The kind of week that requires a very long weekend…

1 The week opened with US-Iran tensions running dangerously high.
2 By Wednesday a ceasefire was taking shape and stocks were flying.
3 By Friday the ceasefire was being held together with what appeared to be optimism and extremely fragile goodwill.

Here’s the scoreboard:
→ The S&P 500 snapped its seven-day winning streak on Friday but still ended the week up 3.6%.
→ The Nasdaq edged higher on the day.
→ The Dow fell 0.56%. All three indexes posted their biggest weekly gains since November.

On inflation: March CPI came in at 3.3% — right in line with expectations. The culprit was a 21.2% surge at the gas pump. The biggest monthly jump in nearly four years. Core CPI — the one that pretends gas prices don’t exist — came in at a much calmer 2.6%.

Consumer sentiment hit a record low this month. Near-term expectations dropped to their worst level since May 1980.

Traders headed into the weekend knowing US-Iran talks were scheduled for Saturday. The market closes for 2.5 days. A lot can happen in 2.5 days.

Nobody looked particularly relaxed on Friday afternoon.

Honestly, fair enough.

Here’s the story ⇩

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One Post. One Delete. One Very Powerful Fan.

Let me paint you a picture.

It’s Thursday. Michael Burry — the man who shorted the entire US housing market and won — has had Palantir PLTR ( ▼ 1.86% ) in his crosshairs since September 2025. → Long-dated put options, the kind someone buy when they’re not in a hurry, just confident.

And this week he stopped being patient.

He posted on X that Anthropic is eating Palantir’s lunch.

Palantir fell 7% after the post.

The Case Against Palantir

His argument is actually pretty hard to dismiss.

1) Anthropic went from $9 billion to $30 billion in annual recurring revenue in just the first four months of 2026.  Palantir? It took 20 years to reach $5 billion.

2) His specific concern: 
→ Palantir’s business model requires sending its own engineers to physically live inside a customer’s office for months at a time just to keep its systems running.
→ Anthropic offers a plug-and-play API that companies can integrate almost instantly.

One of these things scales infinitely. The other requires airline tickets and corporate housing.

Then Burry deleted it. The stock kept falling anyway. The market had already heard what it needed to hear.

By Friday Palantir was down as much as 6% on the day. On track for its worst weekly loss since February 2021. More than 16% gone in a single week.

For a stock that retail investors treat like a religion, that is a painful confession to sit through.

Then Palantir got a very unusual phone-a-friend moment. ⇩

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The Save…

On Friday, President Trump posted on Truth Social praising Palantir’s war fighting capabilities. The stock stopped bleeding immediately.
Still finished red. But no longer in freefall.

credit: YahooFinance

Palantir’s biggest Wall Street bull pushed back hard — arguing Anthropic’s growth isn’t coming at Palantir’s expense and that the two companies aren’t actually competing for the same customers.

Fun fact: The long-term Palantir holders are still up 1,400% over three years.

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Anthropic’s Double-Edged Week

Meanwhile, Anthropic managed to simultaneously destroy billions in market cap for one group of stocks while creating billions for a completely different group.

Same company. Same week. Two very different outcomes depending on which side of the sword you were standing on.

Let’s start with the damage.

Anthropic released a new product around multi-agent orchestration — AI that can run multiple complex tasks simultaneously without a human babysitting every step.

The market looked at that and immediately started asking very uncomfortable questions about a lot of very expensive software companies.

→ Palo Alto Networks PANW ( ▼ 6.74% )
→ ServiceNow NOW ( ▼ 7.58% )
→ CrowdStrike CRWD ( ▼ 3.97% )
→ Zscaler ZS ( ▼ 3.42% )
→ Figma FIG ( ▼ 4.82% )
→ Atlassian TEAM ( ▼ 3.07% )

One product announcement. An entire sector getting quietly walked out of the building.

Now the other side of that sword.

Anthropic had a compute problem to solve this week. Bloomberg reported that OpenAI had been pitching investors on having locked up more computing power than Anthropic. Nvidia’s CEO has argued compute equals revenues.
If that math holds, Anthropic was losing the arms race.

Anthropic apparently read that report. Then immediately got to work.

1 First, Anthropic signed a multi-year deal with CoreWeave CRWV ( ▲ 10.87% ) to rent data center capacity to build and run its Claude AI models. CoreWeave surged.

2 Then Reuters reported Anthropic is exploring designing its own custom chips.

Translation: Anthropic doesn’t just want to rent compute anymore. It wants to own the kitchen entirely.

That one sentence sent a completely different set of stocks into orbit.

→ POET Technologies POET ( ▲ 15.79% ) +15.6%
→ Astera Labs ALAB ( ▲ 15.13% ) +15.1%
→ Applied Optoelectronics AAOI ( ▲ 12.98% ) +13%
→ Super Micro Computer SMCI ( ▲ 8.79% ) +8.8%
→ Coherent COHR ( ▲ 8.21% ) +8.2%
→ Marvell Technology MRVL ( ▲ 7.19% ) +7.1%
→ Nebius NBIS ( ▲ 6.34% ) +6.3%
→ Oklo OKLO ( ▲ 5.24% ) +5.3%
→ Broadcom AVGO ( ▲ 4.69% ) +4.7%

3 Then Anthropic announced an expansion of its partnership with Google and Broadcom — 3.5 gigawatts of TPU-based compute capacity starting in 2027.

For context, a gigawatt powers roughly a million homes.
Anthropic just secured three and a half of them. For AI chips.

Same company. Same week. One group of stocks got destroyed. Another group threw a party.

Welcome to the Anthropic era.

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And then there’s Intel.

Nobody had Intel INTC ( ▲ 1.07% ) on their bingo card this year.

The stock is up nearly 43% in April alone.
Best performer in the entire S&P 500 this month.

It beat Sandisk. It beat Lumentum. It beat Ciena. It beat Coherent. It beat Seagate.

The reason: Intel announced a partnership with Elon Musk’s Terafab project this week and separately struck a deal with Alphabet to develop custom chips for Google Cloud’s AI infrastructure.

Oh — and the US government owns a nearly 10% stake in Intel after buying in for $8.9 billion last August. Today that stake is worth about $27 billion.

The Real Test Starts Monday…

Earnings season starts next week. And it’s going to try to answer the question the entire market has been too nervous to ask out loud.

Is the AI boom actually showing up in profits?

The lineup:
→ Goldman Sachs — Monday
→ JPMorgan, BlackRock, Wells Fargo, Citigroup — Tuesday
→ Big Tech follows later in April

JPMorgan alone is expected to report $49.13 billion in revenue — up 8.4% year over year.

Goldman Sachs estimates AI investment spending will account for roughly 40% of all S&P 500 earnings growth in 2026. Tech companies are on track to spend $600 billion on AI infrastructure this year alone.

$600 billion. That is not a typo. That is an almost incomprehensible bet on a technology that hasn’t fully proven its profitability yet.

Earnings season is when that bet starts to get graded.

For software companies like ServiceNow NOW ( ▼ 7.58% ) and Palo Alto PANW ( ▼ 6.74% ) — who just survived a week they’d like to permanently delete — earnings calls need to answer one very specific question.

Are you being replaced by AI? Or are you being made stronger by it?

So far this year, answering that convincingly has been the hardest job on Wall Street.

!!! Not financial advice. The stocks mentioned are for educational purposes only. Do your own research before making investment decisions, please check the disclaimer below.

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