Friday knockout and May’s Eldorado
The last session of the month (May 29, 2026) sealed a capital period for American bulls. S&P 500 rose by 0.22% reaching a new peak around 7580 points. The technological Nasdaq Composite added a strong +0.8-1%, also celebrating historic records, while the conservative Dow Jones Industrial Average steadily stayed above the psychological threshold of 50,000 points. This was not a mere coincidence, but a clear and absolute demonstration of the power of American giants.
In a monthly view, May proved a pure Eldorado for investors. S&P 500 gained a solid 4-5%, lifting the year‑to‑date (YTD) cumulative return to impressive 10.7-11.3%. Meanwhile, Nasdaq literally crushed the competition, rising over thirty days by 6-8%. Investors completely ignored inflation fears and geopolitical friction in the Middle East, which fortunately began to ease. May US market data clearly shows that only hard fundamental data matters on the dance floor.
Chart. Monthly S&P 500 index growth
Source: TradingView
See also: Scandal at the giant. Employee caught insider trading. He managed to earn millions
Dell and Micron demolish the order book
The true rockerboy of the month’s end was Dell Technologies. After publishing the latest quarterly report, the company’s shares shot into the sky with an incredible 30-38%. The reason for this state of affairs was operational results that shocked even the biggest tech optimists on Wall Street. Dell’s revenue rose by 88% year‑over‑year, reaching a peak of 43.84 billion USD.
However, the record order backlog for AI servers most fired investors’ imagination with an astronomical amount of 51 billion USD. The company raised its annual revenue forecast to 165-169 billion USD, of which about 60 billion USD is expected to come directly from AI infrastructure sales.
Looking at the monthly heat map of the tech sector, Dell recorded an astonishing growth of 104.27%. This rally pulled the entire semiconductor and memory industry along, with the biggest gains from: Micron (84.60%), Qualcomm (65.74%), SanDisk (58.32%) and AMD (58.03%).
Tech sector heat map (S&P 500)
Source: TradingView
See also: Wall Street celebrates, Main Street sinks. Why the US rally doesn’t benefit ordinary people?
Intel’s great return and Nvidia’s new dynamics
Last month investors will surely remember as a time of spectacular resurrection of Intel. The company, which many analysts had already written down as a loss, experienced a gigantic rally. Shares rebounded from long‑term lows below 20 USD, reaching historic highs above 130 USD in May (ending the month in the 114-126 USD range). The catalyst was strong Q1 results, powerful political support in the USA and an unexpected deal with Apple, which again brought Intel into the first tier of tech giants.
What about the current leader? Nvidia after reaching a historic peak at 236 USD in mid‑May made a slight correction to around 211-217 USD, giving a symbolic minus on the monthly map (-0.73%). This is a textbook “buy rumors, sell facts” mechanism. It is also worth noting that investors’ appetite for Nvidia’s surprising successes continues to grow, so even very good quarterly results often fail to satisfy the ever‑hungry business shark records.
Chart. Nvidia stock price.
Source: TradingView
See also: Nvidia shares – what next? Financial results and key forecasts for Wall Street
Tech services sector on a green wave
A glance at the tech services heat map clearly shows that capital flows in a wide stream not only to silicon producers and AI infrastructure. Giants such as Google (+9.34%) and Microsoft (+6.04%) steadily pushed indices up, effectively neutralizing the slump of Meta (-5.44%) and Netflix (-5.71%). IBM also performed excellently, rising by +29.29% and Palantir with a growth of +12.01%.
The real frenzy, however, was in the specialized software and cybersecurity segment. Oracle grew by +37.64%, and investors mass‑moved to cloud‑security companies such as Datadog (+89.76%) and CrowdStrike (+62.33%).
May clearly showed that the AI bubble is far from bursting. Record growth of companies responsible for infrastructure and those building ecosystems suggests that the summer season on the market will be scorching and green.
Tech services sector heat map (S&P 500)
Source: TradingView
See also: HSBC changes forecasts for Wall Street. The market enters a new chapter
Source: CNBC
