Nvidia has delivered another blockbuster quarter, but one top-ranked investor says the market is still missing the bigger story.

The chipmaker reported record first-quarter revenue of $81.6 billion, up 85% from a year earlier, as demand for AI infrastructure continued to surge.

Yet the bull case is no longer just about selling more GPUs to Microsoft, Amazon, or Google.

Yiannis Zourmpanos, a five-star investor ranked among the top 1% of stock pros tracked by TipRanks, argues that Nvidia is quietly becoming the foundation layer of the AI economy itself.

That shift, he says, could leave the stock with another 40% upside.

Nvidia’s quiet identity shift

For years, the Nvidia story was easy to understand as cloud companies rushed to buy Nvidia’s AI chips, pushing demand and profits sharply higher.

That story is still true, but Zourmpanos says it is no longer enough. In his view, Nvidia has moved beyond the old GPU supply-and-demand trade.

The company is now monetising the full AI stack, from compute and networking to orchestration, sovereign AI and CPUs.

In simpler terms, Nvidia is no longer just selling the bricks for the AI boom; it is increasingly shaping the whole construction site.

The latest earnings support that view.

Nvidia’s data centre revenue hit a record $75.2 billion in the quarter, up 92% from a year earlier.

Gross margin stood at 74.9%, showing that the company still has strong pricing power even as its revenue base has become enormous.

Nvidia also guided for second-quarter revenue of about $91 billion, plus or minus 2%, ahead of what analysts had expected.

That is why Zourmpanos called Nvidia the “foundational infrastructure layer” of AI.

Why the CPU move could lock out competitors

The most important part of the argument may not be GPUs at all.

Zourmpanos points to Nvidia’s expectations of $20 billion in CPU revenue this year as a sign that the company is expanding its role inside AI data centres.

CPUs are the general-purpose processors that help coordinate workloads.

GPUs do the heavy lifting for AI, but CPUs, networking and software increasingly determine how efficiently the entire system works.

If Nvidia can bundle CPUs, GPUs, networking and software into one tightly connected platform, switching away from it becomes harder for customers.

A cloud provider would not simply be swapping one chip for another; it could be ripping out part of the operating system of its AI factory.

Zourmpanos argues that Nvidia’s broader platform “increases barriers to entry” because competitors are no longer fighting just a chip company but an ecosystem.

What the numbers show?

Wall Street is broadly on board with the bullish view.

TipRanks data cited in the report shows Nvidia with a Strong Buy consensus rating, based on 39 Buy ratings, one Hold and one Sell.

The cited average 12-month price target of $301.29 implies gains of just under 40% from the share price used in that analysis.

That upside may look surprising after Nvidia’s huge run. But the bullish case rests on the idea that investors are still valuing the company too narrowly.

There are risks as AI spending could slow, or customers may push harder on price.

Regulators may scrutinise Nvidia’s dominance as cloud companies are investing in their own silicon to reduce dependence on outside suppliers.

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Intel stock (NASDAQ: INTC) have surged 225% in 2026, marking a sharp turnaround for a company many investors had written off just a year ago.

The chipmaker, once treated as dead money beside Nvidia, AMD and TSMC, has suddenly become one of the market’s most dramatic comeback trades.

Its shares recently traded near $120, after a blistering year-to-date surge, but the odd part is this: analysts are still not fully convinced.

The Street’s average price target sits well below the current stock price, suggesting investors may have run far ahead of the earnings story.

Intel stock: From dead money to AI darling

Intel’s rally has been powered by a sharp change in narrative as a year ago, investors were still focused on the company’s manufacturing delays, market-share losses and heavy foundry spending.

Now, the market is looking at Intel as a potential beneficiary of AI infrastructure demand, especially as CPUs regain importance in inference and agentic AI workloads.

The first-quarter numbers helped change the mood.

Intel reported revenue of $13.6 billion, up 7% year on year, while non-GAAP earnings per share came in at $0.29.

That was a major improvement from the year-ago period and well above the near-breakeven expectations that had shaped sentiment before earnings.

More importantly, the growth came from the parts of the company investors wanted to see working.

Data Centre and AI revenue rose 22% to $5.1 billion, while Intel Foundry revenue increased 16% to $5.4 billion.

Then came the Apple angle.

Intel has reportedly reached a preliminary agreement to manufacture some chips for Apple, a deal that would mark a major credibility boost for its foundry ambitions.

If confirmed and scaled, that would suggest Intel’s manufacturing turnaround is becoming more than a slide-deck promise.

Wall Street is not buying the hype

The rally has not turned analysts into a cheering section.

According to S&P Global data, 48 analysts have a consensus rating of Hold on Intel, with an average 12-month price target of $87.86.

That implies roughly 27% downside from recent levels.

The split tells the story as Intel has more bullish voices than it did a year ago, but the consensus remains cautious.

Tigress Financial’s Ivan Feinseth is one of the optimists as he raised his price target to $118 from $66 and kept a Buy rating, citing Intel’s “incredibly strong” first quarter, 18A execution and momentum across AI data centres and PCs.

The bear case is valuation.

After such a sharp move, Intel is no longer priced like a turnaround stock waiting for proof. It is priced like a company that has already fixed most of its problems.

That is a tougher setup as Seeking Alpha’s May downgrade captured the concern bluntly, arguing that Intel’s forward multiple had become stretched relative to AMD and Nvidia despite slower growth and still-heavy execution risk.

There are also real business questions left.

Intel’s foundry turnaround is promising, but it is not finished as the company still has to prove that 18A can ramp cleanly, that 14A can attract external customers, and that margins can hold up as advanced packaging and manufacturing investment remain expensive.

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Bill Gates built one of the world’s most valuable software companies, and yet the trust that funds his foundation no longer owns a single Microsoft share.

That sounds dramatic, but the more revealing detail is what remains inside the Gates Foundation Trust: a public equity portfolio of roughly $33 billion, with about 46% now sitting in just two stocks: Berkshire Hathaway and Waste Management.

It is an odd-looking pair at first glance, as one is Warren Buffett’s conglomerate, while the other collects rubbish.

But, together they say a lot about how Gates’ philanthropic machine is being run.

Exit that was not a vote of no confidence

The Microsoft sale is the headline, but it should not be read as a break with the company Gates founded.

The Bill & Melinda Gates Foundation Trust sold its remaining 7.7 million Microsoft shares in the first quarter of 2026, completing a phased exit from a position that, a year earlier, had still been worth billions.

The latest 13F filing shows Microsoft at zero, after a full sell-down of the remaining stake.

That is striking because Microsoft has long been the emotional centre of the Gates story. But this was a trust-level portfolio decision, not a personal repudiation.

Gates himself still owns about 103 million Microsoft shares, worth roughly $43 billion, according to market data cited by The Motley Fool.

The better way to understand the move is as a liquidity and risk-management decision.

As one market commentary put it, the trust was behaving “like a portfolio manager, not a founder”.

That distinction matters as the foundation is no longer being run as a permanent institution that can simply sit on concentrated positions forever.

Gates said last year that the foundation expects to spend more than $200 billion between now and 2045, when it plans to wind down.

Buffett’s gift that keeps on giving

The largest remaining holding is Berkshire Hathaway, which accounts for roughly a quarter of the portfolio at current prices.

Warren Buffett has been donating Berkshire shares to the Gates Foundation for years, and the foundation says its endowment has been funded by Bill Gates, Melinda French Gates and Buffett.

Bill Gates is the trustee of the foundation trust, while Cascade Asset Management manages the endowment.

Buffett’s giving also comes with a practical consequence.

The foundation has been required to spend the value of its annual gift, plus an additional amount tied to its remaining assets.

In plain English, Berkshire keeps flowing in, while the foundation must keep money flowing out, and that creates a natural churn inside the portfolio.

Berkshire also fits the trust’s current job as it is diversified, cash-generative and built around businesses that are not dependent on one technology cycle.

Under new chief executive Greg Abel, Berkshire produced solid first-quarter results, and its shares have recently traded at about 1.4 times book value, near the lower end of their recent range.

