Your Evening Briefing

May 26, 2026

Stocks climb to new records amid peace prospects; chip stocks rally

The S&P 500, Nasdaq 100, and Russell 2000 all notched fresh record closing highs after President Donald Trump said in a Truth Social post that negotiations with Iran are “proceeding nicely.” Trump’s comments, along with reports that the US Navy has restarted shepherding vessels through the Strait of Hormuz, contributed to a worldwide rally in stocks and sell-off in crude oil.

Information technology was the best-performing sector as chip and memory stocks rallied, while energy was the worst-performer as oil prices fell.

Stocks that moved higher:

Micron soared, with its market cap topping $1 trillion for the first time, after UBS more than tripled its price target to $1,625 from $535. The massive upgrade lifted the entire memory sector, with Sandisk, Western Digital, and Seagate Technology Holdings all climbing on the news.
Oklo jumped after saying it's in advanced negotiations with the US Department of Energy to recycle Cold War-era plutonium into commercial nuclear fuel.
Qualcomm spiked after a report that it's reached a deal to supply AI chips to TikTok owner ByteDance.
Modine soared after announcing a $4 billion data center cooling deal.
TeraWulf jumped after announcing its acquisition of a 1-gigawatt Kentucky data center site.
Vicor surged after boosting its Q2 revenue guidance to $142 million from $126 million. The raised guidance lifted power semiconductor peers, with Wolfspeed and Navitas Semiconductor also soaring on the news combined with positive spillovers from a Huawei tech breakthrough.
Ouster surged after announcing a strategic agreement to supply its lidar technology for ARGUS Interception's defense drones.
Pony AI climbed after saying it expects its 2026 robotaxi revenue to be 3.5 times its 2025 level.

Stocks that moved lower:

Ferrari dropped after unveiling its first fully electric vehicle.
BP tumbled after its board removed Chairman Albert Manifold, citing unacceptable governance oversight and conduct issues.
AutoZone sank on a Q3 revenue miss.
Kroger fell after announcing price cuts aimed at taking on Walmart and Costco, raising margin concerns.
Enhanced Group plunged after the Enhanced Games produced merely one record-breaking performance, with several clean athletes winning events.
Dropbox dipped after its CEO announced he's stepping down after 19 years in charge of the cloud storage company.

Ethereum trades sideways as Foundation bleeds members
Ethereum ETFs have seen 10 consecutive days of outflows, totaling more than $461.1 million, data from SoSoValue shows.
Amid fears of AI killing tech jobs, companies race to fill cybersecurity roles
Powerful new cyber capabilities from models like Anthropic’s Mythos are driving companies to go on a cybersecurity hiring spree.

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