The stock market is a momentum-chasers’ dream right now.
It’s increasingly clear that the backbone of the market rally is AI and nothing to do with the Iran war. Coming into this year there was a big fear about AI capex slowing down or a wall in AI models.
Instead, we’re seeing some impressive rollouts, including Claude’s latest model and the just-released OpenAI image model. Surely it won’t be long before Google is back with Gemini but the main problem right now is demand is overwhelming what they can serve. That’s led to nerfed models, particularly Gemini.
As someone who uses them, the last month or so really has felt impressive and brought the enthusiasm back. Then there are the leaks about Anthropic’s Mythos, which marked the bottom of the market. If it is what they say it is, another leg of improvement is coming soon.
That said, today’s rally isn’t exactly being led by hyperscalers, with them mostly down aside from Google, which is up 10%.
| Symbol | Company Name | Latest Price | % Change |
| GOOGL | Alphabet Inc. (Class A) | 383.68 | +9.64% |
| AAPL | Apple Inc. | 274.00 | +1.42% |
| TSLA | Tesla Inc. | 380.52 | +2.07% |
| AMZN | Amazon.com Inc. | 261.58 | -0.56% |
| NVDA | NVIDIA Corp. | 200.52 | -4.17% |
| MSFT | Microsoft Corp. | 403.97 | -4.83% |
| META | Meta Platforms Inc. | 616.69 | -7.84% |
The bigger move today is the Russell 2000, which is up 1.9% and is arguably being boosted by optimism about the Iran war, month-end flows or a bet on the laggards. It has been a staggeringly good month for stocks after a rough March.
Here are the companies scheduled to report earnings after the market close:
