Summary

• Memory and broader semiconductor names led the Period, with Micron Technology up 28.3% and Marvell Technology rallying, even as crowded bellwether NVIDIA fell 13.1%.
• Firm labor data, renewed inflation concern, and geopolitical and energy pressure left the market rewarding visible earnings and AI-linked growth but punishing valuation risk, with the Nasdaq Composite down 3.0% and the S&P 500 off 1.3% over the Period.
• Strategy Inc. slid 35.7%, underperforming bitcoin's 22.2% decline on treasury-structure and mNAV-premium (the multiple of net asset value at which the company's stock trades relative to its bitcoin holdings).

AI and semiconductor leadership rotated beyond mega-caps in late spring 2026 as memory names led, macro risks resurfaced, and crypto-linked stocks lagged.

Market Backdrop: AI Strength Meets Renewed Macro Pressure

U.S. equity markets were mixed