Wall Street’s AI trade is about to face its next real stress test. Over the coming weeks and months, investors will get fresh earnings reports from Broadcom, AMD, and NVIDIA — three companies sitting at the center of the current AI infrastructure frenzy.

Broadcom is expected to report first, around June 4, and the market will be watching closely for signs that AI networking and custom accelerator demand is still accelerating at the pace bulls expect. Any slowdown in hyperscaler spending, even slightly, could hit sentiment fast. Expectations are already extremely high.

When Trump announced the US-Iran ceasefire Tuesday, Wall Street went full risk-on.

The Dow jumped 1,325 points — up 2.8% — to close at 47,909. The S&P 500 added 2.5%. Nasdaq popped 2.8%. The Russell 2000 gained 3%. Oil dropped below $95 a barrel. Somewhere, a trader bought a boat.

By Thursday, the mood had sobered. Oil climbed back toward $96-98. Asian markets were still green — Nikkei up 1.5%, Hang Seng up 1.1%, Kospi up 1.8% — but the euphoria had faded into cautious positioning ahead of the weekend talks in Pakistan.