasdaq’s 14%, but definitely a step in the right direction.

The numbers reported by Snowflake are strong but it’s the AI stuff that is dazzling this morning. Snowflake’s revenue last quarter of $1.39 billion was 5% above consensus, the strongest upside since August of 2022. And the forecast for this quarter’s product revenue, $1.42 billion, is 2% above consensus, the strongest upside in a forecast since November of 2024.

But the stand-out is something called “Cortex Code,” what the company nicknamed “CoCo,” as CEO Sridhar Ramaswamy related on last night’s call.

Some things happening today: Merrill Lynch’s quant strategist Jill Carey Hall tells us Wednesday morning that investors last week sold individual stocks more than they bought for the second week in a row of net outflows, even though people  continued to load up on ETFs for a ninth week — but mostly value ETFs, not growth and not tech. That doesn’t surprise me given that the TL20 group of stocks to consider, which contains a lot of growth stuff, is up 58% this year, what I have called “parabolic,” suggesting some valuations needed to cool off even though I continue to see them all as great names to have.

WILL AI EAT WORKDAY?

Software is still in a slump (we’ll come to Zscaler’s plunge in a moment), and Merrill’s Tal Liani doesn’t have much to offer in the way of encouragement. Liani Wednesday starts coverage of Workday, which had been a relative bright spot of late, with a Neutral rating, and a price target of $140, just a bit above Wednesday’s price of $124.37. Liani’s main point is that Workday is unlikely to be replaced by AI programs, but the product faces pressure overall from “value compression.”

I’ve been wondering a lot in the past year if all the planned spending on AI data centers will play out as expected. Obviously, the answer to that has important implications for the companies I think about all the time including Nvidia and Micron Technology.

Fortunately, better minds than mine are on the case.

Raymond James’s equity strategist Tavis McCourt on Tuesday offers a very nice 32-page think piece about what has happened historically with massive capital spending projects such as the U.S. railroad expansion in the 19th century, the U.S. World War II mobilization, the DotCom boom and bust, and the Chinese property bubble of 2018 to 2020.

McCourt boils down the key ingredients. In the beginning, a new technology such as Internet broadband causes excitement and funding is available from “internal” sources, meaning, the cash flow of the parties in the industry. They spend in advance of meaningful revenue because they can afford to use their cash as they please. (Government funding of World War II expansion was public-sector but had the same characteristics.)

Some things going on this afternoon: We’re in an age of epic hyperbole about artificial intelligence. Pope Leo XIV in his encyclical this week compared AI to the Tower of Babel in the sense of a “grandiose project where decisions are driven by pride, profit and a push for homogenization,” according to Margherita Stancati and Sam Schechner of The Wall Street Journal. Elsewhere in The Journal, legendary venture capitalist John Doerr of Kleiner, Perkins calls AI “the biggest thing ever.” You can add that to SpaceX’s boast of a $22.7 trillion market for enterprise AI, “the largest actionable total addressable market in human history.” I suspect all these forms of hyperbole are off the mark of what is a more mundane reality: a prolific technological development with a lot of shortcomings.

TRILLION-DOLLAR MICRON

Whatever AI’s shortcomings, it continues to be great for business at Micron Technology. Micron shares are up another 21% on Tuesday at $909.62, bringing the return for this year so far to 219%, and bringing the market capitalization to over a trillion dollars for the first time ever.

Stocks have continued to rise steadily the last several weeks, bringing the TL20 group of stocks to consider to a 53% gain through the close of last week, May 22nd. 

Two factors have been driving stocks higher: very good earnings reports from the top tech firms, including Nvidia and Applied Materials, and the opening wide of the initial public offerings window, first with Cerebras Systems and then the filing last week of Elon Musk’s SpaceX.

Applied Materials’s terrific report on May 14th lead to higher estimates and price targets, but only a modest bump up for the stock. Applied is up 68% this year at Friday’s close of $432.16.