Imani Moise

The other thing going on in the background is that

Chip stocks are having a bit of a reset after we've seen them have these meteoric rises so far this year.

So Broadcom reported earnings earlier this week, and the company didn't raise its guidance like a lot of the chip makers did before it.

So investors are starting to question, well, how much more room do these chip stocks have to go?

Hey, listeners, it's Saturday, May 30th.

I'm Imani Moise for The Wall Street Journal.

And this is what's news in markets.

Our look at the biggest stock moves of the week and the news that drove them.

Let's dive in.

Stocks continued their historic march higher as Wall Street's appetite for AI showed few signs of slowing.

All three major indexes ended the week at record highs, and the S&P has now risen nine consecutive weeks, the longest winning streak since 2023.

Investors are paying historically high prices relative to corporate earnings, a dynamic not seen since the dot-com boom.

The last time investors were willing to pay these kinds of prices was around the market peak in 2000.

So far, investors are still buying.

The tech-heavy Nasdaq led the way, rising just under 2.4% for the week.

The S&P 500 grew 1.4%, and the Dow increased 0.9%.

The AI boom minted two new trillion-dollar companies this week.

Shares and memory chip makers Micron and SK Hynix surged nearly 30% and 20%, respectively, to cross the trillion-dollar valuation mark.

They're the latest additions, after Samsung joined one of the stock market's most exclusive clubs earlier this month.

For years, memory chips were seen as a commodity business, the tech equivalent of selling gasoline.