The Exchange Memory’s Moat, Tech’s Role in Recent Highs, and Shrugging Of $100 Oil 5/1/26
May 1, 2026
Kevin Book, energy researcher who parses oil flows and geopolitics. Michael Kantrowitz, investment strategist focused on breadth and earnings momentum. Irving Tan, Western Digital CEO on memory and storage. They discuss memory supply crunch and AI-driven storage demand. They debate tech’s role in the recent market rally and why $100 oil has not severely dented markets.
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Tech Led Rally But Breadth And Earnings Back It Up
- April's rally was led by megacap tech but breadth improvements and earnings revisions support broader market strength.
- Michael Kantrowitz cites stronger small caps, positive earnings revisions, and improving PMIs as confirming market health.
Lower Oil Could Unlock Equity Multiple Expansion
- Lower oil would materially help multiple expansion and S&P upside, even with current earnings growth.
- Kantrowitz says earnings growth improved >10% YTD and oil declines could enable further multiple expansion toward higher S&P targets.
Falling Oil Intensity Mutes Price Shocks
- High oil hasn't yet toppled markets because GDP oil-intensity fell and effects on consumption lag by months.
- Kevin Book notes U.S. oil intensity down ~18% over 10 years and consumption hits often appear 3–6 months after shocks.