To The Moon

I. Performance and Valuation of Global Equity Indices Source: Bloomberg, Tiger Asset Management II. Key Market Themes i. U.S. Stocks: Macro Conditions Improve, Yet Uncertainties Remain Undiminished Over the past week, U.S. stocks gapped up at Monday’s open following unexpectedly positive developments in China-U.S. trade talks, then climbed steadily in subsequent sessions. Macro data released this week contained no negative surprises, with some even slightly exceeding expectations. The April core CPI rose 0.2% month-on-month (MoM), while the core PPI declined 0.4% MoM — both below prior readings but better than forecast. Additionally, April retail sales edged up 0.1% MoM, marginally exceeding expectations. These figures suggest easing headline inflation and resilient economic activity,

As of Tuesday's market close, in past week equity markets closed lower across the board, with all three major indexes $Dow Jones(.DJI)$, $S&P 500(.SPX)$, and $NASDAQ(.IXIC)$ declining under the combined pressure of trade tensions, Federal Reserve policy uncertainty, and weaker-than-expected economic data, leading to cautious market sentiment. Data from TradingView shows that 14 companies with a market cap of over $10 billion have reached new highs.Trade Tensions:Market optimism surrounding the easing of trade tensions and slowing inflation has been called into question, reigniting concerns. On May 20, St. Louis Federal Reserve President Alberto Musalem state

If you thought the AI trade peaked in 2023, think again.While the hype around anything labeled “AI” has cooled since last year’s frenzy, the market is now shifting toward fundamentals — and the kingmaker is clearly NVIDIA $NVIDIA(NVDA)$ . Forget who’s talking about AI. The new question is: Who’s actually in NVIDIA’s inner circle?NVIDIA just filed its latest 13F, revealing six investments that offer a blueprint for where it thinks the next wave of AI growth will come from. It’s a full-stack bet — from raw compute to real-world applications — and might give us a serious edge if we’re looking to “copy its homework.”Let’s take a closer look at each name.1. $CoreWeave, Inc.(CRWV)$ Key themes: Cloud compute | G

$NEBIUS(NBIS)$ 25Q1 earnings were strong overall (both revenue and ARR) thanks to rapid expansion of core AI infrastructure business and deepening NVIDIA partnership, though losses due to high capex remain a near-term pressure.Strategic investment in Toloka and optimistic outlook for full-year ARR guidance provide catalysts for valuation re-pricing, but competitive pressuresand governance risks require close attention.The progress of data center go-live and improved profitability will be key variables in the coming quarters and could drive the market to reassess Nebius' positioning in the AI infrastructure space.Performance and market feedback1. Core financial metrics vs. market expectationsRevenue: Nebius Q1 2025 revenue came in at $55.3M, up 385