Why a trash company is the quiet compounder

The second major holding is WM.

It is less glamorous than Microsoft, but accounts for about 18% of the trust’s public equity portfolio, and it has been held for decades with relatively little turnover.

The investment case is simple as WM owns or operates the largest landfill network in the US and Canada, with 262 landfill sites, according to its annual report.

That infrastructure is difficult to replicate as permits are hard to obtain, local opposition is common, and smaller haulers often need access to large disposal networks.

That gives WM scale, pricing power and a business model that tends to hold up even when the economy slows.

Motley Fool analyst Adam Levy described it as “a boring business with a seemingly insurmountable competitive moat.”

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Asia’s smaller companies have delivered stronger returns than the region’s large-cap stocks over the past five years, while also offering lower volatility and broader sector exposure, according to HSBC Asset Management.

The firm said Asia small-cap stocks outperformed their large-cap counterparts by nearly 3% annualised at the index level over the period.

The gains came alongside lower volatility, challenging the common assumption that smaller companies necessarily carry a meaningfully higher risk profile.

HSBC’s analysis also pointed to a powerful re-rating effect among companies that moved from the MSCI Asia ex-Japan small-cap index into the large-cap index.

The data showed sharp gains in the year before index promotion, followed by more moderate returns after those companies entered the large-cap universe.

The findings suggest that Asia’s small-cap segment has become an important source of equity returns, not only because of technology exposure in markets such as Taiwan and South Korea, but also because of broader opportunities in India and other less-researched parts of the region.

Small caps quietly lead performance

Small-cap stocks are often viewed as riskier and more cyclical than larger companies.

In Asia, however, HSBC Asset Management’s analysis suggests the segment has offered a more favourable balance of return and risk over the past five years.

The firm said small caps beat large caps by nearly 3% a year on an annualised basis, while also showing lower volatility.

That combination is significant because investors usually expect to accept more volatility in exchange for stronger returns from smaller companies.

The performance also reflects broader sector diversification within the small-cap universe.

While Asia’s major equity benchmarks have become increasingly influenced by technology leaders, smaller-company indices include a wider mix of businesses across industrials, consumer sectors, financials and domestic-growth themes.

That breadth may have helped reduce reliance on a narrow group of large companies, particularly in periods when technology sentiment has shifted.

Index promotion drives sharp gains

One of the strongest findings in HSBC’s analysis relates to companies promoted from the small-cap index into the large-cap index.

The firm examined 150 companies that moved from the MSCI Asia ex-Japan small-cap index to the large-cap index in the early 2020s.

In the year before promotion, those stocks delivered average gains of 245%.

The returns cooled sharply after promotion. In their first year as large-cap stocks, the same group delivered average gains of 18%.

That pattern points to the importance of re-rating before benchmark inclusion.

As companies grow in size, liquidity and market visibility, they can attract more investor attention before officially joining larger indices.

For active investors, the data suggests that identifying potential promotion candidates early can be a meaningful source of returns.

Once a company enters the large-cap universe, some of that upside may already have been captured.

Taiwan and South Korea reflect tech strength

Technology remains a major driver of Asian equity performance, particularly in Taiwan and South Korea.

HSBC noted that both markets have a concentrated technology profile across small-cap and large-cap indices.

The global rally in technology and artificial intelligence-linked shares has increased the weight of these markets in regional benchmarks.

That exposure has helped lift returns, especially where smaller companies are linked to semiconductor supply chains, hardware components and specialist manufacturing.

However, the small-cap universe is not simply a smaller version of the large-cap technology trade.

HSBC said smaller companies in Asia provide access to a wider range of sectors, making the asset class more balanced than some headline index weights may suggest.

That distinction matters for investors seeking regional exposure without relying solely on a few dominant technology names.

India offers depth beyond technology

India stands out in HSBC’s analysis as one of the most important opportunities within Asia’s small-cap universe.

The firm highlighted India’s depth, potential profit growth and large pool of under-researched companies.

