Daily Briefing – June 1: AI still leads the record tape, oil risk returns on U.S.-Iran tension, ASCO moves into data mode, and the next test is whether biotech breadth can join the infrastructure trade

The June 1 update is no longer just a continuation of Friday’s earnings tape. Global equities are trying to extend the record run because AI demand remains the clearest leadership force, but the backdrop is more complicated than a simple risk-on session. Reuters reported that global stocks reached record highs as AI-related demand offset renewed Gulf tension, while crude moved higher after fresh U.S.-Iran strike headlines and uncertainty around the Strait of Hormuz. That creates a very specific setup: AI infrastructure still has the best earnings visibility, but oil and yields are back as valuation risks. At the same time, ASCO 2026 has moved from preview mode into data mode. Exelixis, Corcept, Immunome, GRAIL, Veracyte, BeOne Medicines, BioNTech/Bristol Myers and Pfizer are all part of the oncology read-through, while Replimune remains the cleanest high-volatility FDA-path name. The bottom line: June starts with AI leadership intact, ASCO dispersion rising, and macro risk no longer quiet in the background.

• NVDA / AI basket— AI remains the market’s main support after global stocks pushed toward fresh records on June 1 despite renewed U.S.-Iran tension and higher crude; the tape is still rewarding visible AI demand over broad cyclical risk.AI Leadership
• DELL— Dell stays a primary AI-infrastructure signal after last week’s record revenue, raised outlook and strong AI-server demand; the June 1 test is whether the post-earnings move can hold as oil and yields rise.AI Servers
• NTAP— NetApp keeps storage inside the AI trade, with enterprise data infrastructure and hybrid-cloud storage now treated as part of the same AI capex chain rather than a separate old-tech story.AI Storage
• SMCI / HPE— Super Micro and Hewlett Packard Enterprise remain direct server read-through names from Dell, especially for rack-scale systems, enterprise deployment quality and AI-server margin discipline.Server Basket
• VRT / ETN / GEV— Power, cooling and electrical-infrastructure names stay important because AI-server orders translate into real stress on data-center capacity, grid equipment and thermal-management demand.Power / Cooling
• AVGO / MRVL / MU— Networking, custom silicon and memory remain linked to the AI buildout as investors look beyond GPUs toward the components needed to move, store and feed data-center workloads.AI Supply Chain
• IMNM— Immunome becomes a sharper ASCO name after detailed Phase 3 RINGSIDE data for varegacestat in progressing desmoid tumors; the company has already submitted an NDA, making the update regulatory-relevant.ASCO / NDA
• EXEL— Exelixis remains an ASCO reinforcement story after CABINET subgroup data supported CABOMETYX benefit in functional and non-functional neuroendocrine tumors, helping defend the NET launch narrative.ASCO / NET
• CORT— Corcept stays on the oncology launch-support list after ASCO data around Lifyorli in platinum-resistant ovarian cancer, where the read-through is physician confidence and commercial messaging.ASCO / Launch
• GRAL— GRAIL is a mixed ASCO diagnostics story: company messaging highlights stage IV cancer reduction, while outside coverage stresses that the NHS-Galleri trial did not meet its primary late-stage cancer endpoint.ASCO / Dx
• VCYT— Veracyte is on watch as the company hosts a June 1 investor call around ASCO findings tied to Prosigna Breast and Decipher Prostate trial data, keeping diagnostics in the oncology tape.Diagnostics
• ONC— BeOne Medicines remains a large oncology watch after long-term BRUKINSA CLL data at ASCO, with investors focused on durability, BTK-inhibitor positioning and the sonrotoclax combination path.ASCO / CLL
• BNTX / BMY— BioNTech and Bristol Myers stay in focus around PD-L1 x VEGF lung-cancer data, a class investors continue to compare against the broader ivonescimab/Summit-Akeso narrative.ASCO / Lung
• PFE— Pfizer keeps a large-cap oncology read-through through TALAPRO-3 and the Talzenna plus Xtandi debate in HRR-mutated metastatic castration-sensitive prostate cancer.ASCO / GU
• REPL— Replimune remains the highest-volatility FDA-path story after the RP1 BLA resubmission plan; the setup is still binary until formal agency timing and next review action are clearer.FDA / Biotech
• OKTA / S— Cybersecurity remains split: Okta has the cleaner execution and AI-agent identity angle, while SentinelOne remains a guidance, restructuring and workforce-reduction credibility test.Cybersecurity

• Record tape— Global equities are trying to extend the record run on June 1, with AI optimism offsetting renewed U.S.-Iran tension and higher oil rather than removing those risks.Market
• Oil rebound— Brent and WTI moved higher as U.S.-Iran strike headlines and uncertainty around a durable Hormuz deal restored part of the geopolitical risk premium.Oil / Geo
• Rates risk— Higher oil complicates the inflation path; if yields rise with crude, speculative growth, small caps and unprofitable biotech become more vulnerable even if AI leaders hold.Rates
• Dollar / gold— A firmer dollar and oil-driven inflation concerns pressured gold, showing that the macro tape is not simply risk-on beneath the AI leadership surface.Macro
• Jobs week— The market now shifts toward U.S. labor data, with jobs numbers important because stronger data could challenge rate-cut expectations and pressure long-duration growth.Jobs
• AI breadth— The AI trade is still broadening through servers, storage, networking, memory, power and cooling, but the broader market remains selective and highly earnings-quality sensitive.Breadth
• ASCO dispersion— Oncology is now in data mode, not preview mode, which means single-name dispersion can rise quickly around trial details, label support and regulatory implications.Biotech
• Diagnostics caution— GRAIL shows that diagnostics stories can be tricky: company-selected positives may coexist with missed primary endpoints, so market reaction depends on which standard investors prioritize.Diagnostics
• Energy vs growth— The market is trying to price both AI-driven growth and an oil shock; if crude keeps rising, the valuation cushion for growth stocks becomes thinner.Macro
• Main risk— The June 1 tape is constructive but fragile: AI is absorbing the shock, yet oil, yields, jobs data and ASCO interpretation can quickly change leadership quality.Tape