THE DAILY BULLETINTuesday · June 2, 2026

—  LEAD STORY

Stocks hit all-time highs as Iran talks revive, Nvidia surges.

Wall Street staged a broad rally Monday, pushing the S&P 500 to a record 7,600 as two tailwinds converged: fresh optimism around US-Iran diplomacy and a renewed wave of AI enthusiasm driven by Nvidia’s latest hardware announcement.

The index notched its eighth consecutive gain — its longest winning streak since May 2025 — in a session that rewarded risk-takers willing to look past a weekend of jarring geopolitical headlines.

THE IRAN WHIPSAW

Markets spent most of the day absorbing a rapid-fire sequence of contradictory signals out of the Middle East:01Iranian state media reported early Monday that Tehran’s negotiators were halting talks with Washington and would close the Strait of Hormuz in retaliation for Israeli strikes on Lebanon02President Trump told CNBC’s Eamon Javers he “couldn’t care less” whether negotiations were finished03Hours later, Trump posted on Truth Social that talks with Iran“are continuing, at a rapid pace” following what he called a“very productive call” with Israeli PM Benjamin Netanyahu04Netanyahu separately confirmed Israeli forces had captured Beaufort Castle in southern Lebanon over the weekend

The whipsaw was enough to send crude oil higher before paring gains. West Texas Intermediate settled at $92.54 a barrel — up nearly 6% on the day — while Brent crude added about 4% to close just under $95. Still, both benchmarks remain well below levels seen at the height of the conflict roughly a month ago.

Conditions in the Strait of Hormuz are fragile, key details of any deal remain unresolved, and energy prices will continue to shape the near-term inflation and rate outlook.

— JASON PRIDE & MICHAEL REYNOLDS, GLENMEDE STRATEGISTS

THE NUMBERS UNDERNEATH

Beyond geopolitics, a pair of macro data points complicated the Fed’s calculus:01ISM manufacturing expanded in May at its fastest pace in four years02The ISM’s prices-paid gauge stayed near its highest levels since 2022, signaling persistent input cost inflation03Combined with rising oil, the data added to speculation that the Fed’s next move could be a rate hike rather than a cut

NVIDIA CARRIES THE SESSION

The day’s clearest winner was Nvidia, which jumped 5% after unveiling a new processor designed for personal computers — a move that signals the company’s ambitions extend well beyond data centers. Dell Technologies and HP followed sharply higher, rising more than 10% and 8% respectively, while Intel — which long dominated the PC chip space — dropped 5%.

Energy was the only other S&P 500 sector in positive territory.Marathon Petroleum gained 3%, Exxon added 2%, and Chevronedged up 1%.

THE BIGGER PICTURE

The pattern of the past several weeks has been consistent: two steps forward on diplomacy, one step back on escalation. Orion CIOTim Holland told CNBC the market is clearly not pricing in a return to peak hostilities. As long as the conflict stays closer to the off-ramp than the on-ramp — and energy prices hold below their prior peaks — the path of least resistance for equities appears to remain higher.

The harder question is how long the Fed stays patient while oil and manufacturing costs inch back up.

OPTIONS FLOW · MOST ACTIVELY TRADED

EV names surge. Enterprise cloud joins the run.SOURCE: TRADEALGO · LIVECONTRACTRETURNSVOL/OIPOWERIV RANKAI SCORECRWV$140 Call+305%20.99████░ 65%3336RIVN$18 Call+247%9.60█████ 89%4136MARA$15.5 Call+228%0.08████░ 74%3051CRM$205 Call+175%1.23█████ 94%5836ORCL$250 Call+148%4.62█████ 93%10059

The read: CRWV’s $140 call leads the board at +305% with the most aggressive Vol/OI print on the page — 20.99. RIVN ($18C, 89% Power)and CRM ($205C, 94% Power) carry the highest conviction scores. The standout is ORCL’s $250 call — 100 IV Rank, paired with a 59 AI Score that’s the best read on the page.View full options flow →

⚡ CAPITAL MARKETS

Anthropic files confidential S-1 as AI’s trillion-dollar IPO race heats up.

Anthropic just made its most consequential move yet — and it didn’t write a single line of code to do it. On June 1, the Claude maker officially confirmed it had submitted a confidential draft S-1 registration statement to the SEC, formally entering the starting blocks for what could become the most consequential tech IPO in a generation. No share count, no price range — just a signal to Wall Street that the race is on.

Why this matters right now:01Anthropic is targeting a public listing as early as October 2026 and has retained Wilson Sonsini — the law firm that handled Google’s 2004 IPO — to manage its public-market readiness.02The company is eyeing a valuation of $1.75–$1.8 trillion and a raise of up to $75 billion, which would rank among the largest IPOs in history.03OpenAI, led by Sam Altman, is planning its own public debut as soon as this fall, having filed confidentially around May 22.04SpaceX kicks off its roadshow on June 4, targeting roughly $75 billion at a ~$1.75 trillion valuation — a figure that would eclipse Saudi Aramco’s 2019 record listing.

