BRITAIN-LONDON-FIREWORKS-NEW YEAR-CELEBRATION

Fireworks explode (Li Ying/Getty Images)

4 charts that show the speculative boom is back on

We’re so back.

What month is it again?

We’re seeing:

Beyond Meat and other heavily shorted stocks going skyward,
Retail favorites going on a ridiculous run (peep quantum computing stocks IonQ, Rigetti Computing, and D-Wave Quantum!),
Call volumes climbing to their highest levels of the year, and
Supporting players in the AI boom like Oklo, Bloom Energy, and Nebius mooning.

It’s April 2026. Or October 2025.

Price action across US stocks now looks similar to the month when speculative appetite was arguably at its highest since 2021, when the SPAC boom and GameStop’s short squeeze had retail traders ebullient.

And, to be fair, that’s not to confidently assert we’re in the last gasp of a bullish frenzy or anything — these trends were underway for months before starting to sour about half a year ago.

We report, you decide:

The Future of the AI boom is coming into view

GE Vernova and Vertiv are giving us a glimpse into the future of the AI boom

GEV’s backlogs are bursting at the seams. One analyst told us he thinks that by the end of this year, GEV could be completely sold out of production capacity for heavy-duty turbines until 2029 or 2030.

Matt Phillips1h

Max Knoblauch2h

Low-cost airlines plunge on report Trump administration is close to $500 million rescue deal for Spirit

Low-budget US airlines are sinking on Wednesday morning following a Wall Street Journal report that the Trump administration is close to making a rescue deal for Spirit Airlines, which is said to be nearing liquidation amid high fuel costs.

Shares of Frontier, Allegiant, JetBlue, and Southwest Airlines all dropped notably.

Per the WSJ, the US government could soon loan Spirit up to $500 million in return for warrants to take a sizable stake in the airline, which has filed for bankruptcy twice since late 2024. The carrier has made efforts to emerge from its latest bankruptcy, filed in August, but fuel costs amid the war in Iran have upset the math.

On Tuesday, President Trump told CNBC he would “love somebody to buy Spirit.”

Exclusive | Trump Administration Nearing Rescue Deal for Spirit Airlines

On Tuesday, President Trump told CNBC he would “love somebody to buy Spirit.”

Max Knoblauch5h

Boeing reports better-than-expected Q1 earnings, revenue

Plane maker Boeing reported its first-quarter earnings before the market opened on Wednesday. Its shares climbed more than 3% in premarket trading.

For Q1, Boeing reported:

An adjusted loss of $0.20 per share, compared to the loss of $0.68 per share expected by Wall Street analysts polled by FactSet.
Revenue of $22.22 billion, compared to estimates of $21.85 billion.

Boeing reported -$1.45 billion in free cash flow in Q1, compared to the -$2.34 billion expected by Wall Street. Prior to Wednesday, Boeing had reported two consecutive quarters of positive FCF following six straight quarters of negative results. The company is still guiding for full-year FCF of between $1 billion and $3 billion.

Earlier this month, Boeing announced it had delivered 143 commercial jets in Q1, up 10% from the same period last year and ahead of rival Airbus, which delivered 114. This was Boeing’s first time outdelivering Airbus since 2018.

Matt Phillips5h

GE Vernova, top AI energy play, rises after Q1 report

GE Vernova, a maker of power plant equipment that’s seen orders tied to data centers surge, rose early Wednesday after posting strong Q1 results and lifting full-year sales guidance. The GE spin-off reported:

Adjusted EBITDA of $896 million vs. the $772 million estimate from analysts polled by FactSet.
Total revenue of $9.34 billion vs. the $9.25 billion consensus expectation from analysts polled by FactSet.
Full-year 2026 sales guidance that was lifted to between $44.5 billion and $45.5 billion from prior guidance of between $44 billion and $45 billion, vs. the consensus estimate of $44.64 billion.

“In the quarter, our electrification segment booked $2.4 billion in equipment orders to support data centers, more than all of last year,” said CEO Scott Strazik.

GE Vernova is up some 600% over the last two years through Tuesday’s close, but the majority of those gains were booked by August 2025. After being largely range-bound for months, the stock busted out following the company’s last earnings report, lifting the shares up nearly 50% in 2026.

Matt Phillips6h

Vertiv drops after offering uninspiring Q2 guidance, overshadowing solid Q1 beat

Shares of Vertiv Holdings dropped as much as ~6% in early trading on Wednesday after the data center equipment maker’s better-than-expected Q1 numbers were overshadowed by uninspiring guidance.

For the quarter ended March 31, 2026, Vertiv reported:

Q1 adjusted earnings per share of $1.17 vs. the $1.00 consensus expectation from analysts surveyed by FactSet.
Sales of $2.65 billion vs. the $2.64 billion expectation (compiled by FactSet).

For Q2, Vertiv expects adjusted earnings per share of between $1.37 and $1.43, coming in below the $1.43 consensus estimate at its midpoint. It guided for net sales of $3.25 billion to $3.45 billion in Q2, compared to Wall Street’s call for $3.40 billion.

Vertiv, which listed in February 2020 as a result of GS Acquisition Holdings Corp., a so-called blank check company, merging with private equity-owned Vertiv Holdings, has soared over 300% over the last year through Tuesday’s close, as investors have rushed to snap up shares of companies poised to collect some of the hundreds of billions of dollars in spending that the hyperscalers are pouring into the data center build-out.