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Google closes in on NVIDIA as most valuable company, crude slumps, and metals rally

May 12, 2026

This Week

Markets are expected to remain focused on geopolitical developments, after President Trump appeared to reject Iran’s response to its peace deal over the weekend, although hopes remain that an agreement could be reached that might resolve the ongoing risk disruption around the Strait of Hormuz. Nevertheless, market sentiment turned somewhat negative on Monday with oil prices again rising. President Trump’s visit to China on May 14–15 will be closely watched for signals on the Iran conflict, wider trade relations, and Taiwan, with any progress influencing market sentiment. On the economic front, the US CPI inflation data on May 12 could influence expectations for Fed policy. In earnings, Alibaba’s results on May 13 will be a major focus for investors.

Stocks

GOOGLE / ALPHABET

Alphabet rose 3.64% last week, hitting a fresh all‑time closing high. The latest move extended the powerful reaction to its late‑April results, when Google’s parent beat revenue and earnings expectations and reported a record quarter for Google Cloud, helped by strong AI‑related demand. Those figures, alongside higher planned investment for AI infrastructure, help Google briefly overtake Nvidia in market‑cap, as the company drew close to becoming the world’s most valuable stock. Recent news has included new TPU chips and AI tools aimed at strengthening Google’s position in enterprise AI. This year, Alphabet has outperformed most of its rivals, and investment banks such as JP Morgan and Mizuho recently have raised price targets, citing stronger AI‑driven growth.

ALIBABA

Alibaba rose 4.95%, reaching a three‑week high as investors positioned ahead of its quarterly results scheduled for May 13. The stock’s latest gains come despite losses in recent months, with analysis highlighting that easing regulatory pressure and a somewhat more supportive tone toward China’s private tech sector have helped restore confidence. Attention has focused on how increased AI and cloud investment, restructuring, and buybacks are impacting revenue. The return of Jack Ma to a possible background role at the company he created has also been viewed as a positive signal for sentiment around Alibaba.

Commodities

CRUDE OIL

Crude oil prices fell 5.48% last week after reversing from an early‑week high, as traders considered current geopolitical risks. Hopes that US–Iran diplomacy could eventually lead to a peace deal and potentially reduced disruption at the Strait of Hormuz pressured prices lower. Concerns over global growth amid fears over inflation also provided some pressure on energy markets.

Gold

Gold prices rose 2.20%, consolidating near recent highs as investors continued to seek defensive instruments ahead of upcoming US inflation data. Global central banks continue to buy gold, but ongoing worries about inflation due to rising energy costs have supported volatility in recent weeks. The CPI and PPI releases this week might influence expectations for the Fed, but for now, gold remains supported by safe‑haven demand and hopes that inflation might still remain on the low side.

Copper

Copper prices jumped 5.45% to a multi‑month high, extending the strong run in industrial metals. The move continued to reflect expectations of tight mine supply and robust demand from electrification and the building of (AI) data‑centres, with hopes of additional Chinese demand. Copper’s strength contrasted with the decline in crude oil and underlined how investors are using industrial metals to express a more constructive view on global growth and AI‑related infrastructure spending.

USD/CAD

The USDCAD increased 0.64%, rising to a one‑week high by Friday’s close. The pair was supported by the drop in crude oil, which weighed on the commodity‑linked Canadian dollar, and by expectations that US interest rates might remain relatively higher than those in Canada for longer. With energy prices under pressure and uncertainty over global trade and geopolitics still elevated, the Canadian dollar struggled to attract fresh support through the week.

Recap

Last week, the SP 500 rose around 2.3%, the Nasdaq gained about 4.5%, and the Dow Jones added roughly 0.2%, with the SP 500 and Nasdaq hitting fresh record highs. Alphabet and other AI‑linked technology stocks continued to underpin sentiment after another strong earnings week, while investors looked through mixed US data. Crude oil prices fell on the possibility that diplomacy over Iran could eventually ease disruption around the Strait of Hormuz, while natural gas prices also declined. Gold and silver prices also advanced on safe‑haven demand and a retreating greenback. Platinum and palladium prices were also firmer amid positive market sentiment.