The company behind this frenzy isn’t exactly a newcomer. CEODario Amodei co-founded Anthropic in 2021 alongside his sisterDaniela and a cohort of former OpenAI researchers who left over concerns about safety and corporate direction. In five years, that scrappy research lab has become a near-trillion-dollar business.

The revenue story is the real headline. Anthropic’s annualized revenue run rate hit $47 billion this year — up from $10 billion just twelve months prior. Last week it closed a Series H funding round valuing the company at $965 billion, edging past OpenAI’s $852 billion March valuation. Amazon and Google are both major infrastructure partners, and Anthropic has committed $1.25 billion per month to SpaceX’s Colossus 1 data center in Memphis through May 2029 — a line item that underscores just how capital-intensive the frontier AI business has become.

The path here wasn’t clean. Earlier this year, Anthropic’s models were blacklisted by the Pentagon after negotiations broke down. Defense contractors quietly dropped Claude to stay compliant. But the conflict did almost nothing to slow growth — private sector adoption accelerated, and Claude climbed to the No. 1 spot on Apple’s U.S. free apps chart in February. Anthropic is still litigating its Pentagon blacklisting, and President Trump told CNBC in April that a resolution is “possible.”

Then came Claude Mythos Preview — a cybersecurity-focused model released to a select group of organizations through Project Glasswing — which reignited conversations in Washington and gave institutional investors something tangible to price in.

Wedbush analyst Dan Ives called the filing “an opening of the floodgates for the IPO market, which has been relatively dormant for a few years.” Some are drawing comparisons to the early internet era — a wave of massive listings, some of which defined industries and others that flamed out spectacularly.

The difference this time: the underlying technology is already generating tens of billions in annualized revenue. Whether the public markets will pay a near-$2 trillion price for it is the question investors will be wrestling with all summer.WEALTH SERIES CORELIVE SESSION · TOMORROW AT 3PM PT

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A.I. SCORING · SINGLE-TICKER SENTIMENT

Yesterday’s spotlight: CCL.SOURCE: TRADEALGO · LIVECCL Carnival Corporation Ltd.FULL CCL INFO →

A.I. SCORE · 1 HOUR

85.71%

Bullish

SIGNAL STRENGTH

NEWS SENTIMENT

+16.80

POPULAR CONTRACTSContractC/PStrikeExpiryVolITM%.CCL261016C25Call25Oct 16 ‘26119256%.CCL260618C23Call23Jun 18 ‘2626186%.CCL260618C21Call21Jun 18 ‘2624190%.CCL261016C23Call23Oct 16 ‘2612864%.CCL261218C25Call25Dec 18 ‘2612152%

The read: CCL is running one of the cleaner sentiment setups on the board — 85.71% bullish on the 1-hour A.I. score. Every contract in the top five is a call, zero put activity visible. The Oct $25C leads volume at 1,192 contracts. Near-term June $21C and $23C carry the highest ITM readings at 90% and 86% — deep-in-the-money positioning that behaves like stock replacement. News sentiment at +16.80 is positive but measured — the AI model is more bullish than the headlines.INVESTOR RELATIONSNOW OPEN

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The S&P 500’s AI problem — it’s working almost too well.

The S&P 500 is having a strong year, but the story underneath the headline number is getting a little uncomfortable for anyone who believes in diversification. A handful of AI-linked names are doing almost all the work, and that’s raising flags even among the bulls.NVDA GOOGL MU ▲ AI CONCENTRATION

When three stocks drive the whole index

Evercore ISI’s Julian Emanuel put it plainly in a Sunday note: record AI demand has concentrated index gains into a tiny cluster of names, masking a consumer and geopolitical backdrop that, on its own, would look far less flattering. He singles out Micron, Nvidia, and Alphabet as having driven more than 40% of the year-to-date revision in S&P 500 2026EPS estimates.

Nvidia alone accounted for roughly 15.5% of the S&P 500’s total return in 2025. The company reported its most profitable quarter in chipmaker history on May 21 — $81.6 billion in revenue, up 85% year-over-year, with net income of $58.3 billion in a single 90-day period.01Three AI hyperscalers — Alphabet, Amazon, andMeta — account for approximately 70% of the increase in 2026 earnings expectations in dollar terms.02S&P 500 annual earnings growth projections have been revised up to 28.6% from 14.4% in April, with roughly $8 trillion in cash still parked in money market funds.03The seven largest companies in the benchmark are responsible for more than half of the advance from the March 30 low, per Bloomberg.

