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Investors shrugged off the April downturn in stocks and got back on the buy side in May, once again putting to rest (for now) the old adage from the stock market almanac to ‘Sell in May and Go Away’. But the gains were incredibly narrow as investors once again focused almost solely on the Artificial Intelligence (AI) trade after another blowout quarter from chip-maker Nvidia and further spending commitments from its major customers, the hyper-scalers who are building out all these new data centers. The bullish narrative for the market earlier this year was driven by the belief that interest rates were going to be reduced multiple times this year and the ‘stock market bulls’ were getting excited that the rally was broadening out beyond the “Magnificent Seven” stocks, and how wider gains were a sign that the market’s rise was sustainable. (more…)