Key facts
- Major tech companies added $2.3 trillion in market value in May due to AI demand and earnings.
- Nvidia CEO Jensen Huang described AI PC chips as the 'reinvention of the computer'.
- Micron Technology's stock experienced an extreme overbought condition, nearing a $1 trillion market cap.
- Micron's stock surpassed $1,000, with one analyst raising the price target to $1,100.
- SoftBank Group surpassed Toyota Motor to become Japan's most valuable company at 48.8 trillion yen.
- Hewlett Packard Enterprise (HPE) accelerated financial goals and raised its fiscal 2026 revenue growth outlook to 29%-33%.
- Arm Holdings stock surged 14% after Nvidia unveiled its new Arm-based PC superchip.
- Marvell Technology shares surged over 25% after Nvidia CEO Jensen Huang's endorsement.
- South Korea became the world's sixth-largest equity market, surpassing India, driven by AI chip demand.
- Broadcom shares tumbled over 12% after disappointing results and AI chip sales forecast.
- TSMC CEO C.C. Wei stated that global chip supply will fall short of AI-driven demand for years.
- Nvidia confirmed Samsung, SK Hynix, and Micron are certified to supply HBM4 memory starting Q3 2026.
The artificial intelligence (AI) boom is profoundly impacting global markets, with major tech companies collectively adding $2.3 trillion in market value in May alone, driven by strong AI chip demand and optimistic earnings outlooks. Nvidia CEO Jensen Huang has been a central figure, explaining the drivers of the AI stock surge and envisioning AI PCs as the "reinvention of the computer." Nvidia is actively competing in both the AI PC and data center markets, developing new chips for both. Intel has unveiled its Crescent Island AI GPU for the inference market and plans a data center chip by year-end, though its stock saw a premarket drop. AMD is also a competitor in the AI data center chip space.
Micron Technology's stock has experienced extreme gains, reaching an overbought condition not seen in nearly 30 years, with its stock crossing $1,000 and analysts raising price targets to $1,100. Nvidia has certified Samsung, SK Hynix, and Micron to supply HBM4 memory for its Vera Rubin AI accelerator platform, with deliveries starting Q3 2026, and SK Hynix expected to supply the largest volume. Hewlett Packard Enterprise (HPE) reported record second-quarter results, accelerating financial goals and raising its fiscal 2026 revenue growth outlook to 29%-33%, leading to a 23% stock surge. Arm Holdings shares jumped 14% after Nvidia unveiled its RTX Spark PC superchip, which uses Arm-based CPU technology, with Mizuho raising its price target to $425 and later to $500, citing Arm's potential to hit a $15 billion chip sales target ahead of schedule.
Marvell Technology shares surged over 25% after Nvidia CEO Jensen Huang called the chipmaker a "next trillion-dollar company." Nvidia had previously invested $2 billion in Marvell, which forecasts its custom chips business revenue to surpass $10 billion by fiscal 2029. Megaport is raising $594 million to build a global AI inference cloud and has secured new AI infrastructure contracts worth $458.9 million. Nebius stock hit an all-time high, driven by a hedge fund stake and strong earnings, reporting a 684% year-over-year revenue increase in Q1 2026, with AI Cloud revenue up 841%, and raising its 2026 capex target to $20–$25 billion. Dell Technologies reported record AI server sales, leading to a significant stock surge. Seagate Technology also rallied on strong earnings and guidance, surpassing analyst expectations.