Emanuel’s year-end target of 7,750 on the S&P 500 rests largely on continued AI demand led by tech, communication services, and consumer discretionary. But the same concentration driving the index higher could quickly become its biggest liability. When the rally is this narrow, a stumble from any one of these names doesn’t stay contained.ISM ▲ MANUFACTURING

Factory America is back — but price pressure won’t quit

U.S. manufacturing just posted its best reading in four years. The ISM Manufacturing PMI hit 54% in May — 1.3 percentage points higher than April and its highest reading since May 2022. It marked the fifth consecutive month of expansion, with the broader economy continuing to grow for the 19th month in a row. Wall Street had penciled in 53.2.01New orders rose 2.7 points to 56.8%, marking their fifth straight month of expansion after four consecutive contractions.02Employment rose 2.2 points to 48.6%, though it remains in contraction territory for the 32nd consecutive month.03The Prices Index registered 82.1% — still the second-highest reading since April 2022, indicating raw materials price increases for the 20th straight month.

That last number is the catch. Factories are busy, orders are flowing, and activity is clearly picking up. But input costs are still running extremely hot, and virtually every company comment in the report referenced higher prices, with transportation being the lone exception. Growth without margin relief is a story the Fed will be watching closely.DELL ▲ AI INFRASTRUCTURE

Dell’s AI moment: Goldman more than doubles its price target

Dell Technologies has spent two years quietly repositioning itself as an AI infrastructure company. Wall Street is finally paying attention. Goldman Sachs reiterated its Buy rating Monday and raised its 12-month price target on Dell from$230 to $500 — more than doubling it — following a blowout first quarter. Dell reported Q1 FY2027 EPS of $4.86, with Infrastructure Solutions Group revenue up 181% year-over-year.

The AI server business is the engine. Dell booked $24.4 billion in new AI orders in the quarter and exited with a record AI server backlog of $51.3 billion.

Goldman analyst Katherine Murphy’s upgrade hinges on three core arguments:01Enterprise IT hardware spend is growing, and Dell’s scale gives it a structural edge competitors can’t easily replicate.02The company’s 2027 AI server outlook is constrained by supply, not demand — meaning the ceiling is set by components, not customers.03Dell raised its FY2027 revenue guidance by $27 billion to $167 billion at the midpoint, lifting EPS guidance by 29% to $17.90.

Goldman wasn’t alone — Bernstein and Mizuho also raised their price targets to $500, while Morgan Stanley upgraded Dell from Underweight to Equal-weight. Shares were up roughly 10% Monday to around $465. The old PC company is building the server racks that AI runs on. The market is just now catching up.THE SIGNAL● SPECIAL PROMOTION

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DARK POOL ACTIVITY · INTRADAY

Yesterday’s Institutional FootprintsTICKERPRICEPERF.NEWSAIDARK POOLTWLO$230.31+18.30%+120%+523.99%HUBS$259.06+11.70%+42-63%+320.12%LITE$908.26+10.00%+21-73%+164.62%NET$270.17+9.80%+6171%+245.21%OKTA$140.65+9.60%+163%+158.92%DDOG$276.41+9.40%+5060%+260.51%NBIS$266.54+9.20%—60%+174.52%CRWV$124.06+8.10%—-63%+245.27%INOD$114.85+8.90%+467%+164.37%FDS$268.93+7.90%+1563%+259.11%

The read: TWLO leads the board with a +523.99% dark-pool surge — the only print above 500% today. Institutions are piling in on an +18% move while the AI Score sits at 0%, flat and noncommittal. The sector story is unmistakable — this is an enterprise cloud and cybersecurity sweep.LITE is the standout anomaly: a $908 stock up 10% with a -73% AI Score and +164% dark pool activity. NET (+61 news, 71% AI) is the cleanest conviction name — positive across all three signals.Open the dashboard →

WHAT’S IN THIS EDITION—Lead — AI Remains in the Driver’s Seat—Options Flow — Today’s most actively traded contracts—Capital Markets — Anthropic S-1; AI’s trillion-dollar IPO race—News Feature — S&P concentration, ISM beat, Dell upgrade—A.I. Scoring — Sentiment spotlight on CCL—Dark Pool Movers — Enterprise cloud sweeps the board

INSIDE THE PLATFORM—Live options dashboard—Dark pool activity feed—A.I. sentiment scoring—Options Academy with Dane Glisek—Daytrade live chat with Brian

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Disclaimer. This bulletin is provided for educational and informational purposes only and is not investment advice, a solicitation, or an offer to buy or sell any security. TradeAlgo does not act as a fiduciary or investment advisor. Trading options involves substantial risk and is not suitable for every investor. Past performance is not indicative of future results. Names, prices, and analytics referenced reflect data as of the time of publication and may have changed. Always do your own research and consult a licensed professional before making any investment decision. © 2026 TradeAlgo. All rights reserved.