Editor’s Note: We released June’s AI Upside Rankings this morning, and we have a new #1 pick.

Here’s the link to view our 5x, 2x, and +35% lists.

After pausing for two weeks, the Nasdaq broke out and made a definitive new all time high, moving 3% higher from the previous weekly close.

The breakout happened despite war-driven price inflation coming in hotter than expected in the monthly report.

April headline PCE printed +0.4% MoM / +3.8% YoY, while core PCE (strips out energy) was still +3.3% YoY.

Q1 GDP was revised down to +1.6% from +2.0%.

Fed speakers kept the rate-hike door cracked open.

The market digested the data, checked oil and rates, and bought the robots anyway.

Geopolitics gave the rally room, but not comfort. U.S./Iran deal hopes lowered the oil stress level, yet weekend reports around Hormuz control, Kuwait-base injuries from intercepted missile debris, and unresolved sanctions/nuclear sticking points keep this from being a solved-peace headline.

Write it in sharpie: oil remains the key macro driver. If Hormuz risk reprices, the Fed problem comes right back through inflation expectations and the long end.

Crypto did not confirm broad euphoria either. BTC was roughly $73.9K, ETH near $2,010, SOL near $82, and Fear & Greed was only 28 / Fear. This is not a drunk everything-rally. It is a concentrated bet that AI infrastructure is becoming its own commodity complex before policymakers fully understand.

We’ll run through this week’s key AI moves in bullet points this week.

NVIDIA’s Platform Goes Everywhere: NVIDIA used GTC Taipei / Computex to position itself as the full-stack infrastructure layer for agentic AI — spanning AI factories, PCs, fabs, robotaxis, robotics, healthcare, cloud, and manufacturing.

The visual below shows the scale of that ambition, from 10x Vera Rubin agent throughput and 1 petaflop RTX Spark PCs to 350+ factories, 30 countries, and 150 Taiwan partners supporting the AI factory buildout. The takeaway: NVIDIA is no longer just selling chips; it is building the operating system for AI across the physical economy.

NVIDIA Moves Into AI PCs: NVIDIA’s RTX Spark announcement reframes the PC from a productivity device into a local AI workstation built for personal agents. The platform brings 1 petaflop of AI performance, 128GB unified memory, a 20-core Grace CPU, and 6,144 CUDA cores into Windows machines.

The key story is local inference: RTX Spark is designed to run 120B-parameter models with up to a 1M-token context window, enabling agentic workflows without relying entirely on the cloud.

With launch partners including ASUS, Dell, HP, Lenovo, Microsoft Surface, MSI, Acer, and GIGABYTE, NVIDIA is trying to make its full-stack AI platform the default compute layer for the next PC cycle.

Snowflake proves software is not dead: SNOW ripped roughly 48% after Q1 product revenue grew 34% to $1.33B, RPO hit $9.21B, and full-year product revenue guidance moved up to $5.84B. The market had been pricing “SaaS gets eaten by AI.” Snowflake’s print said the opposite: AI is pulling more data into governed enterprise platforms.

Cortex Code had 7,100+ active accounts, Snowflake Intelligence accounts more than doubled quarter-over-quarter, and the company signed a five-year $6B AWS agreement. The read-through: the AI software winners are the platforms that control enterprise data and context, not every app with a chatbot bolted on.

Dell’s AI story turns credible: DELL was up roughly 43% because AI server demand is turning into real revenue, not just backlog theater. Reuters reported Dell raised its annual AI server revenue forecast to $60B after a blowout quarter, while IREN separately agreed to buy about $1.6B of NVIDIA Blackwell systems from Dell. This is a clean public-market expression of the AI factory buildout: enterprises and neoclouds need someone to turn GPUs into deployable systems. Dell is no longer trading like a sleepy PC/server vendor. It is trading like an AI infrastructure integrator.

Micron catches the HBM scarcity bid: MU jumped roughly 29% as investors leaned into the memory bottleneck. The core story is simple: GPUs are not useful without high-bandwidth memory, and HBM is one of the tightest pieces of the AI supply chain.

Reports around HBM4/HBM4E customization also point to memory moving from commodity DRAM toward semi-custom AI infrastructure. The implication is that Micron, SK hynix, and Samsung are becoming strategic suppliers to the AI factory stack. That is why Micron is being rewarded like an AI capacity name, not just a cyclical memory stock.

Credo is the plumbing tell: Credo completed its DustPhotonics acquisition, expanding its optical portfolio across 800G, 1.6T, and 3.2T near-packaged and co-packaged optics. It also keeps pushing ZeroFlap cables/transceivers for AI backend networks. At cluster scale, networking reliability is revenue: link flaps, power draw, latency, and downtime all reduce GPU utilization. CRDO and ANET are the “make the cluster act like one computer” trade.

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The BRRR is meant for informational purposes only. It is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.