Author: Doug Kass

The AI numbers are starting to look very ugly.

Even under "best case" assumptions, FT's own data shows Microsoft AI ROI at -9%, Google at -15%, Meta at -28%, Oracle at -35%. Only Amazon barely comes out positive.

This is exactly why I keep comparing this to the dot-com era.… pic.twitter.com/O9Sfaya5Oa

— Yoshik (@AskYoshik) May 28, 2026

Position: None

The S&P Short Range Oscillator has grown more overbought at 1.62% vs. 0.74%.

Position: Short SPY (M), QQQ (M)

I am growing much more optimistic on the cannabis complex.

I plan to super-size (VL) my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF and VRNO).

I am doing so because:

* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.

* I am confident that uplistings will soon follow.

* More relaxed custodian rules allowing for institutional purchases of the group.

* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.

* Industry fundamentals (volumes and pricing) have stabilized.

* Expectations are very low.

* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.

* Upside reward is probably more than 5x downside risk.

Position: Long MSOS common (L) and calls (S), VRNO (S), GTBIF (VS)    

After-Hours % Advancers

After-Hours % Decliners

Position: None

Closing Volume

– NYSE volume  4% above its one-month average
– NASDAQ volume 4% above its one-month average  
– VIX index: down 4.06% to 16.32

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Closing S&P 500 Heat Map

Position: None

Just wait until MSOs uplist and start turning grows into datacenters

— Anthony Varrell (@V_arrell) May 27, 2026

Position: None

After the Close Wednesday 05-27-2026 

Before the Open Thursday 05-28-2026

Position: None

With S&P cash +6 handles, I am expanding my index shorts:

* SPY $750.76

* QQQ $729.64

Position: Short SPY (M), QQQ (M) 

Wolf Street howls about the “WTF AI Mania Chart of the Year.” 

Position: None

I just finished a research call and I have another one at 1:15 PM.

I should be back in 45 minutes.  

Position: None