Key facts
- Nebius stock reached an all-time high of $259.23.
- Situational Awareness LP disclosed a 5.6% stake in Nebius.
- Nebius reported Q1 2026 revenue of $399 million, up 684% year-over-year.
- Nebius raised its 2026 capex target to $20–$25 billion.
- SanDisk stock hit a new all-time high of $1,861.
- Morgan Stanley reiterated an Overweight rating on SanDisk with a $1,750 price target.
- Hyliion stock reached a 52-week high of $7.60.
- Hyliion has nearly 750 KARNO cores under non-binding LOIs, representing $400 million in potential revenue.
- ServiceTitan reported Q1 2027 revenue of $268.8 million, up 25% year-over-year.
- ServiceTitan raised its full-year revenue guidance.
- Leopold Aschenbrenner's Situational Awareness LP grew assets from $255 million to $13.7 billion in six quarters.
- Citigroup stock reached its highest level since November 2008 at $135.15.
Multiple companies across the technology and financial sectors have experienced significant stock market gains, with several reaching all-time or multi-year highs. Nebius stock achieved a new all-time high of $259.23, an increase of 8.7%, following the disclosure of a 5.6% stake by hedge fund Situational Awareness LP. The company reported a substantial year-over-year revenue increase of 684% to $399 million in Q1 2026, with its AI Cloud revenue growing by 841%. Nebius also revised its 2026 capital expenditure target upwards to a range of $20–$25 billion. SanDisk stock surged over 6.7% to a new all-time high of $1,861, supported by analyst upgrades from Morgan Stanley, which reiterated its Overweight rating and raised its price target to $1,750, and Barclays, which upgraded the stock to Overweight. Bullish sentiment regarding NAND memory market demand for AI applications also fueled this rally.
Hyliion Holdings (HYLN) stock climbed to a new 52-week high of $7.60, representing a 250% gain over six weeks. CEO Thomas Healy is promoting the company's KARNO generator technology as a solution for on-site electricity generation for AI data centers. The company has nearly 750 KARNO cores under non-binding Letters of Intent (LOIs), which could represent $400 million in potential revenue. In the financial sector, Citigroup (C) shares closed up 4% at $135.15, reaching their highest level since November 2008. This surge was attributed to positive Federal Reserve commentary, a leadership reshuffle, and strong analyst sentiment, including a 'Strong Buy' consensus and an average price target of $147.82. Rambus Inc. also reached a new all-time high stock price of $161.90.
In contrast, some companies experienced stock declines. BlockchAIn Digital Infrastructure (AIB) saw its stock fall 21% after announcing a $55 million stock offering. The company priced 33.3 million new shares at $1.65 each, a move anticipated to dilute existing shareholders. The proceeds are designated for working capital, capital expenditures, and general corporate purposes. Guidewire (GWRE) stock dropped 14% in after-hours trading following a Q3 earnings report where, despite beating EPS and revenue estimates, the company missed its Annual Recurring Revenue (ARR) expectations. Analysts from Stifel and RBC reduced their price targets but maintained positive ratings, viewing the decline as a potential buying opportunity.
Hedge funds demonstrated strong performance in May, with an average return of 5.35%, outperforming the MSCI total return index's gain of 4.55%. This success was largely driven by a rally in U.S. tech stocks. Hedge funds increased their stock purchases at the fastest pace since June 2025 and reached a five-year high in leverage. Leopold Aschenbrenner's Situational Awareness LP, focusing on AI infrastructure stocks, saw its assets under management grow from $255 million to $13.7 billion over six quarters. Steve Cohen's Point72 hedge fund reported a 2% gain in May, bringing its year-to-date return to 10.5%, with other funds like Millennium and Balyasny also posting positive returns, though many struggled to match the S&P 500's 11% year-to-date gain. Bitcoin, however, is underperforming semiconductor stocks like Micron Technology, indicating a shift in investor focus towards AI infrastructure, with experts warning of potential significant impacts on the crypto market.
Broader market indices also saw record highs, with the S&P 500 and Dow Jones Industrial Average reaching new peaks, while the Nasdaq Composite remained nearly flat. Broadcom's stock dropped 13% due to concerns over AI demand, but the overall market exhibited resilience with healthy breadth. ServiceTitan's stock surged 16% following robust Q1 2027 results, including a 25% year-over-year revenue increase to $268.8 million and adjusted EPS of $0.37, leading the company to raise its full-year revenue guidance. Morgan Stanley reaffirmed its Overweight rating on Eli Lilly, citing potential stock upside, especially after CVS Caremark reversed its decision on Zepbound coverage, ensuring all major U.S. PBMs now cover the drug. Eli Lilly also reported strong Q1 2026 earnings. Wedbush adjusted its outlook on cybersecurity company Palo Alto Networks (PANW) by increasing its price target.