U.S. equity markets extended their powerful rally on Wednesday, with the S&P 500 closed at 7,520.36, +.02%, the Nasdaq Composite continuing to set fresh all-time highs as semiconductor stocks maintained their extraordinary momentum and oil prices retreated on diplomatic optimism closing at 26,674.73, +.07% and the Dow powered to a close of 50,644.28, +.36%. However, the small caps on the Russell 2000 retreated .02% to close at 2,919.94, but reminds up 17.65% YTD.
Semiconductor Surge Reaches Historic Milestones
The AI-driven semiconductor rally achieved remarkable new benchmarks as South Korean chipmaker SK Hynix surged over 11% in Asian trading, pushing its market capitalization past the $1 trillion threshold—just one day after Micron Technology (MU, $928.41, +3.63%) crossed the same landmark with a stunning 19% gain on Tuesday. This consecutive achievement underscores the relentless institutional demand for memory chip manufacturers positioned at the center of artificial intelligence infrastructure buildout.
The technology sector’s dominance has created a pronounced divergence within equity markets, with chip stocks and AI-related names driving nearly all gains while the broader market shows more muted performance. Tuesday’s session saw the S&P 500 and Nasdaq Composite achieve both intraday and closing records, surpassing previous highs set on May 14.
Energy Market Relief
Crude oil prices declined significantly on Wednesday, providing macro relief to inflation concerns and consumer spending outlooks. Brent crude futures retreated over 3% to approximately $96.50 per barrel after approaching $100 earlier in the week, while West Texas Intermediate fell 3.5% to around $90 per barrel. The pullback came as diplomatic negotiations between the U.S. and Iran showed signs of progress, with Tehran remaining engaged in discussions aimed at reopening the Strait of Hormuz despite earlier military tensions.
However, energy market fundamentals remain structurally challenged, with S&P Global forecasting Dated Brent crude to remain above $100 per barrel through the remainder of 2026 due to persistent supply disruptions related to the Middle East conflict.
Global Growth Downgrades Amid Persistent Inflation
The macroeconomic backdrop for 2026 has deteriorated significantly from earlier projections, with S&P Global slashing its annual global real GDP growth forecast to just 2.2%, down sharply from the 2.9% estimate made in February. Advanced economies are now expected to expand by only 1.5% annually over the next two years, while emerging markets maintain stronger momentum at approximately 4.0% growth.
The downward revisions reflect the compounding impacts of higher-for-longer energy prices, elevated inflation, and less accommodative monetary policy across major economies. The European Central Bank has added rate hikes to its 2026 policy path, contributing to projected quarter-over-quarter real GDP contractions in several of Europe’s largest economies.
Federal Reserve Policy Remains Restrictive
The Federal Reserve maintained its benchmark funds rate in the 3.5% to 3.75% range at its late April meeting, with market participants now expecting no changes through the remainder of 2026 and into 2027. Despite incoming Fed Chair Kevin Warsh’s expected preference for rate cuts, the central bank faces persistent inflation pressures that have stalled progress toward its 2% target.
Core inflation continues running at approximately 2.6% to 2.8% on an annual basis, with forecasters projecting headline CPI could reach 3.5% when April data is released, driven primarily by elevated energy costs and stubborn housing price increases. Some economists now warn that inflation could surprise to the upside and potentially exceed 4% by year-end, driven by lagged tariff effects, fiscal expansion, tighter labor markets, and drifting inflation expectations.
The 10-year Treasury yield retreated to below 4.47% on Wednesday from Tuesday’s close above 4.49%, reflecting modest safe-haven demand amid geopolitical uncertainty.
U.S. Economic Resilience Continues
Despite global headwinds, the U.S. economy has demonstrated notable resilience, with first-quarter 2026 real GDP growth accelerating to 2.0% annually after just 0.5% growth at the end of 2025. Robust business investment in equipment and intellectual property products—particularly AI-related capital expenditures—combined with steady household consumption growth remain the primary drivers of economic expansion.
