On Friday, NVIDIA (NVDA) closed down 1.40% as the most actively traded stock, with a volume of $60.308 billion. On Friday, Microsoft (MSFT) and NVIDIA almost simultaneously built anticipation on social media for upcoming mysterious new products. A Microsoft executive posted an image resembling the edge of a curved screen, hinting at new hardware at the Build conference but explicitly ruling out Windows 12. NVIDIA, in sync with Microsoft, released a teaser for a "New Era of the PC," pointing towards next week's Computex in Taipei.
Market speculation is widespread that the two companies will jointly launch NVIDIA's self-developed Arm-based PC chip, the N1/N1X. This chip integrates NVIDIA's low-power GPU and a MediaTek CPU, running the Windows on Arm system. A successful launch would challenge the long-standing x86 dominance of Intel (INTC) and Advanced Micro Devices (AMD). While compatibility remains the biggest hurdle, NVIDIA's deep expertise in drivers and gaming ecosystems could be the key to breaking through.
Micron Technology (MU) ranked second, closing up 5.14% with a volume of $56.597 billion. Micron is one of the hottest tech stocks currently, having surged over 29% this week and nearly 90% in May.
JPMorgan published a report noting that retail buying in memory chip stocks is "sustained and elevated," with no signs of profit-taking. The bank's latest research shows retail investors continue to pour into memory chip stocks like Micron and SK Hynix, even as both companies have surpassed the $1 trillion market capitalization milestone.
Several institutions, including Goldman Sachs, have also recently expressed bullish views on the memory sector.
Microsoft (MSFT) ranked third, closing up 5.45% with a volume of $34.575 billion.
Intel (INTC) ranked fourth, closing down 5.14% with a volume of $22.192 billion.
Broadcom (AVGO) ranked seventh, closing up 4.73% with a volume of $17.988 billion. Ahead of its earnings report, brokerage Oppenheimer issued an optimistic preview, expecting the company to deliver results exceeding expectations and raise guidance, with AI business being the primary growth driver.
The report predicts Broadcom's AI revenue grew approximately 30% sequentially, driven by deep collaborations with giants like Google and OpenAI, with a backlog of about $73 billion. The company's gross margin is around 78%, maintaining a Buy rating. However, risks exist: OpenAI's planned $18 billion deal with Broadcom faces financing hurdles, and company insiders have recently net sold over $130 million in stock.
Dell Technologies Inc. (DELL) ranked ninth, closing up 32.76% with a volume of $17.3 billion. Dell's stock surged due to explosive growth in its AI server business and the award of a new $9.7 billion contract from the U.S. military. Its first-quarter earnings report showed total revenue reached $43.8 billion, an 88% year-over-year increase, with AI server revenue soaring 757% to $16.1 billion. The company has raised its full-year AI business revenue forecast from $50 billion to $60 billion. This five-year military contract aims to upgrade communication systems for defense and intelligence agencies and is expected to save approximately $422 million annually.
Palantir Technologies Inc. (PLTR) ranked thirteenth, closing up 9.21% with a volume of $14.19 billion. Palantir's stock rose sharply on Friday, leading gains in the software sector. As demand for artificial intelligence continues to heat up, investors are reassessing the growth prospects of this data analytics software giant.
The rally was not driven by specific company news but accompanied a broader rebound in the software sector. Peers like Microsoft and Salesforce also posted significant gains, indicating a clear improvement in market sentiment.
The core logic driving this rebound is that Wall Street is beginning to re-evaluate the software industry, particularly companies deeply integrated with AI. Palantir, with its AI platform, has achieved rapid expansion among both government and commercial clients. The company's previously released first-quarter report showed U.S. commercial revenue growing over 40% year-over-year, a rate few large-cap software stocks can match.
Wedbush analyst Dan Ives reiterated his bullish view on Palantir in a Friday report, suggesting the market had been overly concerned about the sustainability of software stock growth. He noted that corporate capital expenditure in AI is just beginning to accelerate, and Palantir, as a core beneficiary in this field, has valuation that does not fully reflect potential future earnings upgrades.
Oracle (ORCL) ranked sixteenth, closing up 10.84% with a volume of $8.897 billion.
IBM (IBM) ranked seventeenth, closing up 12.71% with a volume of $8.21 billion. IBM announced a major investment plan in quantum computing, receiving related U.S. government funding support, with institutions maintaining a Buy rating.
On May 29, IBM announced plans to invest over $10 billion in quantum computing over the next five years, aiming to build the world's first large-scale quantum computer capable of stable, complex computations by 2029. This significant investment in frontier technology significantly boosted market optimism regarding the company's long-term growth prospects.
Under the incentives program of the CHIPS and Science Act, the U.S. Department of Commerce will provide $1 billion in funding to support IBM's new company, "Anderon," becoming the U.S.'s first pure-play quantum chip foundry. The injection of government funds enhances the feasibility and competitiveness of this strategy.
ServiceNow (NOW) ranked eighteenth, closing up 14.38% with a volume of $8.102 billion. AI application software stocks rose broadly on Friday. The news catalyst was that some AI application software companies reported earnings exceeding expectations, directly validating the commercial viability of AI. Analysts pointed out that after the previous hardware rally, there is profit-taking pressure in the market. Meanwhile, the software sector had previously lagged, and with the validation of actual earnings, its value proposition became more attractive. Investors are beginning to reward companies that can translate AI capabilities into tangible products, services, and revenue streams.
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