Trump's Iran Stance, AI Push Keep Markets Guessing
Stocks are down more than -0.3% today as Trump's latest moves on Iran rattled markets. The president assured Israel that any peace deal must include the removal of Iran's highly enriched uranium stockpile, a demand that complicated ceasefire talks and sent Brent crude up +2% to $107 a barrel. Mixed signals from Trump added to the uncertainty; yesterday he suggested he could wait for "the right answers" from Tehran but left the door open to resuming strikes.
Nvidia Posts Record Quarter, Announces Buyback
Nvidia (NVDA) posted a record Q1 with revenue of $82B, up +85% YoY, driven by Blackwell architecture demand and what NVDA's CEO described as "parabolic" agentic AI adoption. Data center revenue climbed +92% YoY to $75B, with record free cash flow of $49B. NVDA guided Q2 revenue to $91B, raised its quarterly dividend to $0.25, and authorized a new $80B share repurchase. The company also flagged nearly $20B in CPU revenue this year via its new Vera chip, with China excluded from all guidance.
SpaceX S-1 Reveals Starlink Engine, AI Losses
SpaceX filed its S-1 for a Nasdaq listing at a valuation of up to $2T, potentially the largest IPO in market history. Starlink anchored the 2025 financials with $11.4B in revenue and $4.4B in operating income, up +120% YoY. The AI segment generated $3.2B in revenue but ran a -$6.4B operating loss as compute spending surged. Consolidated 2025 revenue reached $18.7B with a -$4.9B net loss, and founder Elon Musk retains roughly 85% of voting control post-IPO via a dual-class share structure.
OpenAI Prepares Confidential IPO Filing
OpenAI is set to confidentially file its IPO prospectus as soon as tomorrow, working with Goldman Sachs (GS) and Morgan Stanley (MS) on an offering that would place its valuation at roughly $852B based on its most recent fundraise. The Microsoft (MSFT)-backed ChatGPT creator is now generating $2B in monthly revenue, up from $1B per quarter at the end of 2024. The move comes amid a broader AI listing wave, with SpaceX simultaneously pursuing its own Nasdaq IPO and Anthropic expected to file in the near future.
Ralph Lauren Beats on Global Demand
Ralph Lauren (RL) rallied in premarket trading after Q4 revenue rose +17% YoY to $1.98B and EPS of $2.80 topped the $2.54 consensus. Growth was broad-based: North America comparable retail grew +16%, Europe rose +18%, and Asia surged +31% on strong China demand. Gross margin expanded 110 bps to 69.7% on favorable mix and lower cotton costs, even as tariffs added pressure. RL guided to roughly +5% constant currency revenue growth for the year ahead, with full-year revenue crossing $8B for the first time.
