market analysis

アメックス（AXP）が売上・EPSともに予想超過でガイダンス引き上げ。富裕層消費の堅調さが市場ムードを支えた。FEAMやCRMLなど資源・素材関連が目標引き上げを背景に堅調。CCCX（量子SPAC）は量子合併案件で思惑買い、MOBはサイバー防衛発表の余韻。金利・地銀不安一服の中、リスク許容回復。一方、SLI・HIMSは材料売りで急落。

米銀与信不安再燃でリスク回避ムードの中、金・半導体・物流に資金シフト。GFI・SBSWなど金鉱株が上昇、EXKは商業生産入りを材料に買われた。TSMC好決算を起点にMU・ASX・ON・AXTIへ波及。BELFAは高値更新観測。物流のJBHTが好決算で+22％急伸し、資金の逃避先は実需セクターへ。セクター間のローテーションが進行。

ナビタス（NVTS）がNVIDIA対応GaN新製品発表で+20％超急伸。AI電源需要の拡大を映す。米陸軍「Janus」計画報道でニュースケール（SMR）・セントラス（LEU）が上昇、原子力バリューチェーンが再評価。フルーエンス（FLNC）は大容量蓄電案件発表でAI電力テーマ継続。HIMSの医療領域拡張、AAOIの800G光通信披露も注目。パウエル発言の緩和トーンが下支えとなり、広範なリスク選好が回復。

米中摩擦下でもAI電力関連が強く、NVTSがAIサーバー向け電源需要観測で急伸。FLNC・OUSTもAIインフラ連想で上昇。資源ではCRML・LACが政策支援追い風に続伸。LUNR（宇宙）やSOUN（音声AI）などテーマ拡散も続き、AIインフラ第2波の様相。リスク回避の中でもテーマは鮮明。

Rare earths and AI infrastructure-related stocks rebounded sharply as the tone of US-China trade risks softened; funds flowed into critical minerals such as CRML and WWR; BE, FLNC, and EOSE continued to grow in the power and energy storage themes. Quantum (RGTI, QBTS) also moved higher on the back of orders and upgrades, and a broad range of thematic speculation is underway. Risk appetite recovered and the market rebounded across sectors.

Applied Digital (APLD) jumped on Q1 sales +84% and 150MW expansion announcement with CoreWeave, reaffirming the strength of AI data center demand. In critical minerals, MP and UEC rose on policy support and tighter supply/demand, supported by individual materials such as CPSH's CEO buyout and PPTA's downstream expansion, but the news of intensified US-China tariffs from mid-market led to an overall return to value.

USAR, CRML, WWR, and NB rallied sharply as reports of China's rare earth export restrictions hit US resource stocks. In the AI automation field, the SERV×DoorDash alliance and PATH×OpenAI collaboration attracted attention, and RGTI and NBIS also rose due to thematic spillover.

AMD and OpenAI's partnership clarifies AI real demand, server giant Dell revises long-term growth outlook upward and buys into the entire AI supply chain. Funds also spilled over into batteries and energy storage (Flux and EOSE) and BTC miners (BITF); POET fundraising and FIG re-evaluates SaaS on the back of Altman's ChatGPT introduction effect.

TMQ's 10% stake in the U.S. government and the approval of Ambler Road sent the resources and energy sector soaring; TMC and SES rose on the lithium-nickel chain; in the AI sector, APP fell temporarily due to short sellers but reversed to the upside; RGTI raised its target; and RKLB continued to rise on the announcement of a contract.

AI-related stocks rose on the back of large contracts with AMD and OpenAI; IREN, BITF, and other miners also strengthened on HPC linkage; CRML and IONR saw sharp growth in resource stocks on government investment and policy support; and the market was boosted by both real demand and policy support in defense AI (AISP), energy storage (EOSE), and nuclear power (NNE). Defense AI (AISP), energy storage (EOSE), and even nuclear power (NNE) spilled over, pushing the market higher on both real demand and policy.