Yields dragged the broader market lower, Marvell ignored the memo completely, and now we're just killing time until Nvidia decides if this AI rally lives or dies
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Morning brief: Trump called off the airstrike, AI infrastructure caught a heavy downgrade, and tomorrow's Nvidia print is the only thing standing between us and a reality check
Trump called off today's planned military strike on Iran, sending oil tumbling below $104 and shifting market focus back to sticky inflation data. ServiceNow surged nearly 9% after its Knowledge 2026 conference revealed accelerating AI bookings and a $30 billion revenue target, silencing post-earnings skeptics. AI infrastructure high-flyers Nebius, Vertiv, and Applied Digital dumped over 8% after D.A. Davidson downgraded cloud leaders amid growing valuation concerns. Memory stocks took a heavy hit, with Micron and SanDisk shedding roughly 6% on sector-specific worries and a broader rotation out of momentum tech. All eyes are on Nvidia's earnings tomorrow afternoon, serving as the ultimate AI stress test after a WSJ report on OpenAI missing revenue targets.
Posture: Defensive but opportunistic. Sector rotation out of high-multiple semis into software/value ahead of NVDA's pivotal earnings dictates holding cash and adding low-P/E tech.
Upcoming earnings
Evening brief: Yields dragged the broader market lower, Marvell ignored the memo completely, and now we're just killing time until Nvidia decides if this AI rally lives or dies
Surging Treasury yields dragged all major indices lower today, forcing a risk-off rotation right before the most anticipated tech event of the year. Marvell defied the broader selloff, ripping 4.3% higher after Wall Street slapped $200-plus price targets on the stock, citing accelerating AI networking demand. SanDisk jumped 3.8% following a massive Citi price target hike, with analysts pointing to a structural shortage in AI data center storage chips. IREN slid 5.4% after buying a media agency, a confusing move that spooked investors already anxious about the miner's ballooning AI infrastructure costs. Nvidia reports tomorrow after the close. The numbers and forward guidance will single-handedly dictate whether this AI-driven market rally lives or dies.
Posture: Defensive. Surging yields and tomorrow's high-stakes NVDA earnings demand strict cash preservation and de-risking of adjacent hardware.
Tickers in focus: MRVL, NVDA, SPY
Upcoming earnings
The day's moves on the ledger
No slate changes were logged this day.
← Monday, May 18, 2026 · Wednesday, May 20, 2026 → · Archive