More money going into the build-out

Key highlights

1. Memory & storageSK hynix says DRAM, HBM booked through 2029 as profit soars to $62BSK hynix +5.2%
2. Neoclouds, bonds & AI financingNebius Jumps 11.22% as Neocloud and Chip Stocks Outpace NasdaqNBIS +11.2%
3. AI chips & foundryIonQ Jumped 7%, Rigetti Up 8% on Intel’s $2.3 Billion Quantum Buy: “Full-Stack Quantum Computing Business”IONQ +7.1%RGTI +8.7%
4. MaterialsEnergy Fuels Jumps 9% on $126M Australian Financing for Rare Earth ProjectSMR +8.2%OKLO +5.4%
5. Power & gridLegrand launches Starline T5 DoubleBar, the highest ampacity open-channel track busway with most pluggable spaceLegrand +2.5%
6. Robotics & physical AIAmazon warehouse workers tell us what they really think about their new robot coworkersAMZN +1.6%

Markets

The S&P 500 rose 0.6%, the Nasdaq 100 rose 1.3% and chip stocks outperformed (+3.0%). Asia had a rally: KOSPI +6.6%, Taiwan TAIEX +2.0%, Nikkei 225 +1.1%, Hang Seng +0.2%. In Korean memory, SK hynix rose 5.2% and Samsung +4.2%. The US 10-year yield rose 1bp to 4.99%; oil +1.7%, VIX 17.5.

The AI chain today average move · day / week

AI chips & foundry +4.2%

Chip stocks +4.2% on the day (37 of 40 up), -1.0% on the week. Aehr Test Systems led (+13.0%) and Unimicron lagged (-2.3%).

• Nvidia, AMD to invest $4 billion in Meta as tech giants deepen AI partnershipNVDA +0.9%AMD +5.5%
• Intel Wants a Quantum Business, Classiq Could Help Build OneINTC +3.6%

Chip Testing & Burn-in +7.3% Stood out today

Chip Testing & Burn-in stocks +7.3% on the day (5 of 5 up), -1.0% on the week. Aehr Test Systems led (+13.0%).

Memory & storage +3.9%

Memory and storage stocks +3.9% on the day (7 of 7 up), +1.9% on the week. Western Digital led (+7.0%).

• Micron Stock Pops as Rival SK Hynix Fuels AI Frenzy With Two BombshellsMU +2.8%SK hynix +5.2%
• SSD price tracking 2026 — Lowest price on every M.2 SSD from Samsung, Western Digital, Crucial, and moreSamsung Electronics +4.2%WDC +7.0%

Optics & networking +3.8%

Optics and networking stocks +3.8% on the day (16 of 19 up), -1.8% on the week. Credo led (+10.8%) and Eoptolink lagged (-5.6%).

• Transitioning Legacy Aircraft Power Architectures to High-Density Switching Supplies
• Salience Labs raises USD $125 million for AI networking

AI Networking +5.5% Stood out today

AI Networking stocks +5.5% on the day (6 of 6 up), +1.5% on the week. Credo led (+10.8%).

• Arista Networks Q1 2026 Earnings Call TranscriptANET +5.5%

Servers, racks & components +2.4%

Server and component stocks +2.4% on the day (21 of 27 up), -1.5% on the week. Celestica led (+12.1%) and Taiwan Union lagged (-9.9%).

• Samsung Electro-Mechanics tightens MLCC, FCBGA supply as AI demand surgesSamsung Electro-Mechanics +7.4%

800V power semis (SiC & GaN) +6.0% Stood out today

Power semi stocks +6.0% on the day (6 of 6 up), +3.0% on the week. Navitas Semiconductor led (+11.3%).

• Infineon establishing first high-volume fab for GaN power semiconductors on 300mm wafers in EuropeInfineon Technologies +4.8%

Power & grid +3.0%

Power and grid stocks +3.0% on the day (45 of 50 up), -0.1% on the week. Eos Energy led (+12.3%) and Wärtsilä lagged (-8.3%). The news was mostly about deals and contracts.

• GE Vernova Orders Soar. Earnings Reveal That AI Power Demand Remains Red HotGEV +4.7%
• Baker Hughes Secures 1.1 GW AI Power And Cooling Order

Data centers, cooling & build speed +3.0%

Data center, cooling and builder stocks +3.0% on the day (18 of 22 up), -2.5% on the week. Applied Digital led (+9.4%) and Jentech Precision lagged (-3.5%).

• US Data Center Buildout Risks Erasing Years of Climate Progress
• Nevada unions, politicians caught between AI job creation and destruction
• These striking photos show how data centers are changing Northern Virginia

Hyperscalers & AI spending +0.9%

Hyperscaler stocks +0.9% on the day (3 of 5 up), -4.1% on the week. Oracle led (+3.5%).

• Global Green Information Technology for Insurers Market Report 2026MSFT -0.2%AMZN +1.6%
• Meta AI director Rohit Patel leaves to take on Microsoft Office and Google WorkspaceMETA -1.6%MSFT -0.2%

Neoclouds, bonds & AI financing +8.4%

Neocloud stocks +8.4% on the day (5 of 5 up), +0.6% on the week. Nebius led (+11.2%).

• CoreWeave leasing 22.5MW from atNorth data center in DenmarkCRWV +7.9%
• Applied Digital Jumps 10% as Data Center Stocks ReboundAPLD +9.4%CORZ +5.6%

AI models & applications +3.1%

AI software and security stocks +3.1% on the day (27 of 35 up), +9.5% on the week. Absci led (+11.8%) and Northrop Grumman lagged (-2.5%).

• Anthropic’s S-1 reveals two areas where OpenAI could have the upper hand, experts say
• Palantir Stock Could Be 5% Above Fair Value Despite Sovereign AI ExpansionPLTR -0.1%
• Oracle partners with OpenAI to bring ChatGPT, Codex and AI tools to enterprise businessesORCL +3.5%

Robotics & physical AI +1.5%

Robotics stocks +1.5% on the day (36 of 45 up), +0.5% on the week. Red Cat led (+10.7%) and UBTech Robotics lagged (-7.6%).

• Elon Musk Says Tesla Robotaxi Expansion to Miami, Tampa Beaches Is ‘Coming Soon’ After Ron DeSantis’ Call for ExpansionTSLA +4.0%
• Japan experiments with autonomous AI chainsaw-wielding robots

Materials +4.8%

Materials stocks +4.8% on the day (23 of 25 up), +0.4% on the week. USA Rare Earth led (+16.7%) and China Northern Rare Earth lagged (-2.6%).

• Southern Copper Jumps 3.65% on Copper ReboundSCCO +4.5%
• France minerals envoy says rare earths diversification from China possible within 3-5 years

Policy & regulation

Rules, taxes and local politics are now a regular part of the build-out story.

• PJM urges FERC to dismiss Mon Power ‘fishing expedition’ seeking to recoup $145M
• AI chips worth $15.5 million seized at Malaysia airport, Customs authority says

Data & what's coming

• H100 rental price: +1.9% over 7 days.

Next 7 days

• 10-28EarningsSamsung Electronics (005930.KS)
• 10-28EarningsDelta Electronics (2308.TW)
• 10-28EarningsHitachi (6501.T)
• 10-28EarningsAdvantest (6857.T)
• 10-28EarningsAmerican Electric Power (AEP)
• 10-28EarningsAmphenol (APH)