It’s Increasingly Becoming a Memory
We’ve had a hard time keeping up with the price movements today, but suffice it to say that memory stocks are surging again. The rally in these stocks has gotten so large lately that they’re starting to crowd Nvidia (NVDA) out of the AI winner spotlight. Any mention of AI related ot the stock market, almost instinctively causes investors to think of NVDA, but when it comes to performance since the launch of ChatGPT, memory stocks, including Micron (MU) and Western Digital (WDC), have caught up. As of Friday morning, MU’s gain of 1,127% since the launch of ChatGPT isn’t far behind NVDA’s 1,180% gain, while WDC’s gain of 1,212% now surpasses NVDA!
Ever since the AI boom started, NVDA had built a moat comprised of the best GPUs and its CUDA software ecosystem. Memory, meanwhile, was the most commoditized aspect of the entire tech ecosystem. Try telling that to the memory companies now!
The magnitude of the moves in the memory stocks has been even more surprising. Back in early 2024, when NVDA was sitting on year/year gains of more than 300%, investors couldn’t believe it. Today, stocks like MU and WDC have experienced y/y gains of triple that or more! A key difference between these rallies in the memory stocks and NVDA is that NVDA surged more than 200% on a y/y basis and continued to build on gains of that magnitude for more than a year. At this point, the rally in memory stocks has been more of a concentrated flash (pun intended) in the pan move than an enduring rally. Can it continue? Most investors would probably say no. Once supply catches up to demand, prices will come down quickly, but when was the last time the market didn’t surprise you?
We highlight a running list of earnings triple plays daily for subscribers. We also publish more in-depth write-ups on interesting triple plays regularly during earnings season. To gain access to Bespoke’s triple play reports, start a trial to Bespoke Premium or Bespoke All Access today!
Bespoke’s Morning Lineup – 5/8/26
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“There is nothing new in the world except the history you do not know.” – Harry Truman
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
As shown below, we’re entering the last trading day of the week with all of key US index ETFs still in overbought territory:
Gas prices continue to spike with the average price for a gallon of regular unleaded up to $4.55/gallon nationally. Ten days ago near the end of April, prices were at $4.17/gallon, so they’ve seen another meaningful pick-up recently.
Just before the Iran War, gas prices had fallen down into the $2s. Now they’re closer to $5/gallon than $4.
Start a two-week trial to Bespoke Premium to continue reading today’s full Morning Lineup.
The Closer – Fertilizer, Stable Sentiment, Expectations Up – 5/7/26
Log-in here if you’re a member with access to the Closer.
- Fertilizer prices have begun to moderate as related companies reported very strong first quarter results.
- Despite the push to fresh highs, sentiment has not gotten overly extended.
- The NY Fed’s Survey of Consumer Expectations saw multi-year highs for inflation expectaitons.
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Chart of the Day: Wither Health Care
Bespoke’s Weekly Sector Snapshot — 5/7/26
Bespoke’s Morning Lineup – 5/7/26
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“I shall seize Fate by the throat; it shall certainly not bend and crush me completely.” – Beethoven
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Today is the last super-busy day for earnings this season, so we’ll be providing a nice summary of all the results in tomorrow’s Bespoke Report newsletter.
In Monday’s Chart of the Day, we pointed out that Datadog (DDOG) was reporting earnings Thursday morning with a 100% historical EPS and sales beat rate. As a member of the Software group, DDOG took it on the chin from November through March, but it has recovered nicely in the last two months and broken out of its downtrend in the process.
DDOG has historically been a triple play beast, and it delivered once again this morning with another beat on EPS and sales and raised guidance. Shares are up 22% pre-market. The pop highlights that not all “software” stocks are the same, and when names get “thrown out with the bathwater” – the AI Doom trade in this case – opportunities arise.
McDonald’s (MCD) is another name that reported this morning, and the company reported a nice EPS beat on roughly inline revenues. Same-store sales growth was up just under 4% in both domestic and international markets.
As shown below, MCD has had a rough run since the Iran War began as investors worried about both consumer demand and higher input costs. This morning’s earnings assuages some of those fears, and shares are up 3% pre-market.
Start a two-week trial to Bespoke Premium to continue reading today’s full Morning Lineup.
The Closer – Leaping to New Highs, EIA, Employment – 5/6/26
Log-in here if you’re a member with access to the Closer.
- The S&P 500 jumped over 1% to a new high today with the low of the day being the open.
- After a double-digit gain on Wednesday, Samsung is above a trillion dollar market cap and alongside SK Hynix accounts for almost half of total KOSPI market cap.
- College graduate underemployment has moved materially higher since the release of ChatGPT.
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Daily Sector Snapshot — 5/6/26
Bespoke’s Consumer Pulse Report – May 2026
Bespoke’s Consumer Pulse Report is an analysis of a huge consumer survey that we run each month. Our goal with this survey is to track trends across the economic and financial landscape in the US. Using the results from our proprietary monthly survey, we dissect and analyze all of the data and publish the Consumer Pulse Report, which we sell access to on a subscription basis. Sign up for a 30-day free trial to our Bespoke Consumer Pulse subscription service. With a trial, you’ll get coverage of consumer electronics, social media, streaming media, retail, autos, and much more. The report also has numerous proprietary US economic data points that are extremely timely and useful for investors.
We’ve just released our most recent monthly report to Pulse subscribers, and it’s definitely worth the read if you’re curious about the health of the consumer in the current market environment. Start a 30-day free trial for a full breakdown of all of our proprietary Pulse economic indicators.
The Triple Play Report: 5/6/26
An earnings triple play is a stock that reports earnings and manages to 1) beat analyst EPS estimates, 2) beat analyst sales estimates, and 3) raise forward guidance. You can read more about “triple plays” at Investopedia.com where they’ve given Bespoke credit for popularizing the term. We like triple plays as an indication that a company’s business is firing on all cylinders, with better-than-expected results and an improving outlook. A triple play is indicative of positive “fundamental momentum” instead of pure fundamentals, and there are always plenty of names with both high and low valuations on our quarterly list.
Bespoke’s Triple Play Report covers what each company does, what this quarter’s results say about their growth outlooks, and their histories of delivering triple plays. Bespoke’s Triple Play Report is available at the Bespoke Institutional level only. You can sign up for Bespoke Institutional now and receive a 14-day trial to read today’s Triple Play Report. To sign up, choose either the monthly or annual checkout link below:
Bespoke Institutional – Monthly Payment Plan
Bespoke Institutional – Annual Payment Plan
Bespoke Investment Group, LLC believes all information contained in these reports to be accurate, but we do not guarantee its accuracy. None of the information in these reports or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.