The S&P 500 and Nasdaq posted modest weekly gains of 0.1% and 0.4% respectively, despite weakness in AI stocks amid higher oil prices and Treasury yields. The portfolio reduced its exposure to several AI buildout winners, including Palo Alto Networks with 148% gains and Corning with 52% gains, while adding defensive names like BNY and Kimberly-Clark. Broadcom saw its price target lowered to $430 due to concerns over customer concentration and vendor financing, despite forecasting $115 billion in AI revenue for fiscal 2027. Nvidia acquired Hugging Face for $12.9 billion to strengthen its chip ecosystem, with the stock rising 6% on the week.
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