Global AI Trade Continues to Bloom On Wall Street

Barry Adams
13 May, 2026
New York City

Wall Street indexes inched higher amid renewed interest in semiconductor stocks and lingering uncertainty in the Strait of Hormuz. 

The S&P 500 Index increased 0.3%, and the tech-heavy Nasdaq Composite advanced 0.7%, as investors remained optimistic about the artificial intelligence trade. 

The West Texas Intermediate crude oil price decreased by 0.2% to $102.04 a barrel, and the international Brent crude oil price inched up 0.2% to $107.98 a barrel. 

Despite the investor optimism, energy shipments through the Strait of Hormuz remained disrupted for the third month in a row, and continued hostilities in the Middle East are likely to prolong the closure of energy trade in the Persian Gulf. 

 

U.S. Movers 

Semiconductor stocks extended weekly and monthly gains as the rally approached a two-month anniversary. 

NVIDIA, AMD, Broadcom, Micron Technology, and Intel advanced between 2% and 3%. 

Wolfspeed, Inc. soared 21% to $65.00 after the advanced semiconductor company reported results for the fiscal third quarter ending in March.

Revenue decreased to $150.2 million from $185.4 million, net loss shrank to $119.9 million from $285.5 million, and diluted loss per share rose to $3.05 from $1.86 a year ago. 

The company emerged from a voluntary proceeding under Chapter 11 and qualified for the adoption of fresh-start accounting on September 29, 2026. 

The company improved its equity position by $400 million after it refinanced its $476 million debt and lowered its annual interest payment by $62 million. 

The company estimated fiscal fourth quarter revenue between $140 million and $160 million, operating expenses to match the previous quarter, and gross margin to remain negative. 

Investors bid up the stock after the company confirmed the shift in focus to AI datacenter applications, as the company cited sequential revenue growth of 30% in the unit.

Birkenstock Holdings PLC decreased 3% to $35.02 after the shoe designer and maker reported weaker-than-expected results for the fiscal second quarter ending in March. 

Revenue increased 8% to Є618 million, net income decreased 22% to Є82 million, and diluted earnings per share fell to 45 cents from 56 cents a year ago. 

The German shoe designer guided its fiscal 2026 revenue growth in constant currency to range between 13% and 15%, adjusted gross margin between 57.0% and 57.5%, and adjusted earnings per share, including tariffs and foreign exchange translation, between €1.90 and €2.05.