Alphabet trades like an ad company but operates like a holding firm. Inside the GOOGL share sit a minority piece of SpaceX, a majority piece of Waymo, and a growing AI infrastructure tab. Today’s notes tie those threads together with a side trip into Ethereum protocol plumbing.
Nvidia delivered another beat and added $80 billion of buyback authorization. Bloom Energy locked in a power supply deal with cloud builder Nebius worth up to $2.6 billion. The cluster of AI infrastructure prints landed against a tape where the equity risk premium is now negative for the first time since the dot com era.
Ethereum’s main execution client just landed a small but practical change. Code cache hit and miss meters now ship as first class Prometheus signals, so operators no longer have to dig through slow block JSON dumps. The kind of unglamorous engineering that compounds across the network.
The AI capex story in 2026 is no longer just about Nvidia GPUs. It is about everything around them: high bandwidth memory from Micron, on site power from Bloom Energy fuel cells, compute capacity from Nebius, and robotics platforms tied back to the same chip stack through partnerships like Nvidia and Kawasaki. The interesting numbers are now in the second derivative, not the headline GPU shipments.
Three signals from the May 22 tape point in the same direction. Public money is rotating into quantum and chips. Large AI buyers are reshuffling vendors. Robots are getting paired with general purpose AI hardware. None of these threads are new on their own, but they all showed up in the same window.
Bank OZK – formerly known as Bank of the Ozarks – is a regional bank headquartered in Little Rock, Arkansas, with operations stretching across eight states including Florida, North Carolina, Texas, Alabama, South Carolina, New York, and California. They offer the usual lineup of banking services: checking accounts, business banking, commercial lending, and mortgages. What is unusual is their track record. Founded in 1903, this $5.5 billion company has quietly built one of the most impressive dividend growth streaks in the entire banking sector.
Bar Harbor Bankshares, trading under the ticker BHB, is the parent company behind Bar Harbor Bank & Trust – a community bank that has been serving northern New England since 1887. Think of it as your friendly neighborhood bank, except it spans more than 50 branches across Maine, New Hampshire, and Vermont. With roughly $4.86 billion in assets, it is not a Wall Street giant, but it punches well above its weight for a regional player. The bank handles the usual stuff – checking and savings accounts, personal and business loans – plus wealth management, trust services, and investment brokerage through third-party partners via its Bar Harbor Wealth Management arm.