Even if you housed a Party Size bag of Tostitos Scoops every day for the rest of the year, you couldn’t approximate the bewildering and astonishing chip frenzy playing out in the global markets.

Here’s the order of magnitude we’re talking about:

• Intel, which sold a 9.9% equity stake of itself to the government last year after falling on hard times, is in a new world thanks to AI chip demand: It’s up 239% so far this year.
• American memory storage manufacturer Sandisk is up 558% YTD.
• South Korea’s Samsung surpassed a market cap of $1 trillion last Wednesday.

That’s helped the Korean Composite Stock Price Indexes, better known as Kospi, soar. It’s up 78% so far this year (for comparison, the S&P 500 is up 8%). And South Korea became the seventh-largest stock market on the planet last week, with a combined market cap of $4.59 trillion. It’s overtaken the UK and Canada since April 28.

But there may be trouble ahead: Jonathan Levin at Bloomberg wrote about how Kospi is becoming a “single-industry index,” as electric and electronic equipment makes up over half of it. In fact, two chip companies, Samsung and its rival SK Hynix, account for more than 40%.

What happens when chips meet dip?

“The party is best about a half-hour before the police shut it down,” a retired lawyer who’s been investing in chip stocks for more than a decade told the Wall Street Journal.

While some market-watchers note eerie parallels between this moment and the dot-com bubble—last week was the best for the PHLX Semiconductor index since the one ending March 10, 2000—others say there’s an important distinction this time around.

Zoom out: The WSJ noted that the biggest winners among stocks in the dot-com days didn’t really have any earnings to speak of. Micron is expected to finish the year with $77 billion in operating profit. Last week, Samsung reported an 8x increase in first-quarter operating profits, surpassing profits for the entire 2025 year, according to CNBC.—HVL

Trump says he doesn’t like Iran’s response to peace plan. Yesterday, Iran’s state media said the nation had formally responded to the US’ proposal to end the war. Just hours later, Trump said in a short post on Truth Social that it was “TOTALLY UNACCEPTABLE!” Per CNBC, Iran demanded an end to sanctions, total control of the Strait of Hormuz, war reparations, and the release of frozen assets. In a post on X translated by Grok, Iranian President Masoud Pezeshkian said, “We will never bow our heads before the enemy, and if talk of dialogue or negotiation arises, it does not mean surrender or retreat.”

Passengers from hantavirus-stricken ship debark in Canary Islands. More than 46 people debarked from the M/V Hondius cruise ship at the island of Tenerife yesterday, where a repatriation mission will continue today to ensure that the passengers are safely returned to their home countries. The effort includes citizens of Spain, France, Canada, the Netherlands, and the United States. According to the CDC, 17 Americans are expected to arrive at the National Quarantine Unit at the University of Nebraska Medical Center today for initial evaluation. Late last night, US health officials said one American passenger evacuated from the ship developed mild symptoms, and another tested positive for the virus but was asymptomatic.

It’s time for the Cannes Film Festival. The most prestigious annual international cinema event kicks off tomorrow in the French Riviera and runs until May 23. This year, 22 films will compete for the Palme d’Or prize, including works by Pedro Almodóvar, Hirokazu Kore-eda, and Cristian Mungiu. If you think that crowd is too stuffy for you, just know that The Fast and the Furious will be screened at the big bash to celebrate the film’s 25th anniversary this year. Pan’s Labyrinth, which turns 20 this year, was selected for the preopening screening tomorrow, and its director, Guillermo del Toro, will be in the house for it.—HVL

While markets fret about the price of a barrel, India has been struggling with the cost of a can. The aluminum containers have been in short supply in the country since the closure of the Strait of Hormuz, and since Diet Coke is only sold in cans in India, it’s been a real one-two punch to the six-pack for many.

Bottlenecks and cans: Trade logistics in Asia depend heavily on tight supply chains and fossil fuels from the Middle East, so the Iran war has hit the region especially hard. Since the Persian Gulf is responsible for about 9% of global aluminum production, can supply has suffered.

Can-do attitude

Indian entrepreneurs who have gotten their hands on the drink have capitalized on the shortage by throwing Diet Coke-themed parties. Per Reuters, organizers charge a cover for the soda-centric events, offer “Coke-tail” mixers, and even raffle off cans, so that people can enjoy a “fridge cigarette” at home.

Why is Diet Coke so popular in India? It’s famously sugar-free and, according to a 2023 study by the Indian Council of Medical Research, nearly 10% of India’s adult population is diabetic. The drink is also sought out by health-focused Gen Zers.—BC

President Trump goes to China: There will be no shortage of topics to pursue when Chinese President Xi Jinping hosts Trump on Thursday for a two-day summit in Beijing. Iran counts China as a key trading partner, and the war is sure to dominate a lot of the conversation, as its effects ripple across the global economy (see: energy prices). Tariffs, technology, and Taiwan are also likely to come up, as are rare-earth supplies. Several US business leaders are expected to be in tow, including Boeing CEO Kelly Ortberg.

The Fed confirmation situation: Kevin Warsh, President Trump’s pick for Federal Reserve chair, is expected to get over the finish line this week. The Senate Banking Committee advanced Warsh last month, and the full GOP-controlled Senate is widely expected to follow suit. Current Fed Honcho Jerome Powell’s term as chairman expires on Friday, so Republicans are motivated to wrap things up quickly. The central bank’s next meeting is in June.

Media ads it all up: It’s presentation time for major media companies. Amazon, Disney, Fox, NBCUniversal, Netflix, Warner Bros. Discovery, YouTube, and more will be holding upfronts in New York this week to attract some sweet, sweet advertising dollars. Media companies will cultivate a buzz by trotting out their stars, but the biggest fish this year is in a league of its own, literally. Rights to NFL games (and those massive ratings) will be front and center for the companies that have them, especially as the league is expected to release its schedule on Wednesday or Thursday, CNBC reported.

But wait, there’s more:

• Inflation data: The consumer price index (CPI) report will be released tomorrow, and the producer price index (PPI) report will be released on Wednesday.
• Cisco will report earnings on Wednesday.
• AI chipmaker Cerebras plans to go public on Thursday. It could be the biggest US IPO so far this year.
• Golf’s second major, the PGA Championship, will be played Thursday through Sunday.
• Rapper and singer Drake will release his ninth studio album, Iceman, on Friday.
• Get your Preak on this Saturday with the 151st running of horse racing’s Preakness Stakes.

Mondays are bad enough, so the Brew’s own Brendan Cosgrove scoured the internet for a positive news story to help you start the week off right.

It might be the biggest battery news since pitchers and catchers reported to spring training. Last week, Energizer started selling a new kind of battery that could save children’s lives.

Per the National Capital Poison Center, every year, more than 3,500 people in the US swallow coin or button batteries—the ones used to power things like watches and that 30-year-old laser pointer you just can’t part with yet.

When swallowed, the batteries can burn the digestive tract, often leading to injury or death, and children are susceptible to accidental ingestion. So, the Pink Bunny’s new “Ultimate Child Shield” battery is made with a proprietary titanium alloy that can prevent burning, according to the company. It also tastes bitter to discourage ingestion, and turns mouths blue, to alert caregivers.—BC