PUT IN WORK (6/8/2026)

We’re back with another issue! Last week saw the market finally taking a real step back. By Friday’s close, the Nasdaq (QQQ) ended the week down 4.5%, while the S&P 500 (SPY) finished down 2.5%. Most of the damage came from a late-week tech hit, and Friday’s jobs report didn’t help.

Monday started the week on a strong note, with both major indexes hitting fresh record highs yet again! Nvidia (NVDA) led the charge after Jensen Huang unveiled the company’s new RTX Spark superchip and new PC partnerships, which helped lift names like Dell (DELL) and HP (HPQ) alongside it.

Tuesday stayed positive overall, but things were a bit more mixed. AI infrastructure stole the show as Marvell (MRVL) rose, though Microsoft (MSFT) fell and Alphabet (GOOGL) slid after announcing a large stock issuance to fund AI infrastructure spending.

Wednesday is where the week started to slip. The market’s run of record closes ended, with the Nasdaq down 0.9% and the S&P 500 down 0.7%, as several big tech names pulled back and investors became cautious. Thursday was equally neutral: the S&P 500 bounced 0.4% while the Nasdaq fell 0.1%, mostly because chip and AI names finally got hit hard. Broadcom (AVGO) dropped sharply after earnings, and other AI names followed it lower.

Friday sealed the week. The Nasdaq fell a whopping 4.2%, and the S&P 500 dropped 2.6% after the jobs report showed 172,000 jobs added in May (well above expectations), pushing yields higher and sending traders back into cautious habits. Naturally, we won't know the true number until revisions are finished, but as it stands, some investors are concerned about rates—whether valid or not. Tech got crushed across the board, with Nvidia and Tesla (TSLA) both down more than 6% and a long list of chip names sliding into the close.

(Nasdaq ETF (QQQ) price from May 2025 - 2026 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Our portfolio fell alongside the market, with a few of our heaviest hitters taking equally heavy hits to the downside. We’re happy to have covered our basis for so many of our stocks, and we’re glad to see that they continue to surprise and find new heights. Bandwidth’s (BAND) ongoing comeback has been especially fun to watch. We plan to hold all currently owned stocks for the foreseeable future. As always, thank you for reading, and happy investing.