Key takeaways:

• Artificial intelligence sparked a rally for the tech sector, with various companies hitting fresh highs

The key theme throughout May was the ongoing resurgence of the tech sector, with investors looking past the threat of a potential recession, instead rushing to embrace names at the forefront of the AI revolution. It will be a subdued month ahead for dividends, but don't miss the opportunity to see which stocks were trending over recent weeks.

Major Movers in May

1. Wildcat Resources (ASX: WC8) - up 250.0%

Lithium-gold small-cap Wildcat Resources saw its share price skyrocket throughout the course of May, with the catalyst being a deal that investors anticipate could bring good fortunes in the lithium space. Earlier in May, the company announced it had acquired the Tabba Tabba tantalum mine and lithium-tantalum project in the Pilbara. 

The project is characterised by a high-grade 318,000 tonnes at 950ppm Ta2O5 tantalum deposit, which was briefly explored by Pilbara Minerals some years ago. Meanwhile, with Fortescue Metals drilling out a lithium orebody right next to the project, buyers are getting excited about Wildcat prospects.

2. GSI Technology (NASDAQ: GSIT) - up 305.8%

Cashing in on the recent frenzy for semiconductor stocks, GSI Technology is one such beneficiary. The fabless semiconductor manufacturer has been a talking point among online investing communities such as Reddit, with investors focusing on the company AI-optimised chip. It comes at a time where interest in artificial intelligence has hit fever pitch, with recent earnings from Nvidia indicating there is growing demand for AI-optimised microchips.

Honourable Mentions:

• WA1 Resources (ASX: WA1) - up 189.1%

• Westar Resources (ASX: WSR) - up 188.5%

• Voltaic Strategic Resources (ASX: VSR) - up 163.0%

• Zeus Resources (ASX: ZEU) - up 141.7%

• Wearable Devices (NASDAQ: WLDS) - up 234.6%

• P3 Health Partners (NASDAQ: PIII) - up 232.3%

• Bioventus (NASDAQ: BVS) - up 188.1%

• D-Wave Quantum (NYSE: QBTS) - up 182.0%

52-Week Highs

1. Telstra (ASX: TLS) - up 0.2% in May

For the second straight month, telco giant Telstra recorded a fresh 52-week high. The company recently announced price increases to its plans, which it attributed to increasing costs. Investors may be taking confidence in such a move, which effectively seeks to maintain the company margins, allowing it to invest in other areas of the business.

2. Apple (NASDAQ: AAPL) - up 4.5% in May

Mega-tech giant Apple has been one of the protagonists behind the Nasdaq hitting a 13-month high. Investors have largely flocked back to growth stocks as expectations build that the Federal Reserve could be near the end of its rate hike campaign. While that remains to be seen, Apple earnings at the start of the month also indicated the company flagship iPhone remains as popular as ever, with sales faring better than expected.

3. Nvidia (NASDAQ: NVDA) - up 44.6% in May

Almost single-handedly responsible for a dramatic uptick in AI interest, semiconductor manufacturer Nvidia hit an all-time high and a US$1 trillion market cap on the back of excitement about its prospects. 

The company recent earnings report indicated that its AI-optimised processor is in hot demand. Revenue guidance surprised by as much as 50% to the upside when the company handed down its outlook for the current quarter, with management expecting US$11 billion in sales amid the AI boom, compared with prior estimates of just US$7.2 billion.

Other Highs:

• Suncorp (ASX: SUN) - up 6.6%

• AGL (ASX: AGL) - up 13.1%

• iShares S&P 500 ETF (ASX: IVV) - up 3.6%

• NIB Holdings (ASX: NHF) - up 9.5%

• Brickworks (ASX: BKW) - up 2.5%

• Betashares Nasdaq 100 ETF (ASX: NDQ) - up 11.1%

• Leo Lithium (ASX: LLL) - up 67.9%

• Advanced Micro Devices (NASDAQ: AMD)  - up 40.2%

• Salesforce (NYSE: CRM) - up 10.3%

• Meta Platforms (NASDAQ: META)  - up 9.2%

• Microsoft (NASDAQ: MSFT)  - up 7.8%

• Netflix (NASDAQ: NFLX)  - up 19.1%

• Palantir (NYSE: PLTR) - up 89.8%

52-Week Lows

1. Endeavour Group (ASX: EDV) - down 9.1% in May

Alcoholic drinks retailer, hotel manager, and poker machine operator Endeavour Group is in the doghouse, with the stock trading at its lowest level since it was spun off from Woolworths in 2021. Oddly enough, just a few weeks ago the business indicated food sales at its pubs remained robust, while its hotel business demonstrated strong growth in the opening quarter of the year. It may be the case that investors are concerned about a looming slowdown in consumer activity as inflation remains elevated and interest rates rise.

2. Paladin Energy (ASX: PDN) - down 17.4% in May

Uranium producer Paladin Energy ended the month on a sour note, which followed reports that the Namibian government is planning to take a minority stake in various mining companies operating throughout the country. That development has unnerved investors because the company Langer Heinrich Mine is based in Namibia, and any change to the company ownership of the project would effectively eat into shareholder returns.

3. Target (NYSE: TGT) - down 15.2% in May

Shares in big-box retailer Target fell to their lowest value in a year amid socio-political controversy in the US. The stock shed as much as US$10 billion over the space of ten days, and has since retreated further, with a conservative-led boycott against the company responsible for the company woes. 

Other Lows:

• Imugene (ASX: IMU) - down 15.4% 

• Vulcan Energy Resources (ASX: VUL) - down 38.6%

• Mosaic Company (NYSE: MOS)  - down 22.2% 

• 3M Company (NYSE: MMM)  - down 9.6% 

• Elevance Health (NYSE: ELV)  - down 5.7% 

• Bristol-Myers Squibb Co (NYSE: BMY)  - down 4.6% 

Upcoming Dividends

1. Premier Investments (ASX: PMV) | Ex-dividend: Jun 20, 2023 | Amount: $0.70 per share | Franking: 100% | Pay Date: Jul 26, 2023 

While Premier Investments reported its half-year earnings back in March, the company trades ex-dividend in a few weeks time. Management declared an interim dividend of 70 cents per share, including a special dividend of 16 cents. In total, the dividend is 24 cents per share bigger than the corresponding payment a year ago, and largely reflects the retailer ability to grow overall sales and earnings.

2. Bank of America (NYSE: BAC) | Ex-dividend: Jun 1, 2023 | Amount: US$0.22 per share | Franking: N/A | Pay Date: Jun 30, 2023

Iconic Bank of America is arguably the biggest dividend stock coming up in June, with the company shares trading ex-dividend on the first of the month. Shareholders will be rewarded with a quarterly dividend of 22 US cents per share, which is in keeping with the last three dividends paid by the bank. A year ago Bank of America declared a dividend of 21 US cents per share, which means the upcoming payment has increased by nearly 5%.

Other Dividends:

• Fisher & Paykel Health (ASX: FPH) - $0.2144 (est.) per share; franking: 0%; ex-div: Jun 26, 2023; payment: Jul 7, 2023

• McDonald (NYSE: MCD) - US$1.52 dividend; ex-div: Jun 2, 2023; payment: Jun 20, 2023

• Nike (NYSE: NKE) - US$0.34 dividend; ex-div: Jun 2, 2023; payment: Jul 5, 2023

• BlackRock (NYSE: BLK) - US$5.00 dividend; ex-div: Jun 7, 2023; payment: Jun 23, 2023 

• Occidental Petroleum (NYSE: OXY) - US$0.18 dividend; ex-div: Jun 8, 2023; payment: Jul 14, 2023

• Merck (NYSE: MRK) - US$0.73 dividend; ex-div: Jun 14, 2023; payment: Jul 10, 2023

• Albemarle (NYSE: ALB) - US$0.40 dividend; ex-div: Jun 15, 2023; payment: Jul 3, 2023

• Taiwan Semiconductor Manufacturing (NYSE: TSM) - US$0.36 (est) dividend; ex-div: Jun 15, 2023; payment: Jul 13, 2023

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