Let's start with the week's MVP: $DELL is up 22% on the week — 17% of that in a single Friday session — after Wells Fargo hiked its price target to $270 on AI infrastructure demand. Michael Dell personally made $12.5 billion in one day, leapfrogging Jensen Huang on the wealth leaderboard. Meanwhile, $QCOM surged nearly 12% after locking in an expanded exclusive deal with Stellantis to power every future vehicle with Snapdragon chips — cockpit, ADAS, telematics, the works.
The macro backdrop is where things get spicy. The Strait of Hormuz has been closed 82 days, oil is kissing $97/barrel, and the 30-year Treasury yield just hit its highest level in nearly 20 years. New Fed Chair Kevin Warsh was sworn in this week, and Governor Waller immediately floated rate hikes as a possibility — which, sure, that's fine, everyone loves that. Bloomberg's sentiment data shows the S&P 500 just logged its longest weekly winning streak since 2023 despite all of this, which either means the market is supremely confident or completely delusional. Fundstrat says it's the former; Jeremiah Babe says it's the latter. The truth is probably somewhere between a Bloomberg podcast and a bunker.
On the IPO front, SpaceX filed an S1 targeting a jaw-dropping $2 trillion valuation while simultaneously revealing its launch business is currently unprofitable — classic Silicon Valley 'we lose money but make it up in volume' energy. $SPOT jumped 6% on bold 2030 targets including 1 billion subscribers and $100B revenue. And $EL ripped 12% aftermarket after killing its Puig merger, proving that sometimes doing nothing is the best strategy in the room.
