Key Takeaways

• U.S. equities sold off sharply through late March on geopolitical uncertainty and Fed caution, then rebounded in early April on improved macro signals, leaving the BUZZ Index down 2.7% for the Period and -11.21% year-to-date.
• Nebius, Intel, and AMD led index gains while Super Micro and Hims & Hers were the largest detractors, on export control concerns and GLP-1 business headwinds, respectively.

ImmunityBio entered at the maximum 3% weight on a social sentiment surge around its cancer immunotherapy ANKTIVA, joined by four crypto-related equities signaling a broad inflection in digital asset sentiment.

U.S. equity markets experienced continued volatility and a broad-based defensive retrenchment through much of the recent period between selection dates (March 12, 2026 – April 9, 2026, the “Period”), before staging a sharp recovery in the opening days of April that lifted the major indices back into positive territory. The opening phase extended the risk-off dynamics that had taken hold in early March, with the U.S.-Israel-Iran conflict showing no immediate signs of resolution. Elevated energy prices, still reflecting earlier disruptions in the Strait of Hormuz, kept inflation concerns elevated, while the Federal Reserve’s March 18 meeting delivered little reassurance, holding the target upper bound of its policy rate at 3.75 percent and maintaining a cautious stance amid unresolved macro crosscurrents.

Investor positioning shifted decisively away from long-duration growth and AI-related equities, with software, semiconductor, and digital infrastructure names among the hardest hit as valuation support eroded and correlations spiked. By late March the Nasdaq Composite had slipped into correction territory, and both the S&P 500 and Nasdaq had recorded intra-Period drawdowns of approximately 5 percent. Against this backdrop, the BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index”) proved especially vulnerable, selling off more than 10 percent during the Period as its higher-beta constituents participated disproportionately in the liquidation phase.

The tone improved materially in the first nine days of April, though the macro backdrop had not fully normalized. Incremental de-escalation signals in the geopolitical narrative, bolstered by improving negotiation headlines out of Washington and the region, helped ease tail risks and supported a rebound in risk appetite. This was reinforced by a stronger-than-expected March nonfarm payrolls report, which showed an increase of 178,000 jobs and the unemployment rate edging down to 4.3 percent, countering late-March fears of rapid economic deterioration. Investors also looked through a hotter March inflation print, interpreting it as transitory in light of resilient underlying demand. At the same time, fresh evidence of durable commercial traction across parts of the AI complex, particularly in enterprise applications and infrastructure, helped restore selective confidence in growth-oriented leadership.

By April 9, the S&P 500 and Nasdaq Composite recovered sufficiently to finish the Period in positive territory, up 2.4 percent and 2.3 percent, respectively. The BUZZ Index lagged the broader rebound, closing down 2.7 percent, reflecting the fact that many of its constituents had borne the brunt of the earlier drawdown and only partially recouped losses as sentiment stabilized. While the Period ended on a constructive note, underlying macro crosscurrents including geopolitical uncertainty, inflation vigilance, and Fed caution, remained in place, leaving the market’s conviction still somewhat tentative.

The BUZZ Index returned -6.22% during the month of March compared to a return of -4.98% for the S&P 500 Index during the same period. Year-to-date, the BUZZ Index lags the S&P 500 with returns of -11.21% and -4.33%, respectively, as of the end of March.

Nebius, Intel, and AMD Lead BUZZ Gains on AI Infrastructure Momentum

Nebius Group N.V. (NASDAQ: NBIS) was the leading contributor to BUZZ Index performance during the Period, marking its second consecutive appearance among the top contributors. The continued strength reflected sustained investor interest in companies viewed as credible beneficiaries of the AI infrastructure buildout, particularly where capital access, contracted demand, and expansion plans appeared tangible. Following the Nvidia investment and strategic validation discussed in the prior Period, Nebius remained well supported as investors absorbed its March agreement to provide Meta with up to $27 billion of AI computing capacity and its subsequent announcement of a 310-megawatt data center project in Finland, which would rank among Europe’s largest. Together, those developments reinforced the view that Nebius is evolving into a more scaled infrastructure platform with visible growth potential.

Intel Corporation (NASDAQ: INTC) and Advanced Micro Devices, Inc. (NASDAQ: AMD) were also among the leading contributors during the Period, as investors rotated back into semiconductor names viewed as beneficiaries of sustained AI infrastructure spending. Intel’s advance was supported by several company-specific developments late in the Period, including its agreement to repurchase Apollo’s stake in its Ireland fabrication facility, its participation in Elon Musk’s Terafab initiative, and an expanded partnership with Google focused on AI and cloud infrastructure. AMD also participated in the rebound as confidence improved around the durability of AI-related capital spending and the company’s position within that ecosystem. During the Period, AMD announced an expanded strategic partnership with Samsung around AI memory and manufacturing, while continued investor focus on its large-scale supply relationships with customers such as Meta supported the broader view that AMD remains one of the few scaled alternatives in high-performance computing.

