AI Summer Starts Now ⚡

I. headlines. Nvidia cleared the data center bar and SpaceX filed for a Nasdaq IPO under ticker SPCX, setting up what could be the biggest listing of the year around June 11-12.

Rumors of OpenAI and Anthropic IPOs have the summer looking hot. Nvidia beat on revenue and earnings, guided next quarter above expectations, and showed strong networking growth, but the stock still slipped after hours. Quarter one revenue came in at a record eighty-one point six billion dollars, up eighty-five percent year over year and ahead of the seventy-eight point nine billion dollars expected.

Adjusted earnings per share hit one dollar and eighty-seven cents versus one dollar and seventy-six cents expected. Gap accounting earnings per share was two dollars and thirty-nine cents. Quarter two revenue guidance landed at ninety-one point zero billion dollars versus eighty-six point eight billion dollars expected.

Gross margins stayed fat, with GAAP and non-GAAP margins at seventy-four point nine percent and seventy-five point zero percent. Data center revenue hit a record seventy-five point two billion dollars, up ninety-two percent year over year. Data center compute revenue grew seventy-seven percent to sixty point four billion dollars, while data center networking revenue surged one hundred and ninety-nine percent to fourteen point eight billion dollars.

I. factory anymore. It is selling the nervous system that wires the whole thing together.

China remains the clean-but-complicated line. Nvidia said there were no shipments of data center Hopper products to China during the quarter, versus four point six billion dollars in quarter one fiscal twenty twenty-six, and its quarter two outlook assumes no data center compute revenue from China. Meanwhile, the roadmap stayed intact, with Vera Rubin on track for the second half of this year, starting in quarter three.

SELLAS Life Sciences jumped eighteen percent after the company said its Phase 3 cancer trial has a good chance to match or beat earlier survival data. The trial hit seventy-eight events and is nearing the eighty needed for final analysis. The trial enrolled one hundred and twenty-six acute myeloid leukemia patients.

SELLAS says success means median overall survival near twelve point six months versus eight point one months for standard treatment. Intuit beat estimates and raised its full-year guide, but the stock fell fourteen percent after hours after announcing seventeen percent workforce cuts. Adjusted earnings per share was twelve dollars and eighty cents versus twelve dollars and fifty-seven cents expected.

Revenue was eight point five six billion dollars versus eight point five four billion dollars expected, up ten percent year over year. Fiscal twenty twenty-six guidance rose to twenty-three dollars and eighty cents to twenty-three dollars and eighty-five cents earnings per share on twenty-one point three billion dollars to twenty-one point four billion dollars revenue. I.

had no bearing on the cuts and that Intuit needs to be faster and leaner. Travel stocks caught a clean relief bid Wednesday as crude fell about four percent, after reports that Iran talks might improve. The move hit the whole fuel-sensitive group at once.

United Airlines jumped ten percent, Delta Air Lines popped nine percent, Carnival climbed nine percent, and Norwegian Cruise Line rose eight percent as lower oil prices improved margin math across airlines and cruises. On the movers side, Micware surged fifty-three percent after its Nasdaq initial public offering closed. Applied Digital surged fifteen percent after a seven point five billion dollars hyperscaler lease deal.

Arm jumped fifteen percent after Bernstein initiated coverage with outperform. Super Micro popped nine percent after the semiconductor rally ahead of earnings. f.

Beauty slid two percent after retail sector growth momentum cooled. Chevron fell three percent after crude oil prices dove six percent. Target fell four percent after retail earnings pressure hit sentiment.

Coterra Energy tanked nine percent after plunging crude oil prices hit revenue. Hasbro tanked nine percent after discretionary sector rotation hit shares. Tomorrow’s watch list starts with macro data at twelve thirty PM Eastern: initial jobless claims and housing starts month over month.

S&P Global Manufacturing Purchasing Managers Index Flash comes at one forty-five PM Eastern. Pre-market earnings include NIO, Walmart, Deere, NetEase, Frontline, and four more. After-market earnings include Zoom Video Communications, Webull, Take-Two Interactive, Workday, Deckers Outdoor, and five more.