Unlike Taiwan and South Korea, where technology plays a central role, India’s small-cap market offers exposure to a broader domestic-growth story.

That includes consumer demand, financial services, manufacturing, infrastructure, industrials and smaller companies linked to formalisation of the economy.

The under-researched nature of many Indian small caps may also create opportunities for investors willing to do deeper company-level work.

Smaller companies often receive less analyst coverage than large-cap peers, which can leave valuation gaps and mispriced growth prospects.

For global investors, India’s role in the Asia small-cap index may therefore provide a different return driver from the technology-heavy markets of North Asia.

Why investors are paying attention

The HSBC analysis frames Asia small caps as an “unsung story” in global equity markets, given their combination of returns, diversification and lower volatility.

The segment may appeal to investors looking for exposure to faster-growing companies before they become widely owned large-cap names.

It may also offer a way to diversify away from crowded positions in mega-cap technology stocks.

Still, small-cap investing carries risks. Liquidity can be thinner, earnings can be more sensitive to domestic cycles and governance standards can vary widely across markets.

Currency movements and local policy shifts can also influence returns.

But the five-year performance record outlined by HSBC suggests the asset class has delivered more than just higher beta.

It has offered stronger returns, broader sector exposure and, in some cases, a path to capturing value before companies enter major benchmarks.

For investors assessing Asia, the message is clear: smaller companies are no longer a niche corner of the market.

They have become a meaningful source of regional performance, with India adding depth and profit-growth potential beyond the technology-led rally in Taiwan and South Korea.

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Delivery Hero stock jumped more than 10% on Monday as investors bet that Uber’s opening move for the Berlin-based food delivery group may be only the start of a bigger takeover fight.

The immediate trigger was Delivery Hero’s confirmation that Uber had made an indicative €33-a-share approach, valuing the company at more than €10 billion.

But the rally is really about what may come next: a higher Uber offer, pressure from shareholders seeking more than €40 a share, and the possibility that DoorDash could turn a quiet courtship into a rival bid.

Uber has moved from investor to potential buyer

Uber’s interest in Delivery Hero escalated quickly, as earlier this month, the US group more than doubled its holding in Delivery Hero to 19.5% of issued capital, up from roughly 7%, making it the company’s largest shareholder.

Delivery Hero said Uber also held a further 5.6% through options, while presenting the investment as an endorsement of its platform and “Everyday App” strategy.

That shift from stake-building to a takeover approach is why the market reaction has been so sharp.

Delivery Hero confirmed on Saturday that Uber had reached out with an indicative €33-per-share proposal for a potential offer to all shareholders.

On paper, that was not an aggressive bid as it was slightly below Delivery Hero’s previous close, making it look more like an opening marker than a final number.

The timing also matters as Delivery Hero is already in the middle of a strategic review, and co-founder Niklas Oestberg is due to step down as chief executive by March 31, 2027.

That leadership transition follows pressure from major shareholders for a cleaner strategy and possible asset disposals.

Why €33 was not enough

The €33 proposal did not settle the matter because shareholders appear to believe Delivery Hero is worth more in a sale.

The Financial Times reported that Uber’s board met on Saturday to discuss increasing its offer after a €38-per-share approach to a major shareholder was rejected.

That is the heart of the rally.

Delivery Hero’s shares rose as much as 12.7% to €37.85 on Monday, their highest level since November 2024, valuing the company at about €11.5 billion.

For Uber, the calculation is more delicate as a deal would give it scale across markets where food delivery remains competitive and fragmented.

But buying Delivery Hero would also come with integration risk, regulatory scrutiny and a rising price tag.

Jefferies analysts flagged antitrust complexity because Uber and Delivery Hero overlap in 22 markets, including nine in Europe.

DoorDash gives Delivery Hero more leverage

The other reason Delivery Hero shares are rallying is DoorDash.

The US delivery group has also held exploratory talks with investors and is said to be particularly interested in Delivery Hero’s Middle Eastern business, including Talabat and HungerStation.

This turns the story from a single-buyer approach into a possible bidding contest.

Uber wants international density and a stronger position against DoorDash outside the US.

