Super earnings week at the end of April went smoothly, with almost all tech companies exceeding market expectations for Q1 earnings. At this stage, the market fully trusts the AI narrative, so there’s no need to worry about the bubble bursting just yet. Keep holding positions from the March dip across various markets. Focus points for May: 1: U.S. inflation + employment 2: Company earnings - Optical module giants: LITE/COHR - Chip giants: NVDA, ARM, AMD - Chinese market leaders: Alibaba - Offline retail giant: Walmart 3: The new Fed chair’s approach—will they move quickly on balance sheet reduction? Also, the Bank of Japan’s stance—will they raise rates in June? Both could drain liquidity. While these might happen next month, we’ll see hints this month. 4: What victories will be announced during a certain high-profile visit to China?