NVIDIA, the top stock by trading volume on Monday, closed up 4% at a new all-time high, with a trading volume of $39.231 billion. A data center developer with deep ties to NVIDIA planned a $4.5 billion junk bond issuance to finance its 200-megawatt project in Nevada, led by JPMorgan Chase, with initial yield guidance in the high range of 6%.
The core reason this project can leverage massive funding is NVIDIA's approximately 16-year initial lease and renewal option—a model that locks in blue-chip tenants significantly reduces the cash flow risk for the project company. This is the second large-scale bond issuance for the project: in February of this year, the same developer issued $3.8 billion in junk bonds, attracting $14 billion in subscription demand.
This additional financing comes at a time of explosive demand for AI computing power and severe shortages of data center space and power supply. Tech giants are increasingly using such methods to secure future computing capacity. This infrastructure boom is spreading from the investment-grade market to the junk bond market; Google previously sought $5.7 billion in financing using a similar structure.
Tesla, the second most traded stock, closed up 0.60% with a trading volume of $24.703 billion. As the Musk v. OpenAI trial officially began on April 27, this so-called "AI trial of the century" entered a critical phase. Noted Wall Street technology journalist Tim Higgins stated on Monday that, in many ways, Musk "has already won."
Higgins pointed out that regardless of the final verdict, through this two-year legal battle, Musk has successfully brought his founding vision from a decade ago—"ensuring AGI benefits all of humanity"—back to the center of public debate. Under pressure from the lawsuit and regulatory scrutiny, OpenAI underwent a restructuring in October 2025, spinning off its for-profit entity as a public benefit corporation and accepting oversight from the attorneys general of California and Delaware.
Higgins believes that people are now talking about OpenAI's founding mission, and if that wasn't Musk's goal, it's unclear what was.
Just before jury selection began, Musk made a key strategic adjustment—dropping fraud charges against Altman and Brockman and streamlining 26 charges down to two core claims: breach of charitable trust duty and unjust enrichment. This change allows the jury to focus on whether OpenAI violated its original non-profit promise.
Micron Technology, the third most traded stock, closed up 5.60%, also reaching a new all-time high, with a trading volume of $21.33 billion. Goldman Sachs, in its latest research report, stated that due to strong demand for AI servers, the supply-demand tightness for semiconductor components and materials has intensified significantly in the first four months of 2026. The report cited three factors jointly suppressing the supply of traditional DRAM and NAND: robust AI server demand, limited new industry capacity, and production line prioritization for HBM. Concurrently, industry inventories are at extremely low levels, further amplifying the lack of supply elasticity. Based on this, Goldman Sachs significantly raised its price forecasts for DRAM and NAND, increasing the expected DRAM price increase for 2026 from around 150% in January to 250%-280%, and the NAND price increase from around 100% to 200%-250%.
Advanced Micro Devices, the fourth most traded stock, closed down 3.79% with a trading volume of $16.873 billion. Recently, brokerage firm D.A. Davidson upgraded the stock's rating, pointing out that its market opportunities in the CPU sector far exceed previous expectations.
Analysts stated that the company now has a clearer understanding of its role in data center construction and, more importantly, demand may be strong enough to outstrip supply. If this scenario materializes, AMD could not only sell more chips but also have room for price increases, which would help improve profit margins in the long term.
SanDisk, the sixth most traded stock, closed up 8.11% with a trading volume of $13.441 billion. Goldman Sachs, in its latest research report, stated that due to strong demand for AI servers, the supply-demand tightness for semiconductor components and materials has intensified significantly in the first four months of 2026.
Microsoft, the seventh most traded stock, closed up 0.05% with a trading volume of $13.004 billion. Microsoft will no longer have exclusive rights to use OpenAI's artificial intelligence models and products. This significant change will allow OpenAI to sell its technology to competing cloud platforms, including Amazon and Alphabet.
Following the joint announcement, some investors viewed this shift as meaning Microsoft lost a valuable competitive advantage. In recent years, Microsoft, leveraging its early investment in OpenAI, rapidly deployed AI technology within its products, allowing it to emerge as a key player in the AI race.
However, as OpenAI struck cloud service deals with competitors and investors scrutinized the Microsoft-OpenAI alliance, tensions surrounding the partnership escalated. In March, it was reported that Microsoft was considering legal action against Amazon and OpenAI regarding a potential $50 billion cloud services deal that might violate their exclusive cloud cooperation agreement.
Alphabet Class A shares, the tenth most traded stock, closed up 1.72% with a trading volume of $9.912 billion. The European Commission formally issued a series of proposed measures to Alphabet on Monday, detailing how the tech giant should provide AI competitors with access to core functionalities of its Android mobile operating system to comply with the EU's Digital Markets Act.
Regulators noted that Alphabet currently reserves key capabilities within its Android system—such as voice wake-up, background operation, and deep interaction with system applications—for its own Gemini AI service. According to the latest proposals, Alphabet must provide third-party AI assistants with access that is "equally effective" as that granted to its own Gemini service.
The measures proposed by the European Commission aim to ensure that competing AI services can effectively interact with applications on users' Android devices and perform tasks, such as sending emails using a preferred email app, ordering food, or sharing photos with friends.
Marvell Technology, the sixteenth most traded stock, closed down 3.71% with a trading volume of $4.574 billion. Marvell Technology has recently advanced its AI chip collaborations with tech giants like Alphabet and Amazon, leading to strong stock gains and target price increases from institutions.
According to multiple media reports, Alphabet is in deep discussions with Marvell Technology to develop two new types of AI chips. These chips are: a Memory Processing Unit (MPU) designed to work with Alphabet's TPU to address AI computing memory bottlenecks, targeting completion by 2027; and a next-generation TPU optimized for AI inference workloads. Wells Fargo analyst Aaron Rakers noted that if the deal is finalized, it would be a "meaningful incremental positive" for Marvell and highlighted its Structera CXL solution as a competitive advantage.
GE Vernova Inc., the nineteenth most traded stock, closed down 2.52% with a trading volume of $4.243 billion. Citigroup released a report stating that GE Vernova's first-quarter orders and reserved capacity for gas power equipment reached 21 GW. Its equipment backlog and reserved capacity increased from 83 GW in the fourth quarter to 100 GW, reflecting strong global demand for gas turbines. Citigroup raised its 2026 outlook for GE Vernova, expecting revenue between $44.5 billion and $45.5 billion, and increased its adjusted EBITDA margin forecast to 12% to 14%.
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