DoorDash, meanwhile, has already shown it is willing to expand abroad, and Delivery Hero offers a rare chance to gain meaningful scale across Europe, Asia and MENA in one move.

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India’s markets regulator has proposed changes to how strike prices are listed and refreshed in options contracts, aiming to prevent trading gaps when prices move sharply during the day.

The Securities and Exchange Board of India, or SEBI, published a consultation paper on Monday and has sought public comments by 15 June.

The proposal is aimed at ensuring that traders have enough option contracts available above and below the current market price, particularly during periods of intraday volatility.

SEBI wants exchanges to create a more predictable framework for adding new strikes and removing contracts that are too far away from prevailing prices.

The changes would apply to options-traded derivative contracts across equity, currency and commodity markets.

Regulator targets strike-price gaps

Options contracts are built around strike prices, which determine the level at which a buyer has the right to buy or sell the underlying asset.

If the market moves sharply and exchanges do not refresh available strikes quickly enough, traders may find that suitable contracts are unavailable at critical moments.

SEBI’s proposal seeks to address that problem by requiring exchanges to ensure that enough strike prices are available on both sides of the current market price.

Under the plan, exchanges would need to formulate rules for how these strikes are listed, reviewed and refreshed. The aim is to make the process more consistent and reduce disruption when markets move quickly.

The regulator also wants exchanges to review far-off strikes on a daily basis and remove those that are no longer relevant.

That would help prevent the market from becoming cluttered with contracts that are too distant from the current price to support active trading.

Real-time additions during volatility

One of the most important parts of the proposal is the ability to add new strike prices in real time.

SEBI said exchanges should be able to introduce additional strikes during the trading day when market movements make existing contracts inadequate.

This would allow trading to continue more smoothly during sharp price swings.

The proposal reflects a practical issue in India’s fast-growing derivatives market.

Options trading has expanded rapidly, particularly among retail traders, increasing the need for systems that can keep pace with sudden intraday moves.

If implemented, the framework would give exchanges clearer obligations to respond when current strikes no longer reflect market conditions.

For traders, this could reduce the risk of being unable to find suitable contracts during volatile sessions.

For exchanges, it would require more active monitoring of strike listings and a more standardised process for updating them.

NSE and BSE approaches in focus

The proposal also comes against the backdrop of differences in how India’s two major exchanges, the National Stock Exchange of India and BSE, currently manage strike-price listings.

SEBI wants to improve predictability and align market practices more closely, according to the proposal summary.

A more uniform framework could make it easier for traders to understand when new strikes will be added and when distant strikes will be removed.

That matters because inconsistent strike availability can affect liquidity, pricing and execution.

When contracts are not available at the right levels, traders may face wider spreads or may be unable to take positions efficiently.

By requiring exchanges to maintain sufficient strikes on both sides of the market price, SEBI is trying to reduce operational friction in derivatives trading.

Daily pruning to keep listings relevant

SEBI’s proposal is not only about adding new contracts. It also focuses on removing strike prices that are too far away from the current market price.

Exchanges would need to carry out daily reviews and delete distant strikes that are no longer relevant.

This could help keep contract lists cleaner and more useful for active market participants.

The measure may also reduce unnecessary complexity in the options market.

A large number of far-off strikes can make the trading screen harder to navigate while adding little value if those contracts rarely trade.

The combination of real-time additions and daily pruning is designed to keep strike listings both flexible and relevant.

What happens next

SEBI has sought public comments on the proposal by 15 June. After reviewing the feedback, the regulator may move towards formal rules for exchanges.

The consultation process will also allow market participants to comment on how the framework should be implemented, including the operational details of when strikes should be added or removed.

If adopted, the changes would affect how exchanges manage options contracts across key derivative segments.

The proposal could be especially relevant during volatile trading sessions, when rapid price moves can leave existing strike lists out of sync with the market.

For now, the plan signals SEBI’s intent to make India’s options market more responsive, predictable and orderly.

The broader goal is clear: traders should have access to relevant contracts even when prices move sharply, while exchanges should avoid leaving outdated strikes on the system for longer than necessary.

