Wall Street prints new highs: S&P 500 clears 7,500 and Dow reclaims 50,000, powered by AI momentum and Trump-Xi optimism.
US markets closed Thursday (May 14) at all-time highs. S&P 500 rose 0.77% to 7,501.24, the first-ever close above 7,500. Dow Jones jumped 370 points (+0.75%) to 50,063, a level last touched in February.
Three catalysts drove the rally in sync. Nvidia (NVDA) hit a fresh record after Wells Fargo raised its price target to $250, implying 40% upside from current levels. The Trump-Xi summit signaled de-escalation: a "double-digit billions" agricultural deal was announced, and chip export controls were reportedly off the table. On the IPO side, Cerebras (CBRS) debuted +68% from its IPO price, becoming a new benchmark in the AI chip narrative alongside NVDA and AMD (AMD).
Tonight's Watchlist 📈
| Stock | Movement | What to Watch |
|---|---|---|
| NVDA | Fresh record | Hold. Wells Fargo $250 PT (+40%); AI chip momentum intact. |
| AMD | Riding the AI rally | Watch. Read-through from Cerebras +68% debut and broader AI chip strength. |
| MU | HBM memory play | Hold. HBM demand for AI training stays strong; trades with NVDA momentum. |
Tonight's Catalysts 🧨
- AI rally extended. Nvidia secured a $250 price target from Wells Fargo plus a Cramer endorsement for China AI chip exposure. Cerebras debuting +68% validates the thesis that the market remains hungry for new AI chip names. For NVDA holders, this is confirmation of the theme, not a sell signal.
- Trump-Xi readout: chips safe, agri deal large. US Trade Rep Greer said chip export controls were NOT a major topic at the summit. The agricultural deal is expected to be worth "double-digit billions". Soybean futures dropped on hopes for a larger number, but US equities rallied on the geopolitical de-escalation. For AAPL, TSLA, and NVDA with China revenue exposure, this is positive news.
- Cerebras (CBRS) IPO surge. Priced above range, then jumped 68% on day one. CBRS is now the new benchmark for AI chip private-to-public valuations. Not yet listed on Gotrade, but the read-through to NVDA and AMD is clear: investors are still willing to pay a premium for the AI chip story.
Pre-Market Pulse 📊
US futures flat after yesterday's record session. Cisco (CSCO) printed its own record post-layoff announcement, continuing the "big-cap layoffs = rally" narrative. Earnings calendar is thin, with Mitsubishi UFJ (MUFG) and Mizuho (MFG) as the major Japan pre-market reporters.
Macro Note 📝
USD/IDR at 17,544 (+0.27%), Rupiah down 2.28% over the past month. 10Y Treasury at 4.45%, slightly lower. Gold spot down for a second session in the $4,650-4,700 range, a risk-on signal. WTI Crude steady at $101/bbl, Brent at $105.
Tonight's session is not about earnings, but about follow-through after a record close. For NVDA and AMD holders, hold and ride the AI chip momentum. For those not yet in, calibrate entries on small pullbacks instead of chasing the highs. Trump-Xi has de-risked the macro, so refocus on fundamentals: AI demand has not weakened.
