📊 Brutal Recap of Last Week’s US Market and Capital Flows
Last week’s core trading theme in US equities can be summarized as: 'An overwhelming victory for marginal compute capacity, coupled with a violent short-covering rally in tech software stocks as negative catalysts fully priced in.'
Market and Sector Dynamics: Last week, the three major US indices posted their longest weekly winning streak since late 2023. The Philadelphia Semiconductor Index (SOX) surged again, backed by robust fundamentals. Market risk appetite (Risk-on) shifted significantly—capital not only remained firmly anchored in the high-end compute supply chain led by NVIDIA and Broadcom but also began pouring aggressively into deeply undervalued foundational big data and EDA/SaaS software segments (evident in the doubling rallies of names like Snowflake and Synopsys following stellar earnings).
The Historic Breakthrough of Dell (DELL.US): After market close on May 28, 2026, Dell stunned Wall Street with its Q1 FY2027 earnings report: quarterly revenue skyrocketed to $43.84 billion (up 88% YoY), and adjusted EPS hit $4.86 (up 214% YoY). Most strikingly, revenue from AI servers powered by NVIDIA chips surged 757% to $16.1 billion, while ending AI backlog orders soared to $51.3 billion! On May 29, Dell’s stock price...