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Siemens Energy share price has surged in the past few years, making it one of the best-performing companies in the DAX Index. It recently peaked at €191, a record high, bringing its 12-month gains to 112%. The DAX has jumped by 5% in the same period.

From near bankruptcy to thriving

The ongoing Siemens Energy stock surge is happening a few years after the company came to the verge of bankruptcy a few years ago. Its stock has soared by over 1,600% since that era, with its market capitalization rising to over €154 billion.

Siemens Energy, which was spun off from the main Siemens, has benefited from the ongoing demand for power in Europe, United States, and other countries. This demand is being enabled by the ongoing artificial intelligence boom, with data centers consuming substantial amounts of energy.

As a result, in addition to its revenue growth, the company has become highly profitable. Its most recent results showed that its orders jumped to €17.7 billion in the first quarter, driven by its gas and grid businesses. This is notable as it is one of the top manufacturers of gas turbines that have become popular in the utility industry.

Siemens Energy made over €10.3 billion in revenue, up by 8.9% YoY. Its profit before special items rose to €1.16 billion, with Siemens Gamesa, its long-embattled business making a major turnaround.

In its statement, the company said that its free cash flow jumped to €1.975 billion in the first quarter. As a result, the management boosted its outlook for this year, with its revenue growth growing by between 14% and 16%. It also expects that its free cash flow will hit €8 billion.

The company’s business has numerous catalysts ahead. Its most important catalyst is that the ongoing data center boom in the US and other countries is leading to more demand.

The same trend is happening among other companies, including GE Vernova (GEV), Hitachi Energy, and Schneider Electric. GE Vernova stock jumped to a record high of $1,180, much higher than the all-time low of $115. 

Still, the main challenge for the Siemens Energy stock is that it has become highly overvalued. Its €150 billion valuation means that it is trading at a 69x earnings multiple, making it more expensive than other fast-growing and high-margin companies like NVIDIA and Micron. It is also higher than GE Vernova’s 33.

Siemens Energy share price analysis

ENR stock chart | Source: TradingView

The weekly timeframe chart shows that the Siemens Energy stock price has soared in the past few months. It has jumped from a low of €7.38 in 2023 to €180 today. It remains slightly below the year-to-date high of €191.

The stock remains above all moving averages, with the 50-week moving average being at €130. All pullbacks have become good entry points in the future.

Therefore, the stock will likely continue rising as it rides the AI wave. If this happens, the next key level to watch to watch will be at €191. A move above that level will point to more gains towards €200.

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Ryanair said it had repaid its final outstanding bond, leaving the Irish low-cost carrier effectively debt-free for the first time since it listed on the stock exchange in 1997.

The airline repaid a 1.2 billion euro unsecured eurobond issued in May 2021, a company statement said.

The move means Ryanair’s entire fleet of 620 Boeing 737 aircraft is now unencumbered, giving the carrier greater financial flexibility at a time when European airlines continue to face elevated costs, aircraft delivery delays and competitive pressure on fares.

Final bond repayment clears balance sheet

The repayment marks a significant balance-sheet milestone for Ryanair, which has built its business model around low costs, high aircraft utilisation and a disciplined approach to capital spending.

By clearing the final eurobond, the airline has removed the last major piece of outstanding bond debt from its balance sheet.

Ryanair said this leaves it effectively debt-free, a position it has not held since its 1997 stock market listing.

The airline’s 737 fleet is now fully unencumbered, meaning the aircraft are not pledged as security against debt.

That can strengthen a company’s borrowing position, reduce financial risk and give management more room to manoeuvre during periods of market stress.

For Ryanair, the development also comes as airlines across Europe remain under pressure from higher labour costs, airport charges and aircraft supply constraints.

Boeing delivery delays have affected growth plans across the sector, while carriers are also navigating volatile fuel prices and shifting consumer demand.

Cost advantage in focus

Ryanair’s chief financial officer said the repayment would widen the company’s cost gap with rivals.

That cost gap has long been central to Ryanair’s strategy.

