they said it should not be possible

Author

Pete Tan
May 12, 2026

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📈 NEW RECORD HIGHS. AGAIN.

The S&P 500 broke through 7,400 for the first time ever last week. Yesterday it pushed even higher.

Both the S&P and Nasdaq just notched their strongest monthly performance since 2020.

This is a bull market they said it SHOULD NOT be possible with the raging Iran war and rising oil prices.

Pete's Take 👇 The market does not care what should be happening. It cares about what is actually happening. And right now, that is record earnings, falling oil, and ceasefire optimism. I am not chasing record highs. But I am also not selling into them. The trend is up. Stay positioned.

Point to note, there is one sector that is skyrocketing and that is Semicon. Personally I do hold semicon stocks, however the prices are rising too fast. I will be cautious here. Start trimming, maybe take back the capital and play with house money.

🟧 COPPER JUST HIT A RECORD AND NOBODY IS TALKING ABOUT IT

Copper closed at $6.5 yesterday. Brand new record. Up over 13% in 2026.

This is the story most retail investors are sleeping on while watching tech.

Why does copper matter? It is the bloodstream of the AI buildout. Data centres need copper. Power grids need copper. EVs need copper. And supply is tight.

When copper rallies this quietly, smart money is positioning for something.

Pete's Take 👇 Boring is beautiful. While everyone is fighting over the same tech stocks, copper miners and infrastructure names are quietly making new highs. Watch the metals. They tell you what the real economy is actually doing.

🤖 THE AI TRADE IS SPLITTING

Yesterday gave us a clear signal. The AI rally is no longer moving as one block.

Chips up. AMD, Nvidia, and Broadcom all gained ground. Hyperscalers down. Meta, Tesla, and Microsoft slipped 1 to 2%.

And the breakout of the day was Monday.com, up 26% after beating earnings on its AI platform launch.

JPMorgan Private Bank said in their mid year outlook that the AI supercycle may just be getting started.

Pete's Take 👇 The easy money in AI is done. The next phase is stockpicking. Which companies are actually monetising AI? Which ones are just spending billions hoping it works? Read the cash flows, not the press releases. Monday.com showed yesterday that revenue growth from real AI products gets rewarded. Speculation does not.

🎙 Invest with Pete LIVE

I am going live on 14 May (Thur) at 9pm SGT to break down how I am positioning for the second half of the year.

Here is what we will cover:

📈 The records rally and how long it can last

🟧 The quiet trade most investors are missing

🤖 Where I am hunting in AI right now

Free for everyone.

After CPI is when the market shows its hand. Come and see what I am watching.

See you on Thurs

And to pick stocks in this era, understanding the latest AI trends is key! Check out this AI Report to level up your game!

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Pete
Invest with Pete

🚨‼️ By the way, I’ll never PM anyone on telegram or any other social media platforms. If you receive any “Pete” messaging you, these are scammers impersonating me. Pls beware!

The information provided in this newsletter is for informational purposes only and does not constitute financial advice. Readers should seek their own independent financial advice before making any investment decisions. Please note that while Pete is a portfolio manager, the opinions expressed in this newsletter are his own and do not represent the views of any organization. Always perform your own research and due diligence before investing.