Dell Up 200% YTD, SpaceX IPO Incoming, and the Fed Chair Nobody's Pricing In — Weekly Roundup

Let's start with the obvious: $DELL went absolutely feral. A 32-33% single-session surge — that's 102 points in a day — after guiding to $167 billion in annual revenue including $60 billion from AI servers, blowing past analyst estimates of $142 billion. Jim Cramer asked if we're watching Dell take over the computer space. At +200% YTD, the market is already answering that question. Micron ($MU) caught sympathy gains after Susquehanna raised its price target to a street-high $1,750. Meanwhile $OKTA jumped 8% on AI agent identity products driving 25% of Q1 bookings, while $S (SentinelOne) cratered 14% on weak guidance — cybersecurity is officially a tale of two cities.

The week's sleeper story? Fundstrat flagged Kevin Warsh as a potential Fed Chair who could shrink the balance sheet — effectively adding hundreds of basis points of tightening without touching the funds rate. Nobody's pricing that in. Add the $2 trillion IPO wall (SpaceX at $1.8T, Anthropic, OpenAI) against a $45 trillion total market cap and you've got a second-half setup that's either a rocket or a reckoning. TheChartGuys note the S&P, NASDAQ, Russell, and Dow are all at all-time highs riding EMA support — bull market rotation is alive, semiconductors leading, software catching up.

Costco ($COST) reported 9.8% comp sales growth versus a 7.8% estimate and promised tariff refunds to members, which is either great retail strategy or the nicest thing a corporation has done since free samples. The S&P closed May up roughly 5% — tech alone up 16% — and somehow only financials joined tech in the green for the month. Nine of eleven sectors finished May in the red. Broadest bull market ever, apparently.