The labor market has strengthened, with job growth picking up and unemployment remaining at or near full employment levels. Professional forecasters surveyed by the Philadelphia Federal Reserve have upgraded their annual-average GDP growth forecast for 2026 to 2.5%, up 0.7 percentage points from the previous survey.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Astera Labs, Inc. (ALAB, $325.33, +2.07%)
Astera Labs, Inc. (Nasdaq: ALAB), a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, recently (May 5) announced preliminary financial results for the first quarter of fiscal year of 2026, ended March 31, 2026. they highlighted the following: Record quarterly revenue of $308.4 million, up 14% QoQ and up 93% year-over-year, Market-leading PCIe 6 AI fabric and signal conditioning portfolio delivered strong growth during Q1, & Now shipping newly announced Scorpio™ X-Series 320-lane AI Fabric switch and expanded Scorpio P-Series PCIe 6 switch family supporting 32 to 320 lanes.
Amwell® (AMWL, $8.84, +4.25%)
Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-
enabled healthcare platform, highlighted (May 18) results from an independently led, National Institute of Mental Health-funded randomized trial published in Nature Human Behaviour examining SilverCloud® by Amwell®, the company’s digital behavioral health solution.
Amwell announced (May 5) financial results for the first quarter ended Mar. 31, 2026. “Entering 2026, Amwell’s main focus was to consolidate our platform to fulfill the unmet needs of our Payer and Provider customers. The Technology-Enabled Care infrastructure we have developed to fill that gap in the market continues to gain traction as customers recognize its clear advantages: lower costs, better outcomes, stronger market share and an increased level of control and agility. Our platform is performing well and built to leverage the latest AI-powered innovations, positioning it as essential infrastructure for tech-enabled care delivery,” said Dr. Ido Schoenberg, Chairman and CEO of Amwell. “We are seeing powerful validation of the platform with significant pipeline growth and a number of meaningful renewals. With this momentum and the favorable regulatory tailwinds, Amwell is well-positioned for continued strong execution this year and to reach our goal of positive cash flow from operations in the fourth quarter.”
Eupraxia Pharmaceuticals (EPRX, $7.18)
Eupraxia Pharmaceuticals Inc. (EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”
Eurpraxia announced on Friday, May 1, the appointment of Dr. Jeymi Tambiah as Chief Medical Officer (CMO) as well as the retirement of Dr. Mark Kowalski, Eupraxia’s current CMO. Dr. Jeymi Tambiah (MB ChB, FRCS, MS, FAPCR, FFPM), is a Board Certified Cardiothoracic Surgeon physician scientist who practiced at Guys and St Thomas’ Hospitals prior to entering the biopharmaceutical industry in 2008. Dr. Tambiah brings over 18 years of experience in clinical development, medical and regulatory strategy, and product commercialization across pharmaceutical and biotechnology organizations.
Eupraxia recently co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.
Modular Medical (MODD, $4.88)
- Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, saw (May 1) CEO Jeb Besser join Tribe Public’s members to unpack a simple question with big implications: what happens when an “almost‑pumper” market finally meets an FDA‑cleared device built for the rest of us, not just the superusers? Tribe Public hosted its CEO Presentation and Q&A Webinar, “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” on Friday, May 1, 2026, at 8:00 a.m. PT / 11:00 a.m. ET. In keeping with Tribe’s reputation for efficient programming, the session ran approximately 30 minutes, pairing a focused prepared talk with a 5–10 minute live Q&A segment that allowed investors to drill into timelines, capital needs, and commercial strategy. Besser’s formal remarks were framed under the title “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” setting the tone for a discussion that sat at the intersection of regulation, innovation, and recurring‑revenue hardware. By registering, attendees also joined Tribe Public’s membership base, ensuring they will receive future invitations to CEO briefings, sector spotlights, and investor wish‑list events.
- Modular Medical announced (APRIL 19) the pricing of a registered direct offering consisting of 750,000 shares of the Company’s common stock at an offering price of $4.50 per share. The gross proceeds to the Company from the Offering are estimated to be approximately $3.4 million before deducting placement agent fees and other offering expenses. The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
- Modular Medical’s latest regulatory milestone upgrades the narrative: the company has now (April 9) secured FDA 510(k) clearance for its Pivot tubeless insulin patch pump, moving from “launch‑ready” to “launch‑approved” in the heart of the fast‑growing diabesity market. The FDA has cleared Modular Medical’s Pivot patch pump as a tubeless, removable insulin delivery system, formally validating the device’s design and performance for commercial use in U.S. adults living with diabetes. The clearance converts what had been a Q1 2026 launch “subject to FDA response” into a tangible commercial pathway, giving the company permission to sell into an insulin pump market that has been estimated at roughly 8 billion dollars globally. Pivot is engineered as a simplified, two‑part patch pump with a 3‑milliliter removable reservoir, no need for battery recharging, and the ability to bolus without a dedicated controller, aiming squarely at patients who have stayed on multiple daily injections because traditional pumps felt too complex, cumbersome, or costly. By clearing Pivot, the FDA is effectively endorsing Modular Medical’s attempt to make advanced insulin delivery feel less like adopting a gadget and more like upgrading a daily habit.
