Market Minute ⏱️ 6/2/26: Rally Stalls as AI Bills Grow

Mike Larson | Editor-in-Chief

The stock market’s recent rally is stalling out. Crude oil is also pulling back modestly after a big gain yesterday. Gold and silver are up, while the dollar and Treasuries are flattish.

The staggering cost of AI infrastructure is forcing Big Tech to raise huge amounts of money in the equity and debt markets – with Alphabet Inc. (GOOGL) the latest example. The firm is raising $80 billion via a $10 billion deal with Berkshire Hathaway Inc. (BRK.B) and $30 billion in additional stock and preferred stock sales now – plus $40 billion in “at the market” share sales starting in the third quarter.

Alphabet is ramping up sales of its Tensor Processing Units (TPUs), AI chips that compete with Nvidia Corp.’s (NVDA) offerings. It’s also building out AI compute infrastructure. The firm’s chief financial officer Anat Ashkenazi said recently that 2027 capital expenditures would be “significantly” above the $190 billion Alphabet plans to shell out in 2026.

GOOGL, BRK.B, HPE (YTD & Change)

Meanwhile, Claude developer Anthropic filed confidential Initial Public Offering paperwork with the Securities and Exchange Commission yesterday. The move allows the SEC to review its filings and request updates, the first step toward a public share sale. It also comes shortly after the company raised $65 billion in a private funding round valuing it at $965 billion. OpenAI is also likely to file IPO paperwork soon.

Finally, tech hardware makers continue to bask in the glow of the AI spending boom. Shares of Hewlett Packard Enterprise Co. (HPE) are soaring after the maker of computer servers and networking equipment trounced earnings and revenue estimates. Sales jumped 40% in the quarter while adjusted earnings per share surged 108%. Already up 96% year-to-date, HPE stock is rising another 25% today.

Chang: Why China’s Economic Growth is Hitting a Wall

Belski: Tech Leadership is Here to Stay! (Now, Get His Top Market Calls in Vegas)

Brian Belski just declared tech leadership "is here to stay." He sees a continued shift to growth, not value. But the market isn’t yet pricing in this sustained tech dominance aggressively enough.

This isn't a temporary rotation — it's a fundamental shift. And the chief investment officer at Humilis Investment Strategies emphasizes that this isn't just about a few mega-caps. It's across the board. Now, tap the link below to get Brian’s top stock market calls at the 2026 MoneyShow Masters Symposium Las Vegas, set for July 19-22 at Caesars Palace!

• Are Rising Rates Really Bad for Stocks?
  👉️ TICKERS: IEF, TNX, SPX
  Market skeptics and commenters on social media will watch a single variable move in what they consider an unfavorable way, then jump to the conclusion that the stock market is in trouble. Consider the recent rally in long-term interest rates. That’s gotta be bad news for the stock market, right? Not necessarily, advises Sam Ro, editor of Tker.co.

• BATT: A Fund to Help You Profit from Surging Battery Demand
  👉️ TICKER: BATT
  The next great power boom isn’t happening in oil fields. It’s happening inside giant boxes filled with batteries. Battery energy storage systems (BESS) are large, controllable banks of batteries, inverters, and controls – and the Amplify Lithium & Battery Technology ETF (BATT) can help you capitalize on demand for them, says Sean Brodrick, editor at Weiss Rating Daily.

🎰📈 Get expert portfolio help, trading strategies, and actionable PICKS – at the 2026 MoneyShow Masters Symposium Las Vegas! Click HERE for more on the July 19-22 event at Caesars Palace.

💳📈 Visa vs. Mastercard Stock: Using Barchart Data to Pick the Best Payments Giant Now. (Barchart)