The airline has used a lower-cost operating model to offer cheaper fares, fill aircraft at high load factors and expand across European short-haul routes.

A debt-free balance sheet could further support that position by reducing interest expenses and improving financial resilience.

It may also give Ryanair more flexibility when negotiating aircraft purchases, airport agreements or future financing needs.

The company has previously leaned on its investment-grade profile and access to bond markets to support fleet expansion.

However, the latest repayment suggests management is prioritising balance-sheet strength as the airline enters its next phase of growth.

Fleet now unencumbered

Ryanair said its 620 Boeing 737 aircraft are now unencumbered following the repayment.

That is important because aircraft are among the most valuable assets held by airlines.

An unencumbered fleet can provide optionality, including the ability to raise secured financing in the future if market conditions require it.

It also gives the company a stronger position than many rivals that carry higher levels of debt or lease obligations.

Airlines often use a mix of owned aircraft, leased aircraft and secured financing, leaving balance sheets exposed to refinancing costs when interest rates rise.

Ryanair’s position may therefore be viewed favourably by investors, particularly as the sector remains sensitive to fuel prices, wage inflation and travel demand.

Bond market return possible from 2029

Despite the debt-free milestone, Ryanair may not remain absent from bond markets indefinitely.

The company’s chief financial officer said the airline could revisit bonds from 2029.

That suggests Ryanair may consider fresh borrowing if it sees attractive financing conditions or needs capital to support aircraft purchases and expansion.

For now, the repayment gives the airline a cleaner balance sheet and a stronger financial base.

It also reinforces Ryanair’s message that its low-cost model remains a core advantage in European aviation.

The milestone comes at a time when many carriers are still rebuilding financial strength after the pandemic-era shock, while facing higher operating costs and constrained aircraft supply.

Ryanair’s debt-free position may help it withstand those pressures better than competitors, particularly if fare growth slows or economic conditions weaken.

Investor significance

For investors, the repayment underlines Ryanair’s focus on financial discipline.

An effectively debt-free balance sheet can reduce risk, improve cash flow visibility and support shareholder returns over time.

It may also strengthen market confidence in the airline’s ability to fund growth without relying heavily on external debt.

However, the outlook will still depend on passenger demand, fuel prices, aircraft deliveries and broader economic conditions across Europe.

Even so, the final bond repayment gives Ryanair a distinction few large airlines can claim: a fully unencumbered aircraft fleet and an effectively debt-free balance sheet.

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Asian stock indices jumped on Monday morning as market participants predicted that the US and Iran will extend the ceasefire by 60 days. In Japan, the Nikkei 225 Index jumped by 2.85%, extending the gains made last week and reaching a record high. It was trading at 65,110 yen, up by 76% in the last 12 months.

Nikkei 225, Kospi, Hang Seng, and global indices jump amid US-Iran deal hopes

The same rally happened in South Korea, where the blue-chip Kospi Index jumped to KRW 7,847, a few points below the all-time high of 8,048 KRW. It has soared by over 200% in the last 12 months and is the best-performing global benchmark this year. 

In China, the Shanghai Composite Index jumped by over 1%, while Hong Kong’s Hang Seng Index jumped by 0.86%. 

The same trend happened in Europe and the United States, where futures tied to key benchmarks like DAX, CAC 40, Stoxx 50, IBEX, and Dow Jones continued their recent uptrend.

This rally was triggered by the weekend events in which President Donald Trump announced a potential deal with Iran that prevented an attack as most analysts were expecting. The media has reported that the deal will lead to a 60-day ceasefire that will allow the two sides to negotiate a good deal.

Still, there are concerns that a deal that satisfies the two sides remains far off. Besides, the current ceasefire has lasted 47 days, and they have not made any tangible progress in this period.

A deal would benefit the broad stock market

A deal between the two countries would benefit stock indices like the Hang Seng, Nikkei 225, and Kospi. For one, it would lead to lower crude oil prices, which would reduce inflation in the respective countries. Indeed, Brent and the WTI indices dropped below $100 on Monday. 

