Together with DUTY

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

The earnings calendar is relatively quiet for investors during this shortened week in the markets.

Monday (6/15): Dave & Busters 

Tuesday (6/16): La-Z-boy

Wednesday (6/17): Carmaz, Jabil, Progressive

Thursday (6/18): Accenture, Kroger

Friday (6/19): Markets closed for Juneteenth Holiday

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What We’re Watching:

1. Accenture (ACN)

Accenture (-36.5% YTD) reports Q3 FY2026 earnings Thursday before the open, with investors focused on whether the company can prove AI consulting demand is still translating into durable bookings, revenue growth, and margin expansion. Accenture has been under heavy pressure this year as investors question whether AI will be a tailwind for enterprise transformation work or a long-term threat to traditional consulting headcount and pricing power.

Last quarter, Accenture delivered $18.04 billion in revenue (+8% YoY) and $2.93 in diluted EPS (+4% YoY), with operating margin expanding 30 basis points to 13.8%. New bookings hit a record $22.11 billion, including $11.33 billion in consulting bookings and $10.78 billion in managed services bookings. The company also generated $3.7 billion in free cash flow, returned $2.7 billion to shareholders, and raised its full-year revenue growth outlook to 3% to 5% in local currency.

Heading into this print, I’ll be watching whether Accenture can keep bookings strong, show continued AI-driven demand, and give investors more confidence that enterprise AI adoption is creating more work for the company, not less. Commentary on consulting demand, managed services growth, U.S. federal spending pressure, acquisition activity, margins, and full-year guidance will be key as investors look for signs that Accenture can reaccelerate after a brutal stretch for the stock.

Accenture plc (ACN) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $3.70 GAAP EPS on Revenue of $18.76 billion.

• You can explore the most recent ACN investor release here and here.

2. Jabil (JBL)

Jabil (+68.7% YTD) reports Q3 FY2026 earnings Wednesday before the open, with investors focused on whether the company can keep riding the AI infrastructure boom after one of the strongest runs in the S&P 500 this year. Jabil has become a major AI hardware readthrough as demand for cloud, data center infrastructure, networking, communications, and capital equipment continues to drive upside across its Intelligent Infrastructure segment.

Last quarter, Jabil delivered $8.3 billion in revenue and $2.69 in core diluted EPS, both ahead of expectations. Core operating income came in at $436 million, while management raised its full-year outlook to $34 billion in revenue, 5.7% core operating margin, $12.25 in core diluted EPS, and more than $1.3 billion in adjusted free cash flow. The company also guided Q3 revenue to a range of $8.1 billion to $8.9 billion, with core diluted EPS expected between $2.83 and $3.23.

For this report, the key question is whether Jabil’s AI infrastructure momentum is still strong enough to support another guidance raise. Investors will be listening closely for updates on data center demand, customer concentration, margin durability, free cash flow, and supply chain execution as the market looks for confirmation that this AI hardware cycle still has room to run.

Jabil Inc. Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $2.57 GAAP EPS on Revenue of $8.66 billion.

• You can explore the most recent JBL investor release here and here.

Investor Events / Global Affairs:

Geopolitical discussions take center stage with the G7 Summit in France and everyone is anxiously awaiting the official framework for the Iran deal.

• G7 Summit in France

The G7 summit in Évian-les-Bains, France will be closely watched this week as world leaders gather with Iran, Ukraine, trade, energy security, and global defense spending all near the top of the agenda. While the market’s biggest focus will likely be any update on a potential U.S.-Iran deal, the summit gives investors a broader read on how aligned the world’s largest advanced economies remain during a more fragile geopolitical moment.

For markets, the G7 matters because it can shape the policy backdrop around sanctions, oil flows, defense commitments, tariffs, and diplomatic coordination. Any progress around Iran could help ease pressure in energy markets, while a lack of consensus could keep investors focused on Middle East risk, supply-chain uncertainty, and higher geopolitical premiums across commodities and defense stocks.

