TECH STOCKS RALLY ON AI SPENDING WAVE

Technology stocks led gains across global markets on May 6, with investors backing heavy corporate spending on AI infrastructure and development. Earnings announcements from major tech firms underscored the sector's momentum as companies accelerated capital deployment. Geopolitical developments supported broader market sentiment. US President Donald Trump announced "great progress" toward a peace deal with Iran, spurring expectations for improved crude oil flows through the Strait of Hormuz. Brent crude declined on the prospect of renewed supply. Bond yields fell in both US and European markets, while the dollar weakened. The moves reflected recalibrated expectations around inflation and interest rates. European sustainable investment funds continued concentrated exposure to US technology, with Microsoft and Nvidia among their largest holdings. The pattern underscores how AI spending has consolidated investor capital in mega-cap technology names despite efforts toward diversified, ESG-focused strategies.