It would also lower global bond yields as investors pare back their interest rate hike expectations. Indeed, bond yields retreated slightly on Monday. In Japan, the ten-year yield fell to 2.716% from this month’s high of 2.81%. Similarly, in South Korea, the yield fell to 4.14% from a high of 4.3%. The same trend is happening in the US, where the short and long-term yields pulled back further.

Still, these indices faces a major risk: a deal has not been announced yet. This means that Trump may as well decide to launch an attack in the coming days. Such an attack would aim at bringing the Iranians to the negotiating table.

Trump is already being criticized for being a TACO (Trump Always Chickens Out). For one, he has constantly threatened to attack Iran only to pare back his expectations. A good example was last week, when he threatened an attack only to back down. 

Meanwhile, Asian stocks are also rising because of the ongoing artificial intelligence hype. A closer look shows that companies in the AI industry are among the best gainers as focus shift to the upcoming IPOs by companies like SpaceX and OpenAI. 

Softbank stock jumped to a record high of 7,150 yen, up by 115% from its lowest point this year. It is a major investor in OpenAI, which plans to go public soon. Some of the other top gainers in the Nikkei 225 Index today were Taiyo Yuden, Murata Manufacturing, Lasertec, and Fujikura.

Other top AI companies like Samsung and SK Hynix were among the best gainers in Asia as demand for their products jumped. 

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The S&P 500 Index remains in a bull market and is trading at a record high, driven by numerous catalysts: strong corporate earnings and investors moving past the Iran war, mirroring their response to the Ukraine war. 

It ended last week at $7,473, and continued the uptrend on RWA platforms like Hyperliquid and Ondo. Here are the top catalysts for the SPX Index and its top ETFs like VOO, SPY, and IVV.

S&P 500 Index soaring after US-Iran deal

The S&P 500 and its top ETFs will be in the spotlight this week after Trump announced a new deal with Iran. While details are scant, rumors are that the deal will see a gradual reopening of the Strait and end to its blockade against Iranian ports.

Media reports suggest that the deal will also call for a 60-day ceasefire that will see the two countries negotiate a nuclear deal. These events are important for stock market because they will drag crude oil prices lower, which will in turn lead to lower consumer and producer inflation.

Indeed, data shows that WTI and Brent crude oil prices plunged on popular platforms like Hyperliquid and Aster. 

Therefore, the S&P 500 Index will react to any new developments in the Middle East. If the deal holds, it will likely continue the strong uptrend in the near term.

Key corporate earnings

The S&P 500 Index has done well in the ongoing earnings season, which has been the best one in years. For example, NVIDIA published some of the best results in corporate America, with its revenue soaring by 79% to $81 billion. 

The company also predicted that it will make over $91 billion in the current quarter. Historically, NVIDIA (NASDAQ: NVDA) tends to be highly conservative, meaning that its numbers will be better than expected. 

Altogether, S&P 500 Index companies reported a strong earnings growth of 28%, the highest figure since 2021. 

Some top companies will release their earnings this week. The most notable ones will be software companies like Salesforce, Autodesk, MongoDB, Okta, Snowflake, and Synopsys. 

Other top companies to watch will be Marvell Technology, Dell, and AutoZone. While these companies are important and large ones, their impact on the broader market will be a bit limited.

US to publish key macro data

The S&P 500 Index will also react to some key macroeconomic data from the United States that will help the Federal Reserve when making its next interest rate decision. 

There will be no economic data on Monday as the US markets will be closed for the Memorial Day weekend. The first key data to watch will be the consumer confidence report on Tuesday. This is a crucial number because consumer spending is the biggest part of the US GDP.

The US will next publish the latest Personal Consumption Expenditure (PCE) report on Thursday. Analysts expect the figure to come in above 3% as energy prices soared.

The index will also react to statements by some key Federal Reserve officials like Michele Bowman, Lisa Cook, Lori Logan, and Raphael Bostic. 

Still, these statements and data will have a limited impact on the stock market as investors have already mapped up their Fed expectations. Analysts now expect that the Fed will hike rates this year if energy prices remain at an elevated level.

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