Global Markets Weekly Wrap-Up

Global markets reached historic highs in May 2026, with the Nikkei crossing 65k and the Nasdaq 100 hitting 30k, fueled by intense AI optimism and lower oil prices. However, indicators like record-low equity risk premiums and extreme semiconductor RSI suggest the rally is increasingly overextended.

Key Takeaways

• 1.AI momentum remains the dominant market force, pushing the Nasdaq 100 above 30,000 and the Nikkei 225 above 65,000.
• 2.Valuation and technical warnings are mounting as the S&P 500 equity risk premium hit its lowest level since 2004 and the SOX RSI reached dot-com bubble levels.
• 3.The semiconductor 'Trillion Dollar Club' expanded to include Micron and SK Hynix, driven by voracious AI memory demand.

Table of Contents

• Chart of the week
• markets
• macro
• geopolitics
• centralbanks
• cryptos
• food-for-thought

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