Weeklies

A weekly market note on 26 May: 10Y yields fell from 4.56% to 4.49%, credit looked fine, and investors bought QQQ, SMH, and SOXX. But inflation expectations are still high, PMI data are softer, the Fed is not clearly ready to cut, and VIX rose on an up day. This is fragile, not cleanly bullish.

Google may commit up to $40B to Anthropic and gigawatts of TPU capacity, TPU 8 splits training and inference, DeepSeek V4 pushes model prices down, and NVIDIA Blackwell Ultra pushes token costs down. The market read: cheaper intelligence pressures weak AI software margins, but expands token volume and keeps semis, memory, networking and power infrastructure bid. Includes this week's chip stock price action and TPU 8 vs NVIDIA comparison.