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Range Takeaway: Despite market volatility, US economic data continues to show resilience. May’s job growth was remarkably broad-based, with eight of the 10 sectors posting gains. The ISM Manufacturing PMI rose to 54.0 in May, pointing to the strongest expansion in the factory sector since May 2022. The Fed’s Beige Book data, published this week, showed economic growth for 10 of 12 districts, up from 8 in April. The AI trade may be cooling, but the rest of the economy is accelerating. Whether Main Street can continue picking up the slack will likely come down to oil and rates.

The AI trade encountered a perfect storm this week.

Broadcom shed billions in market value after holding its 2026 AI chip guidance unchanged. Alphabet completed a record-breaking $85 billion equity issuance to fund its infrastructure ambitions, a historic pivot for a company known for buying back its own stock. Reports surfaced Friday that Meta is exploring its own multi-billion-dollar equity raise to fund a ballooning $145 billion capex budget.

Cap it all off with a hot jobs report that fueled expectations that interest rates are staying higher for longer, and you have a recipe for a tech pullback.  

None of these events in isolation signal collapsing fundamentals. Broadcom’s underlying earnings beat would have been celebrated in almost any other environment. Alphabet's massive raise, stamped with a $10 billion vote of confidence from Berkshire Hathaway, confirms that hyperscalers intend to keep spending aggressively on infrastructure, supporting revenues across the entire AI ecosystem. As for the blowout jobs number, there was a time when robust employment growth was considered good news…

But after nine consecutive weeks of gains during which the largest sector of the S&P 500 had risen 50%, positioning can become stretched and markets fragile. It doesn’t help that volatility typically bottoms in May before picking up over the summer.

Together, these factors led to the Nasdaq’s near 5% fall this week. But while crowded AI positions struggled, money didn't leave equities altogether. Six of the S&P 500's eleven sectors finished the week higher, led by Energy, Financials, and Consumer Staples. The S&P 500 ex-AI Index, which tracks the 55% of the index viewed as “the old economy,” notched another week of gains and is now almost back to its pre-Iran highs.

The AI trade may have stumbled this week, but investors haven’t headed for the exits. For now, they're simply taking an opportunity to shop somewhere else.

Ahead of SpaceX's IPO, more than a thousand current and former employees banded together to negotiate better pricing from wealth management firms. The group — sitting on an estimated $20 billion in soon-to-be-liquid wealth — is demanding less than half the industry-standard 1% portfolio fee.

They're right to fight. A 1% AUM fee might sound small, but that’s $50,000/year in fees on a $5M portfolio. Compound it over decades, and the real cost could run into the millions.

But here's the thing: even the sub-0.5% rate the SpaceX group is pushing for would still cost them $25,000+ a year on that same $5 million.

At Range, we charge 0% on assets under management* — just a flat membership fee that stays the same no matter how large your portfolio grows.

The SpaceX group is fighting hard for a better deal. With Range, you don't have to. See how our pricing works.

MicroStrategy, the company that owns more Bitcoin than any other in the world, reported a $12B loss in Q1. Our recent reel explains why this paper loss eventually led to a $333B gain.

That’s just one of the stories we covered this week on our Instagram-native news show, The Daily Range. We also covered the Murdoch family’s competing media stakes, Rolex’s $10k overnight price hike, and Micron hitting $1T this week. 

Follow us on Instagram @rangefinance to catch our videos next week.

Range Senior Account Executive Dan Lockwood asked Rai: "How much would I owe annually if I had to pay a 1% AUM fee on all my investment accounts?"

Rai analyzes your actual portfolio holdings and shows you what a traditional advisor's 1% assets-under-management fee could cost you every year.** You can then compare that number with Range’s flat annual membership fee, which covers comprehensive wealth management, planning, and tax strategy for you and your partner with 0% AUM fees.*

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