CNBC’s Dominic Chu opened Friday’s market coverage by noting that “the stocks are looking like they may open higher today, rounding out what could be the eighth straight winning week for the S&P 500.” That kind of streak does not happen by accident, and inside the Trump bull market it has become the defining rhythm: shallow dips, fast recoveries, and a tape that refuses to let bears press a hand. SPY traded at $748.05. As Chu spoke, the market sat on a 27.43% one-year gain and a 8.92% advance year to date, which is the arithmetic that quiets skeptics.
Chu pinned the engine on AI. “enthusiasm around the AI trade is continuing to boost stocks after strong results from Nvidia earlier this week.”
Nvidia’s quarter set the tone
NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) reported Q1 FY2027 revenue of $81.61 billion, up 85.2% year over year, with Data Center revenue at $75.25 billion and networking up nearly 199%. CEO Jensen Huang called “the buildout of AI factories the largest infrastructure expansion in human history.” Plus, guidance for the next quarter landed at $91.0 billion plus or minus 2%, and the board authorized an $80 billion buyback. Nvidia’s guidance just keeps going up and there’s no reason to doubt this rally anymore. Some bulls are looking at a $10 trillion valuation within the next two years, though the average rating isn’t that generous.
The stock cooled into the print and is down 5% in the past five days, but the read-through for the rest of the complex worked.
Microsoft (NASDAQ:MSFT) disclosed an AI business at a $37 billion annual run rate, up 123% year over year, with commercial remaining performance obligations of $627 billion. Furthermore, Apple (NASDAQ:AAPL) posted its best March quarter ever at $111.2 billion in revenue, fueled by iPhone 17 demand, and authorized $100 billion in fresh buybacks. Intel has compounded a 221.14% year-to-date gain after its Xeon 6 was selected as host CPU for NVIDIA’s DGX Rubin NVL8 systems. The AI capex story keeps finding new beneficiaries.
The IPO pipeline is reopening
Chu pivoted to supply. “SpaceX disclosing its IPO filing, and sources telling CNBC that ChatGPT parent company OpenAI could file for an IPO as soon as today.” SpaceX’s S-1, filed with the SEC on May 20, 2026, reflects the retrospective combination of xAI, which was acquired by SpaceX effective February 2, 2026. Combine that with an OpenAI listing in the same window and you have the two highest-profile private AI assets queuing up for the public tape inside a Trump bull market starved for new mega-cap issuance. Institutional money forced to chase the same seven names suddenly gets new shelves to fill.
Thus, we could soon see multiple AI companies going public this year. If this SpaceX IPO is successful (likely will be), other AI companies are not going to sit behind with their hands folded. They could unlock enormous funding from these IPOs and drive the rally higher. I expect Anthropic to be the next $1 trillion IPO.
Regulatory cross-currents that have not bitten
Chu flagged the headwind. “The Texas Attorney General is suing Meta and WhatsApp, alleging Meta falsely advertised its messaging service with end-to-end encryption.” Meta (NASDAQ:META) denies the claims. The stock has been the conspicuous laggard inside the Magnificent group, down 7.91% year to date to $607.38 even after posting Q1 revenue of $56.31 billion, up 33.1% and raising 2026 capex guidance to $125 to $145 billion.
Moreover, retail has noticed the disconnect. The most-upvoted Meta thread on Reddit this week, titled “META lays off thousands for AI and nobody wants to discuss the obvious next problem,” captures unease about whether the spending will pay back. But again, we’ve seen these companies rebound in earnest time and time again. The Trump bull market has been unceasing.
The Trump bull market’s eighth straight winning week is, in Chu’s framing, an AI story with a deal-flow chaser. Nvidia validates the capex. SpaceX and OpenAI promise new paper for buyers who have run out of things to own.
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