Micron just hit $1 Trillion market cap for the first time in history and becomes the 10th-largest U.S. company
$MU Micron is up 18% yesterday alone. A year ago this company was worth $60 billion. Today it crossed $1 trillion. That is a 1,350% move in just 413 days. UBS nearly tripled its price target from $535 to $1,625, citing explosive AI memory demand and a global memory shortage that is allowing Micron to raise prices at will. Every Nvidia chip needs memory chips to function. Micron makes those memory chips. Source: Bull Theory, Stocks World
Semiconductors index $SOX keeps marching higher without its general.
We have not seen such a wide divergence between SOX and hashtag#nvidia $NVDA in quite some time. Is NVDA quietly becoming the main funding source for the latest semis upside panic? Source: TME
U.S. Margin Debt Hits Record $1.3 Trillion in April 2026
U.S. margin debt climbed to a record $1.3 trillion in April 2026, marking a 53% increase from a year earlier. The sharp rise reflects growing investor risk appetite and increased leverage amid surging equity valuations and strong stock market momentum. Historically, rapid expansions in margin borrowing have coincided with periods of elevated market optimism and heightened speculative activity. Source: Econovis
Year-to-date performance of the main asset classes
Source: Finviz
Since the start of the war, gold has been negatively correlated to oil. Oil up, gold down. Why? Because the marginal gold buyer is not the West, it is EM Asia and Turkey.
Higher oil prices crush import-dependent economies like India: Oil ↑ → Growth ↓ → Currency ↓ → Import costs ↑ → Gold demand ↓. That’s why gold has been weak despite geopolitical chaos. India is curbing gold imports to defend the Rupee. Turkey already burned reserves. China is temporarily balancing the system by cutting crude imports. The real story isn’t “gold vs fear.” It’s commodities, FX, and EM liquidity transmission. Mental flexibility > rigid macro views. Source: Alexander Stahel on X Bloomberg
We've officially reached the "brutal" stage in the global bond market sell-off. The 10y10y forward yield (red) is making new highs all over the place.
Japan's 10y10y forward has risen 30 basis points in just a few days. Even Swiss 10y10y forward is rising. Source: Robin Brooks
Cross asset returns as of 15/5/2026
Source: Charlie Bilello
The dispersion of public market returns between sellers and buyers of AI.
Note however it feels weird to find Alphabet $GOOGL in the "loser" camp as the stock is up 130%+ over the last 12 months. Some buyers of product shortage are able to perform well as long as investors see clear evidence that its AI investments are turning into real revenue and profit growth — not just hype. Alphabet's cloud computing business has been delivering much better than expectations. Source: Tanay Jaipuria
