Balance sheets, earnings calls, and market analysis are no match for one guy dropping the T-word: Today, Nvidia CEO Jensen Huang praised Marvell Technology as the “next trillion-dollar company.” That was enough to send shares of the semiconductor firm soaring 32.52%.

Huang elaborated that Marvell’s chips are crucial for datacenters, which, to be fair, is pretty bullish. Then again, Huang’s faith in the company was already a known quantity: Nvidia already agreed to invest $2 billion in Marvell in March.

The hype is real

Huang’s blessing was enough for retail investors, who have been far more focused on vibes than fundamentals lately—reminiscent of the YOLO meme stock days, when traders were looking for any excuse to pump a stock.

Just take IBM, which surged 7.60% yesterday to a record high after an old clip of Trump calling IBM CEO Arvind Krishna a “legend” at a White House business roundtable went viral. Never mind that the clip was from December 2025, and markets barely registered the comment at the time.

Shares of Virgin Galactic also surged 21.70% yesterday, on the heels of Reddit posters confusing its ticker (SPCE) with SpaceX’s new post-IPO ticker (SPCX). The rally was able to gain steam because space stocks have genuinely been surging ahead of the debut of Elon’s favorite child. But the seesaw swung the other way today, and shares of Virgin Galactic plummeted 38.86% after the company announced it plans to take advantage of its sudden surge by issuing stock to pay back debt.

One Reddit user on r/WallStreetBets summarized things nicely: “This market has become a joke.”

Is the YOLO approach sustainable?

There has, of course, always been an element of hype when it comes to the stock market—after all, investors buy stocks based on what they think a company’s future value may be, which takes no small amount of optimism. But in today’s bull market fueled by rabid day traders and AI hype, it feels like the debauchery has become especially disconnected from what’s actually going on.

Reality check: Not to be a killjoy, but our economy is facing some pretty big fundamental risks. One elephant in the room remains the Strait of Hormuz.

JPMorgan warned back in mid-May that if the Strait remains closed through June, oil could hit $150 a barrel. That could trigger soaring gas prices, push inflation higher, and spark a potential global recession.

But June has arrived, the Strait is still blockaded, and investors are too busy investing in SpaceX typos to care.—LB

🟢 What’s up

• Hewlett Packard Enterprise climbed 19.47% following its biggest earnings beat since 2018, including 40% revenue growth.
• Optical stocks Coherent, Lumentum, and Corning gained 17.63%, 13.72%, and 13.41%, respectively, after Nvidia CEO Jensen Huang highlighted the growing need for optical networking in AI datacenters.
• Generac jumped 5.62% after securing a deal to provide backup power systems for a leading hyperscale datacenter operator.
• USA Rare Earth surged 4.32% on plans to invest $1.2 billion in a South Carolina magnet-manufacturing and metals facility.
• STMicroelectronics gained 15.20% by raising its 2026 datacenter revenue target to roughly $1 billion.
• AI infrastructure company Penguin Solutions soared 10.94% after forecasting results at the high end of its full-year sales and earnings guidance.

What’s down

• Alphabet fell 3.81% on plans for an $80 billion equity offering to fund AI infrastructure expansion.
• Abivax tumbled 44.10% as trial data revealed cancer cases among patients receiving the higher dose of its new treatment for ulcerative colitis.
• Fulcrum Therapeutics plunged 51.09% after it scrapped development of its treatment for sickle cell disease following FDA safety concerns.
• Exchange operators fell amid concerns that perpetual bitcoin futures could disrupt traditional trading venues. CME Group lost 2.80%, Cboe Global Markets dropped 8.71%, and Intercontinental Exchange sank 1.80%.
• Defense company AEVEX tumbled 15.98% following the announcement of a public stock offering.
• Shake Shack slid 8.36% after management lowered both its full-year earnings outlook and second-quarter revenue guidance.

Casinos that put all their chips on the Las Vegas strip are struggling to cover their bets—and buyers are beginning to call their bluff.

Over the past two weeks a pair of the biggest names in gaming received buyout offers:

• Fertitta Entertainment, which owns the Golden Nugget casino brand, announced plans to take Caesars Entertainment private in a $5.7 billion deal.
• Yesterday, People Inc. revealed a roughly $12.4 billion offer for MGM Resorts. The media company already owns 26.1% of the casino.