Top BUZZ Index Contributors: March 12, 2026 – April 9, 2026

Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.

Super Micro and Hims & Hers Health Lead BUZZ Declines on Company-Specific Setbacks

Super Micro Computer, Inc. (NASDAQ: SMCI) was the largest detractor from BUZZ Index performance during the Period, declining sharply after U.S. prosecutors charged the company’s co-founder, Yih-Shyan Liaw, along with two others, in connection with an alleged scheme to smuggle American-made AI servers containing restricted Nvidia chips into China in violation of U.S. export controls. Although Super Micro was not itself charged, the development revived broader concerns around governance, compliance, and customer trust at a company that had already faced heightened scrutiny over internal controls and accounting matters. The company responded by placing implicated individuals on leave, removing Liaw from the board, elevating a new chief compliance officer, and later launching an independent probe, but those steps did little to stabilize sentiment during the Period. The severity of the stock’s decline reflected not only the legal overhang, but also investor concern that the episode could disrupt commercial momentum or invite further regulatory scrutiny at a time when Super Micro had been trying to re-establish credibility as a key beneficiary of AI infrastructure spending.

Hims & Hers Health, Inc. (NYSE: HIMS) was another notable detractor during the Period as investor skepticism continued to build around the durability and profitability of its weight-loss business. The stock remained under pressure as analysts reassessed the company’s 2026 earnings outlook considering an expected transition away from lower-cost compounded GLP-1 offerings toward branded products, a shift viewed as likely to compress margins and complicate subscriber conversion. That concern came against an already fragile backdrop following the FDA’s earlier crackdown on copycat GLP-1 products and growing questions around whether Hims can diversify quickly enough to offset pressure on its U.S. weight-loss franchise. While management has argued that the business can adapt and broaden beyond GLP-1s over time, the market appeared unconvinced during the Period, particularly as competition intensified and investors weighed the risk that growth may slow more sharply than previously expected.

Bottom BUZZ Index Contributors: March 12, 2026 – April 9, 2026

Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.

BUZZ Index April 2026 Rebalance Highlights

ImmunityBio Inc.

The largest addition to the BUZZ Index in April is a biotech company, ImmunityBio (NASDAQ: IBRX). The company’s lead product, ANKTIVA, is a non-invasive immunotherapy for bladder cancer. Earlier this year, ImmunityBio released a series of positive headlines, including stronger-than-expected ANKTIVA sales, encouraging clinical trial results, and several regulatory approvals in international markets. At the same time, the FDA’s review of the company’s plans to expand ANKTIVA’s label appeared to be progressing well. This steady stream of positive developments helped fuel a sharp squeeze in the stock, sending shares higher by roughly 500% by the end of February. The story quickly gained traction across online platforms, with trading volumes surging as investors debated the company’s broader potential. Investor enthusiasm was further amplified by ambitious comments from Executive Chairman Patrick Soon-Shiong, who suggested ANKTIVA could function as a “cancer vaccine” for “all cancers”. However, that narrative was challenged in March when the FDA issued a warning letter regarding the claim, resulting in a sharp pullback in the stock. Despite the subsequent decline, the surge in investor sentiment and volume of conversation has propelled IBRX into the BUZZ Index this month at the maximum 3% weight.

Crypto-Related Equities

Bitcoin has retreated in recent months from its all-time highs, dragging down crypto-related companies ranging from digital asset treasuries (DATs), to miners, to digital transaction platforms. Despite this pullback, investor sentiment on the space has remained constructive over the past six months. Notably, this month saw a broad-based sentiment jump in crypto-related equities, resulting in four new crypto entrants into the BUZZ Index for April. The largest addition is CRCL (NYSE: CRCL), the stablecoin issuer that went public last June, entering with a 1.08% weight. Close behind is TeraWulf (NASDAQ: WULF), a clean-energy-focused Bitcoin miner, at 1.01%. BitMine Immersion Technologies (NYSE: BMNR), a DAT positioning itself as the Ethereum version of Michael Saylor’s Strategy (NASDAQ: MSTR), joins as a first-time constituent with a 0.95% weight. Finally, Galaxy Digital (NASDAQ: GLXY) enters with a 0.66% weight. Founded by Mike Novogratz, GLXY operates a more institutionally oriented platform spanning trading, custody, staking, and asset management services. We view the sharp inflection in sentiment across crypto equities this month as notable and may signal an emerging turning point for the industry.

For more on rebalancing results and a full breakdown of index constituents added and removed for the month, view the BUZZ Index reconstitution report.

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