The market was green and climbing Friday, the world awaiting news on the Iran U.S. ceasefire, deemed ready to go by officials on either side, but depending entirely on word from President Trump.

Traders priced in Dell’s insane earnings news, boasting a +750% jump in AI server sales to $16B. Wellington analyst James Thorn pointed out orders are still outpacing revenue at Dell, and traders who think it's a PC company are going to watch as this AI stock has a lot more to grow. The stock led the S&P 500 to record highs.

The oil-war premium cooled too, with ceasefire headlines keeping crude under pressure and giving equities one less thing to flinch at.

Tech did the lifting, energy got clipped, and small caps lagged while traders crowded into servers, software, and anything that could say “AI capex” without laughing. Stocktwits chatter clustered around $DELL, $SPCE, $ASTC, and $PATH, with space names splitting between SpaceX IPO squeeze energy and Blue Origin launch-risk gravity.

Today's Briefing:

While the market is whipped into a SpaceX IPO fervor, there are always reminders to use caution when launching moon missions. Blue Origin's massive New Glenn rocket exploded during a ground fire test Thursday night, shaking the surrounding Cape Canaveral community.

No one was harmed, but AST SpaceMobile, Rocket Lab, and other public space names sold off Friday after Blue Origin’s disaster. Even though Blue Origin is not a large revenue contributor to the firm by any means, Amazon sold off, and traders dumped the whole space basket.

It is unknown what set off the fire and explosion, but NASA Administrator Jared Isaacman said the agency will investigate. It’s not the first mishap facing rockets this year- SpaceX Starship failed to perform a controlled burn while in orbit last week and crashed down in the Gulf of Mexico. The New Glenn rocket was recently grounded in April due to engine failure that set it in the wrong orbit.

The RIP: $ASTS ( ▼ 14.79% ) fell 18%, $RDW ( ▼ 5.14% ) dropped 13%, $LUNR slid 12%, $FLY fell 9%, $RKLB dropped 7%, $UFO slid 7%, and $AMZN ( ▼ 1.23% ) fell 1%. New Glenn was set to launch next week with satellites on board.

The useful question is whether this is real launch-risk repricing. AST SpaceMobile holders argued its next launches are contracted with SpaceX, not Blue Origin, while Rocket Lab holders said the failure makes reliable launch capacity more valuable.🚀

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Jump into $ASTS: launch risk or overreaction →

The news did not affect just one space related stock:

Virgin Galactic, the space-tourism company everyone keeps accidentally turning into a SpaceX proxy, ripped Friday after a small legal-overhang win gave momentum traders one more excuse to pile in.

The RIP: $SPCE jumped +43%. The U.S. District Court for the Eastern District of New York granted preliminary approval for a settlement that would send $2.75M from Virgin Galactic’s insurers to the company. Benzinga said the stock entered Friday already up +20% from Thursday’s move.

The fundamental news is not huge. The tape is. Benzinga’s technical read had $SPCE trading far above its 20-day and 200-day moving averages, with RSI near 79 and analysts still sitting at a Hold rating with an average price target of $3.43. When Blue Origin floundered, Virgin flew as it restarted its flight tests for the VSS Unity spacecraft this week.

Jump into $SPCE: squeeze or space confusion →

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Tech carried the week, but Friday’s board said the market was leaning on one leg and pretending it was cardio.

$XLK ( ▲ 2.23% ) Technology +5.9%: The AI infrastructure trade did almost all the heavy lifting after Micron, Dell, and Oracle gave traders fresh reasons to keep paying up for compute. $NVDA remains the sector’s cleanest tell, but $AVGO and $MSFT matter too because the market is treating cloud, chips, and servers like one giant capex machine.

$XLE ( ▼ 1.16% ) Energy -5.4%: Crude dropped -9.5% WTD as ceasefire hopes cooled the oil-war premium, and Energy lost its leadership badge fast. $XOM is the one to watch because the stock still has a strong YTD tape, but lower crude makes the dividend-and-discipline story do more work.

$XLP ( ▼ 1.8% ) Consumer Staples -2.2%: Staples lagged even after Costco gave the market a solid print, which says traders were not paying for safety while AI was still ripping. $COST is the tell: the business keeps humming, but the stock already trades like perfection has a membership card.

$XLY ( ▼ 0.98% ) Consumer Discretionary +1.5%: Discretionary finished green on the week despite Friday’s -0.9% slide, helped by retail earnings squeezes in Dollar Tree, Best Buy, and Kohl’s. $AMZN still sets the sector tone, but the retail read-through matters because low expectations are suddenly easier to clear.

Watch into next week: Monday’s ISM Manufacturing print and Friday’s May jobs report test whether this stays an AI-led market or broadens out. If growth cools without breaking, tech keeps the wheel.

SoFi Active Invest offers members the ability to participate in IPOs before they trade on the public market (Investing in IPOs comes with risk, including the risk of loss. Please visit here).

Open & fund a SoFi Active Invest account with at least $50 for a chance at $5,000.* 

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Brokerage and self-directed investing products offered through SoFi Securities LLC, Member FINRA/SIPC. For a full listing of the fees associated with SoFi Invest, see our fee schedule 

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🤑 OpenAI has discussed adding Citigroup, JPMorgan to bank lineup for IPO

😨 Why a merger with SpaceX could be bad for Tesla shareholders

🏠 Fed Governor Michelle Bowman warns against hiking interest rates because of inflation spike

💰 ASTS, RKLB, RDW, LUNR Slip Overnight: SpaceX IPO Hype Loses Orbit After Valuation Target Reportedly Falls Below $2 Trillion

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