S&P 500 surges 2.33% to fresh record as AI semiconductor supercycle reignites
The $S&P 500(.SPX)$ surged 2.33% last week and closed at a new record high of 7,398.93, marking its largest one-week point and percentage gain since the week ending April 17, 2026, and extending its winning streak to six consecutive weeks. The index has now rallied 16.17% over the past six weeks — the largest six-week percentage gain since May 2025 — and sits 30.47% above the April 2, 2025 tariff-announcement lows.
This was the 15th record close of 2026, with the index up 8.08% year-to-date.
Industry leaders: OLED Concept (+11.60%) and Crypto (+11.50%) dominated the leaderboard, as Bitcoin reclaimed the $80,000 level and crypto-related equities rode the risk-on wave.
Textiles (+11.21%) surged on tariff-exemption optimism and supply-chain re-rating, while Semiconductor Equipment (+11.05%) and IDC Concept (+10.98%) also advanced on AI data-center buildout demand.
9 Popular Stocks:
$NVIDIA(NVDA)$ +8.44% — The AI chip kingpin rallied as hyperscalers signaled a collective ~$725 billion in 2026 capex (up ~77% YoY), with Microsoft, Amazon, Alphabet, and Meta all accelerating data-center buildouts.
Nvidia controls an estimated 81% of the AI data-center chip market, and the company forecasts $1 trillion in total sales for its Blackwell and Vera Rubin architectures across 2026-2027. The stock remains a pure-play on the "capacity-limited, not demand-limited" AI infrastructure supercycle, with Q1 FY2027 earnings due May 20.
$Tesla Motors(TSLA)$ +9.6% — The EV maker surged as its robotaxi fleet expansion in April validated the autonomous-driving narrative, while supervised FSD software received approval in the Netherlands with potential EU-wide clearance ahead.
Though management guided for a gradual V14.3 ramp before wide-scale V15 deployment in 2027, the reset expectations mean any 2026 progress is now viewed as upside — setting up an "underpromise, overdeliver" dynamic.
$Micron Technology(MU)$ +37.73% — The memory maker delivered a parabolic rally, extending its 2026 YTD gain to 103% and its one-year surge to 618%.
Fiscal Q2 2026 results crystallized the structural bull thesis: revenue nearly tripled YoY to $23.9 billion, gross margin hit a company-record 75%, and EPS reached $12.20.
CEO Sanjay Mehrotra declared that "AI has not just increased demand for memory; it has fundamentally recast memory as a defining strategic asset in the AI era."
With no new HBM supply expected until late 2027, Micron enjoys immense pricing power in the AI memory supercycle.
$Advanced Micro Devices(AMD)$ +26.25% — The semiconductor designer rallied on AI chip demand tailwinds and market-share gains in data-center GPUs, as hyperscaler diversification strategies created incremental opportunities beyond Nvidia's ecosystem. The stock benefited from the broad AI hardware re-rating and anticipation of next-gen MI400 series accelerators.
$Intel(INTC)$ +25.4% — Q1 2026 earnings demolished consensus: revenue of $13.6 billion (up 7% YoY) and non-GAAP EPS of $0.29 versus breakeven guidance, driven by AI-related businesses constituting 60% of revenue and growing 40% YoY.
CEO Lip-Bu Tan's turnaround strategy, Intel 18A process roadmap, and foundry separation gained market confidence, while the Data Center and AI segment revenue grew 22% YoY to $5.1 billion.
The stock soared 24% on the earnings beat, with AI-driven ASIC revenue more than doubling year over year.
$ASML Holding NV(ASML)$ +11.56% — The lithography equipment leader advanced on robust EUV order momentum, with Q4 2025 bookings surging 86% including a 150% jump in EUV bookings — signaling strong growth potential into 2027-2028.
AI-driven demand for advanced node capacity continues to underpin ASML's double-digit sales growth outlook for 2026, with margin expansion from High-NA EUV shipments.
$Oracle(ORCL)$ +14.4% — The enterprise software giant rallied on surging AI and cloud growth, with Q3 2026 results showing AI infrastructure revenue up 243% YoY and multicloud database revenue surging 531%.
Total RPO (Remaining Performance Obligations) reached $553 billion, reflecting massive committed demand from hyperscaler partners including Meta and NVIDIA. Organic total revenue and non-GAAP EPS both exceeded 20% growth in USD.
$Lam Research(LRCX)$ +14.54% — The wafer-fabrication equipment maker surged as AI-driven demand reshapes the semiconductor industry, with Q1 2026 revenue of $5.84 billion (up 23.7% YoY) and EPS of $1.47 beating estimates by 41.4%.
CEO Tim Archer noted that "the velocity of our execution is generating strong momentum, enabling customers' AI roadmaps and driving Lam's outperformance during this critical phase of industry growth."
Analysts at Citigroup and Stifel raised price targets to $315-$325 on the "beat and raise" quarter.
$Applied Materials(AMAT)$ +11.92% — The semiconductor equipment giant advanced as CEO Gary Dickerson highlighted that "the need for higher performance and more energy-efficient chips is driving high growth rates for leading-edge logic, high-bandwidth memory, and advanced packaging."
The company expects its semiconductor equipment business to grow 20%+ in calendar 2026, with Q1 revenue of $7.01 billion beating estimates and Q2 guidance pointing to continued strength.
The company also boosted its quarterly dividend to $0.53 per share, representing a 15% increase.
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