May 29, 2026

Markets:

Stock futures inched higher Friday, while crude prices slipped, as traders monitored the conflict in the Middle East and the fragile ceasefire between Iran and the U.S.

West Texas Intermediate futures lost more than 2% to trade at $86.89 per barrel. Brent crude dropped 2% as well to $91.80. The moves come after Iran’s armed forces reportedly launched missiles late Thursday, while President Donald Trump mulled over a potential ceasefire extension.

Stocks are coming off a record-setting session after the U.S. and Iran agreed to Iranian negotiators agreed on a 60-day memorandum of understanding to extend the ceasefire.

All three major indexes are on pace to end the week higher, with the tech-dominant Nasdaq Composite in the lead with a gain of more than 2%. The S&P 500 has risen more than 1% on the week, while the blue-chip Dow is sitting with a gain of less than 1%.

Friday marks the final trading session of May, and all three major averages are on pace for gains. The S&P 500 is up nearly 5%, while the Dow is on track for a 2% advance. The Nasdaq is outperforming, heading for an 8% advance for the month.

In extended trading, shares of Dell Technologies
 surged 38% after the laptop maker raised its full-year guidance and reported a first-quarter beat on both the top and bottom lines.

Portfolio:

I’m still honestly stunned by DELL’s earnings report. If anyone still had doubts about the phase of the AI cycle we are entering, go read that report and specifically what their COO stated regarding the AI infrastructure buildout:

“Three, four, five years, those discussions are underway. And it really is about access to supply because quite honestly, I can’t tell them what the price is going to be.”

That statement says everything about where demand is heading.

Then overnight we received another extremely important headline. Pegatron, one of Taiwan’s largest electronics assembly companies, stated its AI server business is expected to grow 10x in 2026. According to reports, the company is aggressively expanding U.S. production capacity, opening additional factory space, and potentially increasing hiring by 3 to 4 times to meet expected demand.

Their executives also noted that CPU shortages are currently more severe than memory shortages, but they are not concerned because they began preparing for this expansion back in late 2025.

Keep in mind, Pegatron was actually late entering the AI server market compared to competitors, which makes these comments even more notable.

I’m sharing all of this because I want everyone to truly understand how early we still are in this cycle and just how massive the opportunity ahead could become over the next several years. The AI infrastructure buildout is real, demand is accelerating, and we believe our service is positioned directly in the middle of it.

We enter the final trading session of the week and month holding positions in NOWL, TE, and FIVN.

Queu is igniting and we expect to add today.