Despite a late-month move higher fueled by investor enthusiasm around all things linked to Artificial Intelligence, equity markets were generally mixed in May. With very narrow market breadth, equities seemed to be reflecting a “have or have not” attitude by investors seeking to participate in the bright prospects linked to artificial intelligence and large language models. Against this backdrop, the VIX Index or “fear gauge” which started the month at a little under 16 generally moved sideways ending the month at slightly under 18. For the full month, the Dow Jones Industrial Average decreased by 3.5%, the S&P 500® index was up 0.3%, and the smaller cap-weighted Russell 2000® declined 1.1%.