The InterGroup Corporation (INTG, $40.69, +.52%)
- The InterGroup Corporation (NASDAQ: INTG) announced financial (May 11) results for the fiscal third quarter ended March 31, 2026. InterGroup is a diversified holding company with interests in hospitality (through its majority‑owned subsidiary Portsmouth Square, Inc.), real estate operations, and investment transactions. The discussion below is derived from the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2026. Third Quarter Fiscal 2026 Highlights (Three Months Ended March 31, 2026 vs. 2025) are as follows:
- Total revenues increased to $20.372 million from $16.824 million (+21%).
- Income from operations increased to $4.260 million from $2.350 million (+81%).
- GAAP net income was $0.595 million, compared to a GAAP net loss of $0.750 million in the prior‑year quarter.
- Net income attributable to InterGroup was $0.457 million, or $0.21 per diluted share, compared to a net loss attributable to InterGroup of $0.578 million, or $0.27 per share, in the prior‑year quarter.
- Hotel revenues increased to $16.497 million from $12.210 million (+35%). For additional context, Hotel revenues for the quarter ended March 31, 2026 exceeded the comparable pre‑pandemic quarter ended March 31, 2019 by approximately $1.028 million.
- Real estate revenues were $3.875 million compared to $4.614 million in the prior‑year quarter (‑16%).
- Net loss from investment transactions was $(0.342) million compared to $(1.379) million in the prior‑year quarter.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO, +2.98%)
- Volato Group, Inc. (NYSE American: SOAR) announced (May 18) that its pro-forma cash balance was $5.5 million at March 31, 2026. This pro-forma cash balance equates to $0.14 cash per share. The pro-forma calculation includes cash raised in April from its now completed ATM Prospectus Supplement filed on March 30, 2026.
- Volato Group, Inc. (NYSE American: SOAR) recently announced voting results indicate that the shareholders have approved the previously announced merger with M2i Global, Inc. (“M2i Global”)(OTCQB: MTWO) with 99% of the shares of common stock present or represented by valid proxy at the special meeting voting in favor of the merger. This marks a significant milestone toward closing the transaction and advancing Volato’s strategic expansion into the critical minerals sector. The number of shares of common stock present or represented by valid proxy at the special meeting was 15.1 million, representing approximately 40% of the total number of shares of common stock entitled to vote. Management believes that the approval reflects strong shareholder alignment with the Company’s strategic direction and long-term growth plans.
Nokia (NOK, $16.68)
- Nokia has quietly stitched together a new chapter in its comeback story—one that runs from American living rooms to Pentagon test ranges, and now straight through NVIDIA’s (NVDA) data centers. With NVIDIA’s billion‑dollar vote of confidence in the fall and another blockbuster NVIDIA earnings report due today, the old handset icon is suddenly speaking fluent AI.
- Nokia announced (May 21) the launch of its AI Networking Innovation Lab, a new center designed to drive co-innovation with AI and cloud partners and accelerate the development of next-generation networking technologies for artificial intelligence (AI) infrastructure. Located within Nokia’s Sunnyvale, California facility, the lab serves as an innovation hub where Nokia will work across advanced AI networking technologies, architectures and ecosystems with a variety of partners to help shape the future of data center networking. AI workloads are fundamentally changing how data center networks must operate. The performance, scale, and precision required to support large-scale AI training and distributed, real-time inference place unprecedented demands on networking infrastructure. To address these challenges, Nokia is adopting a new approach to how technologies are integrated, tested, and deployed from the ground up for the AI era.
NVIDIA (NVDA, $212.60)
Nvidia’s First Quarter Fiscal 2027 earnings report crossed the tape Wednesday, May 20, and the immediate takeaway is that the AI engine is still running at full throttle, even if Wall Street was already leaning hard on the accelerator. The story today is less about whether Nvidia is growing and more about just how far into “infrastructure of AI” territory it has now ventured.
