How one chipmaker reshuffled the global equity rankings — and what it means for both markets

From the Nasdaq's remarkable long-term resilience to growing concentration in emerging markets, Russia's forced gold sell-off, and China's capital allocation challenge, this week's 7 charts map’s the fault lines shaping the global investment landscape. Each week, the Syz investment team takes you through the last seven days in seven charts.

 Major U.S. stock indexes closed the week higher, with the Dow Jones advancing to an all-time high and the S&P 500 Index rising for the eighth consecutive week, its longest winning streak since 2023. Small-cap and value stocks outperformed large-cap and growth shares. After a volatile start to the week, sentiment improved as enthusiasm around artificial intelligence (AI) stocks—supported in part by chipmaker NVIDIA’s stronger-than-expected earnings results—helped offset uncertainty surrounding the Middle East conflict. Additionally, while headlines around a possible deal between the U.S. and Iran remained fluid and sometimes conflicting, investors generally appeared to see negotiations as more likely than escalating military action.

Flash note

Flash note

Nvidia tops the charts with record market cap, and Germany’s economy appears sluggish, while American purchasing power recedes. Each week, the Syz investment team takes you through the last seven days in seven charts.

Most major U.S. stock indexes finished the week lower as optimism surrounding large-cap technology and AI-related stocks was largely outweighed by concerns around accelerating inflation, rising Treasury yields, elevated oil prices, and lingering geopolitical uncertainty. Within the S&P 500 Index—which closed at a record high on Thursday before pulling back Friday—the energy sector advanced the most, while consumer staples and IT also posted gains. On the other hand, the consumer discretionary, real estate, and materials sectors led declines. U.S. Treasuries fell over the week as yields increased across most maturities in response to higher energy prices and inflation fears. As of Friday afternoon, the yield on the benchmark U.S. 10-year Treasury note had increased to around 4.59%, the highest level in over a year.

Flash note

Flash note

Meanwhile, we compare the AI bubble to the internet bubble. Each week, the Syz investment team takes you through the last seven days in seven charts.