Alain’s Holdings
| Symbol | Name | Price | Change | Change % |
|---|---|---|---|---|
| VOO | Vanguard S&P 500 ETF | 683.54* | +4.91* | +0.72%* |
| QQQ | Invesco QQQ Trust | 718.29* | +5.00* | +0.70%* |
| XIU.TO | iShares S&P/TSX 60 ETF | 49.85 | -0.41 | -0.82% |
| VRT | Vertiv Holdings Co. | 369.99 | +2.86 | +0.78% |
Tech resurgence drives S&P 500 and Nasdaq to record highs
The S&P 500 and Nasdaq Composite reached new all-time records on Wednesday, powered by a significant rebound in technology shares. High-profile semiconductor companies like Nvidia and Micron led the gains, successfully offsetting broader market concerns regarding persistent inflationary pressures.
Market Recap · Wednesday, May 13, 2026
Stock Market Recap — May 13, 2026
Tech powers new records as inflation scare & Trump-Xi summit dominate headlines.
📊 Major Indexes
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,444.25 | ▲ +0.58% 🏆 Record |
| Nasdaq | 26,402.34 | ▲ +1.20% 🏆 Record |
| Dow Jones | 49,693.20 | ▼ −0.14% |
🌐 Macro Backdrop
Wholesale inflation surged — April PPI rose 6% year-over-year, far above the 4.8% consensus, echoing Tuesday’s hot CPI print and reinforcing a “higher for longer” rate stance. Tech ignored the macro, with Apple touching $300 for the first time. The Dow lagged as energy and banking felt the inflation pinch.
President Trump arrived in Beijing for a high-stakes summit with Xi Jinping, with trade and AI on the agenda. Nvidia CEO Jensen Huang joined the delegation on Air Force One, fueling optimism on chip export headwinds. Kevin Warsh was confirmed by the Senate as the next Fed Chair.
📈 Winners
Wolfspeed (WOLF) — $62.60 +$8.88 (+16.53%)
Surged after Citrini Research published a bullish deep-dive arguing the silicon-carbide chipmaker — fresh out of bankruptcy — is dramatically undervalued relative to its fabrication asset value. Up an extraordinary 259% year-to-date as EV and AI power demand rebounds. Now on a seven-session winning streak.
Nebius (NBIS) — +16%
Blowout Q1: revenue of $399M, up 684% year-over-year on surging GPU-cloud demand. Also announced a new 1.2 GW AI factory in Pennsylvania, adding to a new Missouri campus. Backed by a $2B Nvidia investment, Nebius is building one of the fastest-growing AI infrastructure footprints in the U.S.
ON Semiconductor (ON) — +10%
Rode the semiconductor sector’s bounce-back as chip stocks resumed their rally. Power semiconductor demand from AI data centers and EVs continues to be a key tailwind, following its Q1 earnings beat earlier this month (EPS $0.64 vs. $0.61 est.).
Ford Motor (F) — $13.57 +$1.58 (+13.18%)
Strong Q1 earnings beat, with EPS of $0.66 adjusted vs. expectations. Raised full-year EBIT guidance to $8.5–10.5B. Boosted by a $1.3B tariff refund benefit after the U.S. Supreme Court ruled some IEEPA tariffs illegal. Also launched Ford Energy, a new wholly-owned battery storage subsidiary.
Akamai Technologies (AKAM) — +6–7%
Bank of America upgraded to Buy, lifting the price target to $175 from $130, noting the “story has shifted from legacy delivery network to a credible AI infrastructure platform.” Cloud Infrastructure revenue grew 40% YoY in Q1. Akamai’s partnership with Nvidia further bolsters its AI positioning.
Micron Technology (MU) — +3–4%
Bounced back after falling 3.6% on Tuesday during the broader tech sell-off. Memory chips remain a critical bottleneck in the AI buildout, giving chipmakers strong pricing power. Micron is up 53%+ in April and 37% last week — one of the market’s hottest recent trades. Jensen Huang’s China trip also lifted chip sentiment broadly.
Zebra Technologies (ZBRA) — $246.76 +$4.97 (+2.06%)
Continued momentum following Tuesday’s +15% post-earnings surge. Q1 delivered EPS of $4.75, revenue up 14%, and management raised 2026 sales outlook to 10–14% growth. KeyBanc upgraded to Overweight with a $305 target on Wednesday. AI-enabled devices, RFID, and industrial automation are key demand drivers.
Alibaba Group (BABA) — $145.81 +$11.03 (+8.18%)
Reported Q4 FY2026 earnings before the open and shares rallied strongly. Cloud revenue surged 38% YoY, driven by the newly spun-off “Alibaba Token Hub” AI unit — the clearest sign yet that Alibaba’s pivot to AI infrastructure is gaining traction. Investors cheered the cloud momentum and overlooked near-term pressure from heavy AI investment on margins. A bright session for China tech broadly as the Trump-Xi summit in Beijing added optimism around trade relations.
