Nvidia’s $1 trillion rally has traders primed to ramp back up

Image source: Wikimedia Commons (Nvidia), Adobe Stock (Charts)

Nvidia shares have staged a $1 trillion rebound in two months — and investors are betting the rally has further to go as fears about the firm give way to optimism. Last week’s earnings report assuaged some key investor concerns: particularly whether US restrictions on the sales of advanced semiconductors in China would derail Nvidia’s rapid revenue growth as well as the outlook for artificial intelligence spending, and the firm’s ability to expand supply of its newest Blackwell chips.

“Those questions have been answered in the positive for Nvidia,” said Thomas Martin, senior portfolio manager at Globalt Investments. After soaring for two and a half years amid insatiable demand for its chips used in AI computing, Nvidia shares tumbled in the first few months of 2025 on concerns about President Donald Trump’s trade policies and a potential pullback in spending by its biggest customers. Yahoo Finance reports.

🐔 Dave's Hot Chicken sold to Subway owner Roark Capital in a $1 billion deal: Dave's Hot Chicken said Monday it has been acquired by the private equity firm Roark Capital in a deal valued at $1 billion.

Dave's Hot Chicken got its start in 2017 as a popup in a Los Angeles parking lot. It has grown exponentially since then and expects to end this year with 400 restaurants worldwide. The brand specializes in Nashville-style hot chicken. Yahoo Finance reports.

🔌 Constellation Energy rallies 15% on Meta nuclear power deal: Meta has signed a 20-year agreement to buy nuclear power from Constellation Energy, continuing the wave of tech giants teaming up with the industry in order to meet the growing power needs of data centers.

Beginning in June 2027, Meta will buy roughly 1.1 gigawatts of energy from Constellation’s Clinton Clean Energy Center in Illinois, which is the entire output from the site’s one nuclear reactor. The companies said the long-term agreement will support the continuing operation of the plant, as well as its relicensing. Without the commitment from Meta, the plant was in danger of closing when its zero-emission credit, which it’s relied on since 2017, expired. CNBC reports.

📉 China's manufacturing activity crashes to 2022 lows in May amid Trump tariff woes: The manufacturing sector in China has slipped into contraction in May, marking its lowest level since September 2022, as the impact of tariffs continues to weigh heavily on the industry despite a temporary trade truce with the U.S. What Happened: Data released on Tuesday by Caixin Media Co. and S&P Global revealed that the Caixin manufacturing purchasing managers index dropped to 48.3 in May from 50.4 in April.

For the first time in eight months, the index has dipped below 50, the threshold that distinguishes expansion from contraction, reported the Wall Street Journal. The drop was primarily due to a significant decrease in new orders, which fell at the fastest rate in over two and a half years, as reported by Caixin. New export orders fell for the second month in a row, hitting their lowest level since July 2023. Benzinga reports.

🗺️ Trump’s tariff fallout? It’s worse than we previously thought, says OECD: President Donald Trump’s trade war will wreak greater economic damage than previously expected, both in the United States and everywhere else, according to new forecasts by the Organisation for Economic Co-operation and Development. In a report Tuesday, the group of 38 mostly wealthy nations sharply downgraded its 2025 economic growth forecast for America to 1.6% from the 2.2% projected in March and said growth would be even weaker next year.

The report underscores the uncertainty and chaos around Trump’s tariffs, as well as their potential to cause lasting harm across the world. The Paris-based organization cited higher tariffs, including retaliatory tariffs imposed on American exports, a slowdown in net immigration and a “sizable reduction” in the federal workforce. CNN reports.

7️⃣ The 'Magnificent 7' are outperforming other stocks again — here's why: The S&P 500 just logged its best May in more than 30 years in large part due to the return of dominance from the "Magnificent Seven" tech stocks.

Apple, Alphabet, Microsoft, Amazon, Meta, Tesla, and Nvidia combined for 62% of the S&P 500's advance in May. Nvidia and Tesla led the gains, rising more than 20% in the month. Overall, six of the seven stocks outperformed the S&P 500's 6.2% gain for May, with Apple ending the month as the lone laggard. Yahoo Finance reports.

🚗 Akio Toyoda plans $33 billion buyout bid to tighten grip on Toyota’s founding firm: Toyota Industries, the original company that brought forth the world’s biggest carmaker, will be privatized for ¥4.7 trillion ($33 billion) by a group led by Akio Toyoda — a move that could hand the founding family a stronger grip on Japan’s biggest business empire for significantly less than its current market value. Yahoo Finance reports.

🛒 Dollar General lifts annual comparable sales growth target: Dollar General on Tuesday raised its annual sales forecast after topping quarterly sales expectations, helped by robust demand for affordable everyday essentials at its stores amid still-high inflation and economic uncertainty driven by tariffs.

The company's shares were up about 5% in premarket trading. They have risen about 28% so far this year. Reuters reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $NIVF: NewGenIvf Group

Total gain: +238.37%

2) $REVB: Revelation Biosciences

Total gain: +42.16%

3) $NAK: Northern Dynasty Minerals

Total gain: +24.13%

4) $MLTX: MoonLake

Total gain: +23.42%

5) $AGEN: Agenus

Total gain: +18.64%

The closing price of the top three market percent gainers trading near or above $3 on June 2.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $MODV: ModivCare

Total gain: +105.35%

The stock appeared to be moving on no notable news.

2) VERA: Vera Therapeutics

Total gain: +67.39%

The company announced that the primary endpoint was met in the ORIGIN Phase 3 trial of atacicept for the treatment of immunoglobulin A nephropathy (IgAN) in adults. Benzinga reports.

3) $APLD: Applied Digital Corporation

Total gain: +48.68%

The company has entered into two lease agreements, each approximately 15 years in length, with CoreWeave, the AI hyperscaler. Benzinga reports.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

CRWD: CrowdStrike Holdings
1Q 2026

After Market Close
Estimate: 0.660
Actual: N/A

HQY: HealthEquity
1Q 2026

After Market Close
Estimate: 0.810
Actual: N/A

GWRE: Guidewire Software
3Q 2025

After Market Close
Estimate: 0.470
Actual: N/A

Time (ET) / Report / Period

10:00 am - Factory orders - April

10:00 am - Job openings - April

"Great stocks are extremely hard to find. If they weren’t, then everyone would own them."

- Philip Fisher

Sourced in:
“Common Stocks and Uncommon Profits”, by Philip Fisher, published in 1958