The Caesars deal is the culmination of a long, slow decline for the once-great casino giant, whose shares have stumbled 73% over the last five years. Much of its woes stemmed from its big bets on Las Vegas, which saw a 7.5% decline in tourism last year, its biggest single-year drop since the pandemic. MGM has had its own problems, though it has survived by diversifying beyond the Vegas strip and into China. But shares have risen just under 13% in the last half decade, far behind the broader market’s gains.

Neither company has been immune to the problems plaguing classic casinos. Worries about the economy and the jobs market, reflected in record-low consumer sentiment, haven’t exactly sent people sprinting for the slot machines. And new competition in the form of prediction markets has taken a serious toll on brick and mortar casinos.

Both casinos’ buyers are optimistic that they can turn things around, and that Vegas is ready for a comeback. It’s a bit of a gamble, but there’s nowhere better to roll the dice than Sin City.—MR

Victoria’s Secret is taking a page from Justin Timberlake’s playbook and bringing sexy back.

The lingerie retailer reported adjusted earnings per share of $0.60 in the first quarter, double Wall Street’s expectations, while revenue climbed 15% from a year ago. Management also raised its full-year adjusted operating income forecast by more than $100 million and pumped its revenue expectations as well—a one-two punch that pushed shares up 47%.

A new era

The results are especially notable given the challenges Victoria’s Secret has faced in recent years. The company has battled rising competition from newer brands, shifting consumer attitudes around beauty standards, and criticism that its marketing had become out of touch with modern shoppers.

But under CEO Hillary Super, the turnaround appears to be gaining traction. Since taking the helm in 2024, Super has focused on reconnecting the brand with what made it successful in the first place: products that feel both sexy and comfortable, while adapting that identity for a generation with a broader definition of beauty. Even the company’s ticker is getting a makeover: Victoria’s Secret officially began trading under the symbol VSXY today, replacing the less glamorous VSCO.

The strategy extends far beyond a marketing refresh. Victoria’s Secret has invested heavily in its beauty and PINK businesses, upgraded stores, and worked to bring shoppers back into malls. It also brought back its iconic annual fashion show last year after a six-year hiatus.

Customers appear to be responding. The company saw its strongest growth from two kinds of shoppers: those earning less than $50,000 annually, and those making more than $200,000 per year, suggesting that the momentum isn’t being driven solely by discounts or value-conscious spending. Bras have been a standout sales category, driving repeat purchases and customer loyalty.

Wall Street’s new crush

Following the results, Bank of America reiterated its Buy rating, pointing to 13% comparable sales growth and stronger-than-expected margins as evidence that the company’s strategy is gaining traction. Jefferies also maintained its bullish stance, while Goldman Sachs raised its price target to $56 after the earnings beat, though it kept a Neutral rating.

For now, the turnaround is still a work in progress. But after years spent chasing trends, rethinking its image, and searching for a new identity, Victoria finally seems comfortable being Victoria again.—SY

• Everyone’s favorite way to play the AI trade these days is server stocks.
• Anthropic is bringing its AI-powered cybersecurity model Mythos to 150 new companies ahead of its IPO.
• Famous short-seller Andrew Left was convicted on charges of fraud for using social media to manipulate shares of companies he shorted.
• President Trump signed an executive order asking AI companies to provide the US government with access to new models before they’re released to the public.
• Cleveland Fed president Beth Hammack said the quiet part out loud: The central bank may need to raise rates to deal with inflation once and for all.
• Michael Burry (of The Big Short fame) says Nvidia’s deal with xAI is a “fugazi,” and it leaves American retirees exposed to serious risk.

Earnings announcements: The labor market remains in focus with the ADP private payrolls report. We’ve also got the ISM services report for May, April factory orders, and a look at the Fed’s Beige Book.

Economic reports: Medtronic, CrowdStrike, Broadcom, Macy’s, Five Below, and Ollie’s Bargain Outlet headline the day’s earnings.

Everything else: The NBA Finals tip off with the New York Knicks taking on the San Antonio Spurs.