McDonald’s (MCD, $280.92, +.59%)
- Morgan Stanley (April 21) has adjusted its price target on McDonald’s (MCD) to $334, maintaining an Equal Weight stance on the stock. The firm’s analyst highlighted consumer strength heading into first-quarter results, noting that earnings quality will likely vary across the restaurant and food distribution landscape . While some operators may face headwinds, the underlying consumer backdrop remains robust, which could support McDonald’s performance as one of the industry’s quality players positioned to navigate the current environment .
Tesla (TSLA, $440.36, +1.56%)
Tesla’s Q1 2026 performance underscored strong revenue growth and signs of margin stabilization, supported by continued investment in solar and AI initiatives. The narrative is further bolstered by Tesla’s stake in SpaceX, with anticipation building around a potential SpaceX IPO that could unlock additional shareholder value soon. However, elevated capital expenditure levels remain a key overhang, tempering investor enthusiasm despite these strategic advantages.
Serina Therapeutics (NYSE: SER, $1.80)
Serina Therapeutics, Inc. (“Serina” or the “Company”) (NYSE American: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform™ drug optimization technology, reported (May 14) its financial results for the first quarter ended March 31, 2026, along with key business updates. The company highlighted the follow: Phase 1b Registrational Clinical Study of SER-252 Underway in Advanced Parkinson’s Disease; TFL data from the SAD study arm targeted for first half of 2027 & Closed $21.2 million private placement financing to support continued advancement of SER-252. “With our Phase 1b registrational study of SER-252 now underway and a strengthened balance sheet, Serina is entering an important execution phase as we work toward our first clinical data in patients with advanced Parkinson’s disease,” said Steve Ledger, Chief Executive Officer of Serina. “SER-252 represents the first clinical validation of our POZ Platform™, which is designed to optimize well-understood therapeutics by improving pharmacokinetics, tolerability and dosing profiles. We believe this approach has the potential to unlock meaningful value across multiple modalities, and we are building a pipeline and partnership strategy to fully leverage the breadth of the platform.”
BuzzFeed, Inc. (BZFD, $1.74)
BuzzFeed, Inc. (“BuzzFeed” or the “Company”) (Nasdaq: BZFD) today announced the closing of its previously announced transaction with Allen Family Digital, LLC, an affiliate of Byron Allen’s Family Office, under which Allen Family Digital, LLC acquired approximately 51% of the Company’s outstanding shares. Byron Allen has assumed the role of Chairman and Chief Executive Officer, and Jonah Peretti has transitioned to his newly created role as President of BuzzFeed AI. Under the terms of the agreement, Allen Family Digital acquired 40 million shares of BuzzFeed, Inc. common stock at a price of $3.00 per share, representing a total transaction value of $120 million for a total purchase price of $120 million. The transaction was funded with $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually. BuzzFeed has used $12.5 million of the cash proceeds from the transaction to pay down existing indebtedness, materially strengthening the Company’s balance sheet and enhancing financial flexibility to support future growth initiatives. “Jonah is a great visionary and has done a phenomenal job. BuzzFeed and HuffPost have become two iconic global digital media brands with powerful audience reach and strong cultural importance,” said Byron Allen, Chairman and CEO of BuzzFeed. “Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content. As of this moment, with the power of AI, BuzzFeed is officially chasing YouTube to become another premier free-streaming video service.”
FMC Corporation (NYSE: FMC, $13.51, +4.08%)
FMC Corporation (NYSE: FMC) announced (May 26) that Andrew Sandifer, FMC executive vice president and chief financial officer, will speak at the 16th Annual Wells Fargo Industrials & Materials Conference on June 9, 2026, at 2:15 p.m. Central Time. A live webcast will be available at www.fmc.com/investors.
FMC Corporation (NYSE:FMC) reported (April 29) first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook. Their first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025. FMC Corporation also announced today that its board of directors declared a regular quarterly dividend of 8 cents per share (roughly 2.26%), payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.
