Nvidia stole the show. CEO Jensen Huang unveiled the RTX Spark Superchip at Computex 2026 in Taipei — an Arm-based processor combining Blackwell GPU power with an Arm CPU, explicitly engineered to bring AI to the consumer PC market. Partners including Dell, HP, Lenovo, ASUS, and MSI will ship devices featuring the chip starting this fall, making it Nvidia’s most direct assault yet on the established Windows processor incumbents.

The announcement sent ripples across the chip sector. Dell surged over 10% — aided also by a Morgan Stanley upgrade that more than doubled its price target — and HP Inc. climbed 8%. Meanwhile, Qualcomm fell 9.5% and Intel shed 6.5%, as investors repriced the competitive threat to their PC processor franchises. AMD dropped roughly 4%.

The software rally picked up steam in tandem. ServiceNow jumped ~9%, Salesforce gained 10%, and Adobe rose 5.5%, as investors rotated into enterprise software names viewed as AI beneficiaries. IBM surged 9% after Barclays initiated coverage with an overweight rating, citing quantum computing as the next major compute paradigm.

Geopolitics added a sharp counterpoint. Oil prices spiked dramatically — Brent crude rose nearly 7% to $97.37/bbl — after U.S. Central Command confirmed airstrikes on Iranian radar and drone sites following Tehran’s downing of an American drone. Hopes for a U.S.–Iran peace deal that had buoyed markets through May dimmed noticeably. Energy was the only S&P 500 sector joining technology in the green.

In a notable side story, MGM Resorts surged 16% after Barry Diller’s People Inc. made a $48.30/share cash acquisition offer. And Strategy Inc. fell 6% after the Michael Saylor-founded firm disclosed it had sold $2.5 million in bitcoin — only the second time the company has ever sold the asset — as bitcoin itself slid toward $70,000.

Despite the record closes, breadth remained narrow. A Bank of America strategist flagged that in May, only 21 S&P 500 stocks hit new highs — an eerie parallel to March 2000 at the height of the dot-com bubble, when just 20 names reached fresh records amid the broader index’s peak.