May 13, 2026 Market Wrap

U.S. markets spent May 13 orbiting the same dominant force: artificial intelligence, and the supply chain, capital spending, and geopolitics wrapped around it. Nvidia sat at the center of the day’s tape, with multiple headlines pointing to fresh catalysts across chips, networking, and partnerships. By the afternoon, the Nasdaq 100 had reached a record even after an April PPI reading showed 6% inflation, and Nvidia had rallied for a sixth straight session to its own record high. Earlier in the day, Nvidia-related news flow included Huang joining Trump in China, Nvidia and Corning announcing a multi-year optical connectivity partnership to expand U.S. manufacturing for AI data centers, and Jim Cramer calling Nvidia’s investment in Nebius a “big deal.” The broader message was that AI demand remained strong enough to keep pulling in new capital, new infrastructure plans, and new market attention, even as some parts of the market showed strain. That AI theme extended well beyond Nvidia itself. Copper prices hit a record above $6.60 a pound as AI data center demand tightened global supply, giving another sign that the buildout is reaching deep into industrial inputs. Hyperscalers were also said to be considering deeper involvement in the next-generation nuclear supply chain, with Amazon, Google, and Meta named in that discussion, while Morgan Stanley raised its S&P 500 annual target and said earnings-driven rallies could continue. In semiconductors, QuickLogic outlined 50% to 100% 2026 revenue growth tied to Intel 18A contracts and RADPro development kits, Alpha and Omega Semiconductor surged after a $150 million China joint venture and an earnings beat, and Micron was repeatedly in focus as Wall Street weighed the AI demand outlook. Cerebras Systems also priced its IPO targeting a $4.8 billion raise, with Polymarket bets on a first-day valuation above $50 billion, showing how much appetite remains for anything linked to AI infrastructure and compute. The day also brought a mix of second-order AI winners and cautionary notes. SoftBank reported fiscal-year profit that surged nearly five-fold, with AI investments driving gains and lifting sentiment around Nvidia. On the other side of the ledger, Tencent’s revenue miss pressured BABA and other China tech names as doubts about AI monetization grew, while Alibaba later refuted claims about NVIDIA AI chip smuggling. In consumer and software names, Microsoft was in the spotlight after Bloomberg reported it had spent $100 billion on its OpenAI partnership, and LinkedIn planned 5% layoffs despite 12% revenue growth, a reminder that even high-growth tech firms are still trimming costs. Tesla also drew attention after a note said the stock had spiked 30% over 30 days and called shares a buy before 2031. Outside the U.S., Lilly launched its Alzheimer’s drug donanemab in India at ₹91,688, or $957, per vial, adding a healthcare-specific headline to a day otherwise dominated by AI. Not every move was tied to the same growth narrative. American Rebel plunged nearly 30% after hours after Nasdaq moved to delist the stock over minimum bid-price compliance, and Celsius hit a 52-week low on PepsiCo margin concerns. JPMorgan also made headlines after Jamie Dimon warned the bank may scrap its U.K. headquarters plan over higher bank taxes, putting its £9.9 billion Canary Wharf project at risk. In crypto, Bitcoin hovered near $80,000 as traders waited for a Clarity Act meeting and continued ETF outflows, while Arthur Hayes argued that the AI shock would fuel the next Bitcoin bull run. Looking ahead, the next session will likely focus on whether the Nvidia-led rally can hold after another record close, whether the inflation data and record-high Nasdaq can coexist without a broader pullback, and whether fresh headlines on chips, China, and AI infrastructure keep setting the tone. Traders will also be watching Bitcoin’s reaction to policy developments, any follow-through in copper and semiconductor names, and whether the day’s biggest movers, from Cerebras to QuickLogic to AOSL, can sustain their post-news momentum.