Indices Continue Their Climb
Friday's rally capped off a major week for stocks, with semiconductor and memory names leading the charge. Micron, SanDisk, and Western Digital all notched new all-time highs, underscoring the strength still flowing through the chip sector. The S&P 500 closed out its sixth straight winning week and joined the Nasdaq 100 at fresh record territory on Friday. The Russell 2000 climbed 1.7% on the week, while the Dow Jones held relatively flat — a sign that the rally remained concentrated in growth and technology rather than broadly distributed across legacy industrials.
Software Earnings: Palantir's Mixed Reception
Among the week's notable movers, Palantir ended down 4.4% despite posting first-quarter revenue that topped expectations. Executives leaned into a combative tone, dismissing competitors as "AI slop." Wall Street's reaction was mixed: Benchmark cautioned that the market has effectively priced Palantir for perfection, while Wedbush reiterated an outperform rating, signaling that the stock's premium valuation remains a battleground for analysts.
Other software names fared considerably better. Both Aquami and Data Dog finished up 42% after their earnings reports, demonstrating that strong results in enterprise software can still drive outsized rallies even in a market trading near record highs.
Chipmakers Take Center Stage
AMD pushed to new all-time highs, propelled by data center sales that grew 57% from a year ago. Large contracts with Meta Platforms and OpenAI have meaningfully reshaped the company's growth trajectory, and shares have now risen 112% in 2026 alone — a remarkable run that places AMD at the heart of the AI hardware story.
Intel also reached an all-time high, with shares popping on Friday following news of a preliminary chip supply deal with Apple. Reporting indicates the talks have been underway for more than a year, suggesting a strategic realignment that has been quietly developing in the background. Intel finished the week up 25%, an extraordinary move for a stock of its size.
AI Infrastructure: Diverging Outcomes
In the AI infrastructure space, results were more uneven. Super Micro climbed 30% on the week after stronger margins and a guidance hike gave investors renewed confidence in its ability to capitalize on data center buildouts. CoreWeave, by contrast, wavered and finished down 4.1% — even after expanding its compute power partnership with Nvidia. The split outcome reflects how investors are increasingly distinguishing between names with clear margin trajectories and those still working to translate top-line momentum into profitable growth.
What's Ahead
The coming week looks light on earnings, shifting the spotlight toward macro and geopolitical events. The US–China summit between Presidents Trump and Xi will take center stage, with markets watching closely for any developments that could shape trade and technology policy. Inflation data will also be in focus, with the latest CPI and PPI prints due to land in the days ahead. Together, those readings should help frame the conversation around interest rates and growth as the rally continues to be tested at record highs.