A US-Iran truce cooled yields, Dell muscled our AI hardware plays to fresh records, and Microsoft is quietly figuring out how to break up with OpenAI
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Morning brief: Peace rumors sank oil, Robinhood found religion in AI, and we're all staring at Broadcom to tell us if these hardware multiples are actually real
Global stocks are surging pre-market while oil dumps as a 60-day US-Iran peace deal draft circulates, easing geopolitical fears and triggering risk-on buying. HOOD ripped 11% overnight after aggressively pivoting to AI agentic trading tools and powering the new federally backed Trump Accounts app for retail investors. NBIS spiked nearly 9% following news that former OpenAI researcher Leopold Aschenbrenner's AI-focused hedge fund took a massive 5.6% stake in the cloud provider. IREN is sliding 5.6% as traders take profits and digest the heavy dilution risk from its newly announced $1.6B AI server buildout with Dell. Keep a tight leash on AI infrastructure today; Broadcom's June 3 earnings report will be the ultimate reality check for these sky-high hardware multiples.
Posture: Fully invested in AI infrastructure. Avoiding FOMO into gap-ups and preserving core holdings ahead of AVGO earnings.
Upcoming earnings
Evening brief: A US-Iran truce cooled yields, Dell muscled our AI hardware plays to fresh records, and Microsoft is quietly figuring out how to break up with OpenAI
Markets hit fresh records today as Dell's blowout earnings ignited a massive AI infrastructure rally, amplified by falling yields from a US-Iran truce. ServiceNow skyrocketed 14.4% as AI disruption fears evaporated; peer earnings proved that AI adoption is accelerating enterprise software demand, not cannibalizing it. Robinhood surged 11.2% after winning CFTC approval for perpetual futures and rolling out AI trading agents, sparking a Mizuho price target hike. Microsoft jumped 5.5% following reports it will unveil in-house AI models at its upcoming Build conference to cut costs and reduce OpenAI reliance. Broadcom reports earnings next Wednesday; after Dell's monster AI server print ignited hardware stocks, AVGO's guidance is the ultimate physical infrastructure test.
Posture: Aggressive. AI infrastructure momentum is accelerating following Dell's print, providing a strong tailwind for our hardware positions.
Tickers in focus: DELL, MSFT
Upcoming earnings
The day's moves on the ledger
No slate changes were logged this day.