Since bottoming out on April 4, the S&P 500 has gone on a tear—up nearly 20% in just two months—and is now licking the all-time high of 6,144 set back in February. It’s the kind of run that makes investors forget words like “valuation” or “macroeconomics” and start asking how many AI-adjacent stocks they can fit in a single portfolio.

Leading the charge? Surprise, surprise: chips and the companies feeding the chip frenzy. The so-called “picks and shovels” of the AI boom—names like Broadcom (AVGO $247.30, -5.00%)—have gone vertical, riding the wave of corporate AI capex like it's 1999 and nobody's ever heard of mean reversion.

But in every gold rush, there are the winners—and the ones left holding rusted-out wheelbarrows. While the top names have been pulling the S&P higher on vibes, silicon, and speculative momentum, a growing handful of laggards have been quietly reminding investors that not every stock goes up just because the index does.

We’ll get to who soared and who flopped. But zoom out, and here’s what you’re looking at: a market rally fueled by one theme, moving at breakneck speed, powered by a mix of earnings optimism and blind faith in AI spending sprees. It’s not exactly broad-based, but for now, no one seems to care.

Wall Street Rallies Like It Forgot What Risk Is — Again

Another day, another rally led by chip stocks, with the rest of the market basically tagging along like it didn't want to miss out on the AI afterparty. The S&P 500 climbed 0.6%, the Nasdaq 100 added 0.8%, and the Russell 2000 (suddenly pretending it’s relevant again) led with a 1.6% jump.

Tech was the belle of the ball—again—but unlike Monday, gains actually broadened out a bit. Advancers beat decliners in the S&P 500 by 218 names, because when AI is booming and Dollar General is mooning, apparently the entire market gets to go up.

Yes, Dollar General (+16%) was the day’s breakout star, after absolutely demolishing Q1 estimates and raising its outlook. Shoppers are bargain-hunting harder than ever, which is apparently bullish for everyone—Dollar Tree rose in sympathy, because why not?

Broadcom hit an all-time high after casually mentioning it’s shipping new AI hardware. That was enough. No numbers, no details—just vibes and silicon.

CoreWeave, the Nvidia-backed AI infrastructure darling, surged another 25% following Monday’s Applied Digital deal. No revenue? No problem. It's AI. Shut up and bid.

On the more “retail rocket” end of the spectrum, Rocket Lab shot up 5% on a couple of price target bumps from banks that have definitely seen this movie before—before paring all that to close barely up. Meanwhile, Constellation Energymanaged the rare feat of starting the day +10% on a Meta power deal and ending it red. Unclear what happened, but someone definitely sold the news.

Not everything could float in this sea of optimism:

• Bumble slid 6% after JPMorgan slapped it with a “sell,” citing weak growth and too much competition (Tinder fatigue is real).
• Hims & Hers spiked 17% intraday on a European acquisition, then gave it all back by the close.
• Kenvue dropped 6% after saying sunscreen sales are off to a slow start—a bold call in June.
• Nio missed big on Q1 and still closed higher. That’s the kind of market we’re in.

Pinterest climbed 4% after JPMorgan upgraded it for having users that actually engage with ads—a novelty these days.

Overall takeaway? If it even smells like AI, retail strength, or “momentum,” it’s getting bid. Fundamentals optional. Caution discouraged.

Just another Tuesday on Wall Street.

Palantir Hits Record High Because... AI and Vibes

Palantir (PLTR $127.64, +6.48%) surged to yet another all-time high Tuesday, not because of any new product, contract, or revenue guidance—but simply because AI was having a moment again and Palantir happens to exist somewhere in the same zip code.

Fueling the excitement? News that Meta signed a 20-year deal with Constellation Energy (CEG $298.50, +3.11%) to keep its data centers powered with nuclear energy. That has absolutely nothing to do with Palantir, but it does suggest that the AI buildout is still very much alive—and that’s apparently all investors needed to send PLTR to the moon.

(For what it’s worth, Constellation opened up double digits on the news… then closed slightly in the red. Markets are efficient like that.)

Palantir’s rally is the latest example of AI-adjacent stocks catching stray hype. It’s also getting an extra jolt from a rebound in Trump-related trades, with some corners of the internet whispering that the company might play a bigger role if the political winds shift.

Meanwhile, Goldman’s AI Leaders basket—a greatest-hits compilation of semis, data centers, infrastructure, power names, and, yes, Palantir—rose 1.8% on the day, outpacing the Nasdaq 100’s respectable 0.8% gain.

Bottom line: It’s a great time to be loosely associated with artificial intelligence and not clearly overvalued yet. Palantir’s never needed much more than hope, hype, and a few DARPA vibes to fly—so who needs fundamentals now?

Kenvue Catches a Cold, Blames the Weather — Investors Hit Sell Anyway

Kenvue (KVUE $21.73, -0.35%) shares sank 6% Tuesday, making it one of the biggest losers in the S&P 500, after the company warned that demand for its products is… well, just not there right now. The culprit? According to the company: winter lasted too long.

At a Deutsche Bank conference, CEO Thibaut Mongon said consumers haven’t been buying as much Neutrogena sunscreen or Zyrtec-adjacent allergy meds because spring took its sweet time showing up. Yes, apparently one cold front too many is all it takes to derail a consumer health empire.

And just in case the weather excuse didn’t land, Mongon added a second soft scapegoat: retailers aren’t stocking up like they normally would, because they’re nervous about tariffs. So even though people are still buying Tylenol and Band-Aids, stores aren’t ordering as much—which means sales are showing up light, even if the medicine cabinets aren’t.

Kenvue had actually topped earnings and revenue estimates in Q1 thanks to steady demand for basics like Listerine and Band-Aids. But that wasn’t enough to soothe investor nerves after the “bad sunburn season” warning.

Global consumer softness is now officially on the record—even in the self-care aisle—and despite the company still being up ~14% over the past year, Tuesday’s selloff suggests investors are starting to worry that even your medicine cabinet isn’t safe from macro headwinds.

If your stock thesis depends on UV rays and pollen counts rebounding, it might be time to reassess.

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