GeoVax Labs, Inc. (GOVX, $2.67)
GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing immunotherapies and vaccines, announced (May 26) a strategic prioritization of its development portfolio to concentrate resources on its lead programs, GEO-MVA and Gedeptin(R), reflecting increasing clinical, regulatory, and market alignment across these programs. As part of this decision, the Company has elected to discontinue active development activities related to its GEO-CM04S1 COVID-19 vaccine candidate. This decision was not related to any safety concerns with the vaccine but reflects the continued evolution and contraction of the global COVID-19 vaccine market, and GeoVax’s focus on programs with clearer regulatory pathways, stronger demand visibility, and more immediate commercialization potential. GeoVax emphasized that portfolio prioritization is a standard and essential practice within the biotechnology industry, enabling companies to align resources with the highest-value opportunities as market conditions and scientific landscapes evolve.
GeoVax Labs, Inc. commented (May 20) on the rapidly evolving Bundibugyo Ebola virus (BDBV) outbreak in Central Africa and the broader implications for global infectious disease preparedness and biodefense infrastructure.
Tribe Public’s Next CEO Presentation and Q&A Webinar Event titled “Ebola, Marburg, Hantavirus, Mpox and Beyond: Building a Resilient Infectious Disease Portfolio Preparedness Strategy” will be held Thursday, May 28, 2026 (8:00am PT / 11:00 am ET). David Dodd, Chairman and Chief Executive Officer of GeoVax Labs, Inc. (NASDAQ: GOVX) will deliver a presentation titled “Ebola, Marburg, Hantavirus, Mpox and Beyond: Building a Resilient Infectious Disease Portfolio Preparedness Strategy” and be available for a 5-10 minute Q&A session at the end of the presentation. Register at Ebola-May-2026.TribePublic.com. Please send in your questions for the CEO to email: research@tribepublic.com or via the zoom chat feature during the event.
The Sources
- Wall Street Journal – Stock Market Today: Chip Stocks Pare Recent Gains; Oil Drops on Hopes of Mideast Deal — Live Updates
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-05-27-2026 - CNBC – Dow rises 200 points to record as oil declines, but a pause in the chip rally weighs on the S&P 500: Live updates
https://www.cnbc.com/2026/05/26/stock-market-today-live-updates.html - Yahoo Finance – Stock market today: S&P 500, Nasdaq futures rise as tech rally continues, oil falls amid US-Iran talks
https://finance.yahoo.com/markets/live/stock-market-today-sp-500-nasdaq-futures-rise-as-tech-rally-continues-oil-falls-amid-us-i - Investopedia – Stock Market Today: Major Indexes Rise as Oil Retreats on US-Iran Peace Deal Optimism; Dow Sets New All-Time High
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-05272026-11984375 - S&P Global Market Intelligence – Global Economic Outlook: May 2026
https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/05/global-economic-outlook-may-2026 - Moody’s – Global macro outlook 2026 executive summary
https://www.moodys.com/web/en/us/insights/credit-risk/outlooks/macroeconomics-2026.html - HubSpot – SEO trends for 2026: How search and AI are changing
https://blog.hubspot.com/marketing/evolution-of-search - Adobe Business Blog – SEO in 2026: How AI is reshaping the fundamentals
https://business.adobe.com/blog/seo-in-2026-fundamentals - Semrush – 26 AI SEO Statistics for 2026 + Insights They Reveal
https://www.semrush.com/blog/ai-seo-statistics/ - AEO Engine – The State of AI Search in 2026: Complete Guide
https://aeoengine.ai/blog/state-of-ai-search-complete-guide - Marketing Profs – AI Update, March 27, 2026: AI News and Views From the Past Week
https://www.marketingprofs.com/opinions/2026/54473/ai-update-march-27-2026-ai-news-and-views-from-the-past-week - Bell Bank – Economic Outlook May 2026
https://bell.bank/business/insights/economic-outlook-may-2026 - CNBC – Fed holds rates steady but with highest level of dissent
https://www.cnbc.com/2026/04/29/fed-interest-rate-decision-april-2026.html - U.S. Department of the Treasury – Economic Policy Statements to TBAC: 2026 – 2nd Quarter
https://home.treasury.gov/news/press-releases/sb0486 - PIIE – The risk of higher US inflation in 2026
https://www.piie.com/blogs/realtime-economics/2026/risk-higher-us-inflation-2026 - Philadelphia Federal Reserve – First Quarter 2026 Survey of Professional Forecasters
https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/spf-q1-2026 - Exploding Topics – Future of SEO: 5 Key SEO Trends (2025 & 2026)
https://explodingtopics.com/blog/future-of-seo - Trading Economics – United States Fed Funds Interest Rate
https://tradingeconomics.com/united-states/interest-rate
