The technology sector’s weight in the S&P 500 surpassed its dot-com peak, but it wasn’t Mag 7 constituents that pushed it there. The U.S. is going all in on AI. Open vs closed models highlight differences in national strategy. As traffic through the Strait of Hormuz remains heavily restricted, the oil needs to come from somewhere. For some countries, reliance on imported oil is becoming a major issue. Factory orders. Rate Cuts. What’s behind the market’s biggest up days?
1. Notably, the technology sector doesn’t include companies like Alphabet, Amazon, or Meta, even though they’re key participants in the AI trade:
Source: Citadel Securities
2. A subcomponent of the technology sector, the semiconductor industry is now larger than every other sector in the S&P 500:
Source: @bespokeinvest
3. The rush to build datacenters has caused shortages in tech hardware, most recently memory:
Source: Stanford University Artificial Intelligence Index Report
4. It’s becoming difficult to find historical parallels for anticipated datacenter capex:
Source: Wall Street Journal via Brian Potter, Construction Physics
5. Closed models maintain an edge over open source, but the gap has narrowed:
Source: Stanford University Artificial Intelligence Index Report
6. China has largely embraced open models:
Source: Stanford University Artificial Intelligence Index Report
7. There’s plenty of runway, but we’re starting to see inventory drawdowns:
Source: @rory_johnston via the Daily Chartbook on 4/29/2026
8. Oil companies aren’t planning to increase production in response to what is expected to be a temporary disruption:
Source: Dallas Fed via Chartbook a newsletter from Adam Tooze
9. Despite limited domestic oil production, China’s reliance on imported fossil fuels for energy is much lower than that of other Asian countries:
Source: TS Lombard via Chartbook a newsletter from Adam Tooze
10. We’re seeing signs of momentum in the U.S. manufacturing sector:
Source: Koyfin via the Daily Chartbook on 5/4/2026
11. Investors don’t expect Kevin Warsh to deliver on rate cuts in 2026:
Source: John Authers, Points of Return
12. U.S. government policy has been the biggest market mover during Trump’s second term:
Source: Bloomberg Markets Daily
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