Fri, May 8, 2026
AI infrastructure leads the week; private growth holds gains
Memory and pre-IPO exposure powered a strong week for the basket as semis broadly outperformed the index.
Sector view
AI infrastructure was the standout theme this week. Memory names led the move higher: DRAM (+4.2%), MU (+3.1%), and SNDK (+2.7%) all extended their run as DRAM contract pricing surveys pointed to ongoing tightness in HBM supply through Q3. Optical and cooling exposure (COHR, VRT) also caught a bid alongside the broader AI-power complex.
Pre-IPO / private exposure continued to outperform on a relative basis. XOVR and DXYZ each gained more than 2% as private-market discounts to peer multiples compressed slightly.
Healthcare was a relative drag: PFE and LLY both finished modestly lower on rate-sensitive flows, partially offset by CRSP strength on therapeutic data.
Top movers this week
- DRAM +4.2% — capacity-tight thesis intact; weekly contract data supportive.
- XOVR +2.8% — broad-based gains across underlying holdings; ER Shares disclosure update Friday.
- NVDA +2.3% — supplier checks for next quarter constructive.
- PFE −1.9% — sector rotation out of defensive pharma.
Reweighting flags
No changes recommended this week. The basket's current allocation continues to lean into the AI infrastructure + power thesis at ~42% combined, which is performing as expected. We'll revisit if the current drift in MU (now 2.46% vs 3.00% target) widens further — a small top-up may be warranted to stay near targets.