Falcon’s View – Week ending 29 May 2026

Performance

NASDAQ 100: +2.89%

S&P 500: +1.43%

My portfolio: -0,29%

Market pulse

Between the May 22 and May 29 closes, U.S. equities rose strongly, with the NASDAQ-100 gaining 2.89% and the S&P 500 gaining 1.43%. The market’s main engine was AI infrastructure: semiconductors, memory chips, cloud infrastructure, servers, and enterprise software led the rally, while defensive and China-exposed names lagged. Micron’s surge, Dell’s AI-server strength, Oracle’s cloud re-rating, and broader semiconductor momentum helped push the NASDAQ-100 ahead of the S&P 500. Geopolitics also helped risk appetite: reports of progress toward a U.S.-Iran ceasefire extension and possible easing around the Strait of Hormuz lowered oil-price pressure and supported equities. The main offset was macro: April PCE inflation rose to 3.8% year over year, core PCE hit 3.3%, and consumer-pressure data showed households cutting back. Overall, the week was a clear “AI and earnings beat macro” rally: investors acknowledged inflation, rates, and consumer risks, but paid up for companies with direct exposure to the AI capex cycle.

Crowd vs. price

Investor interest remained concentrated in AI infrastructure and high-growth technology, but the market became more selective. The strongest price action came in names where investors could connect AI demand to near-term revenue, margins, or backlog, such as Micron and Oracle. SoFi Technologies also benefited from a separate momentum cycle around stablecoins and digital finance. By contrast, stocks where the AI story looked more expensive, less profitable, or more uncertain were punished: Alibaba fell because investors focused on margin compression and cash burn, while Intel sold off as valuation and competitive concerns resurfaced. Defensive consumer staples also lagged as capital rotated out of slow-growth safety and into AI beta.

Holdings & Watchlist Notes

Micron Technology (MU): +29.29%

Micron’s 29.29% rally between the May 22 and May 29 closes was driven primarily by a sharp valuation reset around AI memory. The immediate trigger was UBS raising its price target to $1,625 from $535, which pushed the stock sharply higher and briefly lifted Micron toward the $1 trillion market-cap club. The deeper story was that investors increasingly viewed Micron as a strategic bottleneck in the AI infrastructure cycle rather than as a normal cyclical memory-chip company. Demand for AI memory, supply constraints, pricing power, and long-term customer agreements all supported the bull case. Dell’s strong AI-server commentary later in the week added confirmation that downstream data-center demand remained strong. In short, Micron rose because the market started pricing it as a scarce AI-infrastructure supplier with improving margins, not merely as a commodity memory stock.