Stocks are surging back after weeks of fear over Iran, inflation, and the Fed, and the rally looks likely to keep going. Good news for investors, especially in chip and AI hardware stocks.

• Chip exports from South Korea to the U.S. just hit record highs, showing demand for AI hardware is exploding.
• AMD and Dell have already run to all-time highs, but Nvidia, Broadcom, and Cerebras are still cheap and have room to catch up.
• Meta is still a bargain even after its big run, because its new AI agent app is going viral and Wall Street is underestimating its earnings growth.
• Oil is flowing freely through the Strait of Hormuz again, easing Middle East fears, and Trump's upcoming meetings with Xi, Zelensky, and Gulf leaders point to calmer times ahead.
• Markets expect three more Fed rate hikes by next fall, but that is too many; expect one in December and none in 2027, which is bullish for stocks.
• One warning sign: companies are reselling stockpiled memory chips, hinting at double-ordering, but Nvidia's newer chips need far less memory per unit of output anyway.

Outlook: Peak fear is behind us, bond yields have likely topped out, and the Nasdaq could break to new all-time highs by year-end if Nvidia pushes through its current ceiling.