By Louis Navellier
Publication Date: 2026-05-10 00:03:00
Fear of missing out, or FOMO, has reached a new high.
On May 7, $2.6 trillion worth of S&P call options were purchased, the most ever in a day, driving prices higher. Some market experts say we are in a bubble, while others say we are still in the early days of AI productivity gains.
The market agrees with the latter view.
Since May 8th, we have seen new all-time highs in the S&P 500, the NASDAQ Composite, the Nasdaq 100 (QQQ), the Magnificent 7 and semiconductors (the SMH ETF). The Dow Jones is 1.5% from its January high, the equal-weighted S&P is just 0.5% from its January high and the Russell 2000 is 1.5% from its recent all-time high.
The AI crisis is driving the market higher
Demand for computing capacity continues to be revised upwards.
Demand for chips, power supplies and cooling systems for AI data centers has largely sold out suppliers through 2027. Now we find that AI agents, the ultimate target for using AI, use much more CPU functionality than…
