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) — +20%
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 180%+ 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) — +6–14%
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.
Qnity Electronics (Q) — +5–6%
Q1 earnings beat with EPS of $1.08 vs. $0.94 estimate; revenue of $1.3B, up 18% year-over-year. Raised full-year 2026 guidance across all metrics. The DuPont spinoff — which provides materials and solutions for the semiconductor and electronics industries — continues to gain traction. Jim Cramer has flagged it as an under-the-radar semiconductor play.
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) — +6%
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.
Affirm (AFRM) — ~Flat / Stabilizing
Trading around $63, having recovered from a post-earnings sell-off last week despite a beat-and-raise Q3 report (strong BNPL volume growth). A May 12 Investor Forum helped rebuild confidence. Analysts see a path to $85+ with continued credit quality and margin improvement.
📉 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) — −5.5%
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.
Alibaba (BABA) — −3%
Reported Q4 FY2026 earnings before the open. Core e-commerce customer management revenue decelerated sharply, and heavy AI and cloud investments weighed on profits. Revenue figures were distorted by disposed businesses (Sun Art, Intime). A bright spot: Cloud revenue surged 38% YoY, driven by the newly spun-off “Alibaba Token Hub” AI unit.
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) — ~Flat / Slight Miss
Q1 EPS of $0.68 missed the $1.26 estimate; revenue of $541M came in just under the $549M forecast. However, management reiterated mid-teens percentage revenue growth guidance for 2026 “despite a softer start to the year,” providing some floor for the stock.
🔥 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.
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