📉 Losers
Under Armour (UAA) — −10 to −15%
Steep drop after Q4 FY2026 results: full-year revenue fell 4% to $5B, with North America down 8%. Gross margin declined 220 bps due to tariff headwinds and a more promotional second half. FY27 guidance calls for further top-line contraction. CEO Kevin Plank is prioritizing brand quality over volume growth.
Birkenstock (BIRK) — $33.07 −$4.88 (−12.86%)
Missed on both earnings and revenue in fiscal Q2 2026. The ongoing Iran War weighed on EMEA segment growth — a critical region for the sandal brand. Consumer spending softness and higher energy costs are dampening European demand.
Qnity Electronics (Q) — $162.02 −$6.34 (−3.77%)
The DuPont spinoff — which provides materials and solutions for the semiconductor and electronics industries — slipped despite reporting a Q1 earnings beat (EPS of $1.08 vs. $0.94 estimate; revenue of $1.3B, up 18% YoY) and raising full-year 2026 guidance. Likely a “sell the news” reaction after the stock’s strong recent run. Underlying fundamentals remain solid.
Affirm Holdings (AFRM) — $63.53 −$1.90 (−2.90%)
A mild pullback as investors remain cautious following last week’s post-earnings sell-off. Despite a beat-and-raise Q3 report with strong BNPL volume growth, macro concerns around consumer credit and higher-for-longer rates are keeping the stock under pressure. A May 12 Investor Forum helped slow the bleeding but couldn’t reverse the trend.
The Trade Desk (TTD) — −3.4%
Continues its painful slide near $20.43, approaching its 52-week low of $19.73. Q1 2026 showed further revenue growth deceleration (12% YoY vs. 25% a year ago) and margin compression. Below all major moving averages. Macroeconomic headwinds, competition, and soft Q2 guidance are keeping sellers in control. Support sits near $19.50.
Wix.com (WIX) — $55.32 −$20.56 (−27.10%)
A brutal session after Q1 EPS of $0.68 missed the $1.26 estimate badly; revenue of $541M also came in under the $549M forecast. A drop of over 27% in a single session reflects how severely the market punished the miss. Management reiterated mid-teens percentage revenue growth guidance for 2026 “despite a softer start to the year,” but investors were in no mood for reassurance.
🔥 IPO Spotlight: Cerebras Systems (CBRS)
The most anticipated AI IPO of the year prices tonight.
Cerebras Systems, maker of the Wafer Scale Engine — a chip the size of a dinner plate packing over 4 trillion transistors — is set to begin trading on the Nasdaq on Thursday under the ticker CBRS. The order book closed roughly 20 times oversubscribed, forcing the company to lift its price range to $150–$160 per share (from $115–$125), implying a valuation near $48.8 billion and a total raise of approximately $4.8 billion — the largest U.S. listing in nearly five years.
Key facts:
- $510M in 2025 revenue with a remarkable 47% net margin
- A $20B+ compute deal with OpenAI and an AWS partnership largely solved the customer concentration issue that derailed its 2024 IPO attempt
- OpenAI is receiving warrants worth ~10% of the company as part of the arrangement
- Prediction markets favor a day-one market cap above $50 billion
- If SpaceX and OpenAI follow with their own listings later this year, those are expected to raise a combined $135B — making Cerebras just the opening act
Risks to watch: customer concentration (MBZUAI alone accounted for 62% of 2025 revenue), intense competition from Nvidia, and a valuation of ~51x trailing revenue that leaves no room for execution missteps.
Data sourced from CNBC, Yahoo Finance, Benzinga, TheStreet, SEC filings, and Morningstar as of market close May 13, 2026. This post is for informational purposes only and does not constitute financial advice.
The big picture: Tech ignored the macro heat today. April PPI printed at 6% year-over-year — the hottest in years — but the Nasdaq and S&P both closed at fresh records as AI enthusiasm and the Trump-Xi summit in Beijing lifted chip names.
Key themes from the stocks:
- The semiconductor rally resumed, with Micron jumping ~3%, ON Semiconductor surging 10%, and Akamai climbing nearly 7% after a Bank of America upgrade that noted “the story has shifted from a legacy delivery network to a credible AI infrastructure platform.” CNBC
- Nebius was a standout, reporting Q1 revenue of $399M — a 684% increase from a year earlier — and announcing plans for a new AI factory in Pennsylvania with up to 1.2 gigawatts of secured power. Yahoo Finance
- Wolfspeed soared 20% after Citrini Research championed the silicon carbide chipmaker as significantly undervalued, extending a seven-session winning streak and a 180%+ year-to-date run since exiting bankruptcy. Rolling Out
- Under Armour fell sharply after reporting a 4% full-year revenue decline, with North America down 8%, and guiding for further top-line contraction in FY27. Yahoo Finance
- Birkenstock fell more than 5.5% after missing estimates on both earnings and revenue, with the Iran War weighing on EMEA growth. CNBC
- On the IPO front, Cerebras Systems is set to be the largest IPO of 2026, targeting a raise of up to $4.8B at a ~$48.8B valuation after its order book closed roughly 20 times oversubscribed.
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