The Exchange Bubble Babble, Memory Mayhem, and a Spring Swing 5/12/26
May 12, 2026
Gene Munster, a tech investor focused on AI and semiconductors, and Phil Camporealli, JPMorgan strategist on macro and positioning, dive into chip-stock drama and memory-name risks. They discuss AI-driven infrastructure, energy and power needs, and why housing and liquidity shifts matter for markets. Short, punchy takes on market leadership and tactical positioning.
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NVIDIA Demand Outstrips Supply
- NVIDIA demand for data-center compute is outstripping supply, underpinning revenue upside through fiscal 2029.
- Aaron Rakers cites NVIDIA's gigawatt shipment focus and $95B+ purchase commitments as evidence for capacity scaling and durable demand.
Shelter Spike Partly A Statistical Catch Up
- Shelter inflation in CPI jumped partly due to a statistical catch-up from a missed October survey month.
- Diana Oleg explains the shelter index was doubled because October had flat readings from the government shutdown, distorting April's monthly change.
10-Year Auction Signals Higher Yield Pressure
- The 10-year auction graded slightly weak with stop yield ~4.468%, signaling upward pressure on yields and a likely move toward 4.5%+.
- Rick Santelli gave the auction a C-minus citing higher yield than when-issued and below-average metrics aside from direct bidders.