Your Evening Briefing

May 13, 2026

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Stocks close at a new record, powered by chip stocks and Big Tech

The S&P 500 and Nasdaq 100 notched new record closing highs, while the Russell 2000 also gained.

The rally was powered by gains in the information technology sector and all of the Magnificent 7 except for Microsoft, as the Invesco S&P 500 Equal Weight ETF fell.

Communications was the best performer due to gains in Alphabet and Meta, while utilities was the worst performer.

Stocks that moved higher:

Ford had its best day best day since March 2020 as the stock surged on bullish options activity and a Morgan Stanley note praising its battery business.
Nebius soared after Q1 results exceeded estimates and management boosted year-end contracted power guidance to over 4GW from over 3GW.
Tower Semiconductor surged after forecasting Q2 revenue above analysts' expectations and signing $1.3 billion in 2027 AI chip deals.
Eos Energy Enterprises spiked on a joint venture with Cerberus for energy storage and a Q1 revenue beat.
SoftBank climbed after reporting an annual profit surge driven mostly by its OpenAI investment.
EchoStar jumped after the FCC approved spectrum deals with SpaceX and AT&T worth $40B.
TTEC Holdings rose after signing a strategic collaboration agreement with Amazon Web Services to expand AI customer experience solutions.

Stocks that moved lower:

Wix plunged on an earnings miss, continuing its AI-induced slide.
Birkenstock slid after warning of continued impact from tariffs and the war with Iran.
Oklo dipped after posting a slightly worse-than-anticipated Q1 loss after the bell yesterday.

Anthropic in talks for funding at a valuation as high as $950 billion, which would make it bigger than OpenAI

An improbable, parabolic rise in valuation has rocketed Anthropic past the presumed leader, OpenAI. Read more.

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The real problems with using GameStop shares to try to purchase eBay

There are three reasons why GameStop trades where it does. Only one of these, and the least important reason, is something eBay shareholders would get to enjoy.

Read more.

AI companies are amping up their spending in Washington as they push for federal approval for more data centers and industry-friendly rules regarding their use of copyrighted material, among other asks, The New York Times reports, citing data from nonprofit watchdog Public Citizen. 25% of currently registered federal lobbyists are now involved in pushing AI interests. That’s more than double what it was — 11% — in 2023. Meta, Nvidia, and Alphabet spent $47.8 million combined last year, up 22% from 2024.

AI is giving life to a resurrection economy
As AI tools become more sophisticated, they’re increasingly being used to imitate the voices and likenesses of the dead, with and without permission. It can be big business.
Einride and its autonomous electric trucks are speeding toward the public markets
Where they’re going and what happens if they get pulled over on the way.
America’s most popular baby names haven’t changed in 7 years
Boy parents seem to have struggled to look away from one name in particular over the last decade.
CLARITY Act could help reshape bitcoin’s narrative for second half of 2026
“Thursday isn’t the finish line, it’s the gate. A clean markup is what tells institutional capital it’s safe to come off the sidelines.”
Alphabet’s Waymo to add 200 square miles of coverage area to existing markets
That will bring its total coverage to 1,400 square miles.
Microsoft’s LinkedIn to lay off 5% of staff, Reuters reports
The company is expected to announce layoffs Wednesday.
Fresh tomato prices surged 40% in April as supply shocks mount
Tariffs on Mexican tomatoes, crop damage, and higher fuel costs helped push prices to their highest level in over four decades.

State Street Investment Management Disclosure:

Before investing, consider the funds’ investment objectives, risks, charges, and expenses. To obtain a prospectus or summary prospectus, which contains this and other information, call 1-866-787-2257 or visit www.statestreet.com/im. Read it carefully. Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent)

State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information.

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