• Iran Deal Updates

A potential breakthrough in the U.S.-Iran peace deal will be one of the biggest market stories this week. President Trump announced that the deal with Iran is “now complete” and said the Strait of Hormuz would reopen to global shipping, while Pakistan’s Prime Minister said both sides have reached an agreement and that a formal signing is expected to take place later this week in Switzerland.

Markets had already started pricing in de-escalation before the announcement. Crude oil has fallen from roughly $94 on June 8 to near $85 at Friday’s close, reflecting hopes that a deal would restore shipping confidence, reduce the geopolitical risk premium, and ease pressure across global energy markets.

A durable agreement that keeps Hormuz open and pushes crude lower would help cool inflation, reduce pressure on the Fed, and support risk assets broadly. But the agreement still needs to survive the signing process, implementation details, and the reaction from Israel and regional proxies.

Major Economic Events:

Fed interest rate decision, Kevin Warsh’s first FOMC meeting, and a look into manufacturing.

Monday (6/15): Capacity utilization, Empire State manufacturing survey, Industrial production, NAHB Housing Market Index 

Tuesday (6/16): Housing starts, Import prices 

Wednesday (6/17): FOMC interest rate decision, Manufacturing & trade inventories, Pending home sales, Retail sales 

Thursday (6/18): Leading indicators, Philadelphia Fed Business Outlook Survey, Weekly jobless claims 

Friday (6/19): Markets closed for Juneteenth Holiday

What We’re Watching:

1. FOMC Interest Rate Decision 

The Federal Reserve meets this week with interest rates expected to remain unchanged at the 3.50%–3.75% target range, but the bigger focus will be the tone of Kevin Warsh’s first FOMC meeting as Fed Chair. Markets will be watching closely to see whether Warsh leans into a more hawkish stance after the April meeting minutes showed growing discomfort with inflation remaining above the Fed’s 2% target.

The April minutes showed that a majority of Fed officials believed additional policy firming could become appropriate if inflation continues to run persistently above target. Many participants also preferred removing language from the policy statement that suggested an easing bias, signaling that the Fed may no longer want markets assuming rate cuts are the default next move.

At the same time, several officials noted that cuts could still become appropriate if disinflation clearly gets back on track or if the labor market shows more meaningful weakness. Investors will be looking at whether the Fed’s updated projections show officials moving closer to hikes, cuts, or a longer hold.

Economists expect the following this week:

• Fed Funds Rate: 3.50%–3.75% vs. 3.50%–3.75% prior

• Policy Decision: Hold rates steady

• Key Focus: Warsh’s first press conference, inflation language, and updated Fed projections

2. NY Empire State Manufacturing Index

The NY Empire State Manufacturing Index unexpectedly rose to 19.6 in May, up from 11.0 in April and well above forecasts for 7.5. The reading showed that manufacturing activity in New York grew at its fastest pace in more than four years, adding another sign that parts of the industrial economy remain stronger than expected.

Demand remained solid. New orders increased to 22.7, while shipments stayed elevated at 18.9, marking the second straight month of strong activity. Employment and average hours also continued to expand, while firms became more optimistic about the six-month outlook, with the future business conditions index rising to 33.5.

The inflation side of the report was less encouraging. Delivery times lengthened, supply availability worsened, and price pressures accelerated sharply. The prices paid index rose to 62.6, while prices received climbed to 31.8, suggesting that stronger factory demand is still coming with sticky inflation pressure.

Economists expected the following:

• Empire State Manufacturing Index: 19.6 vs. 7.5 expected

• Prior Month: 11.0

• New Orders: 22.7 vs. 19.3 prior

• Prices Paid: 62.6 vs. 51.0 prior

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Together with HEDG

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• Vail Resorts total skier visits continued to decline by double-digits.

• Oracle spent $56B to build data centers.

• Restoration Hardware expects $350M in adj. free cash flow this year.

Investor Events / Global Affairs:

• SpaceX shattered IPO records.

• Trump announced a deal with Iran on Sunday night and said “let the oil flow!”

• Anthropic was forced to pull its flagship AI models due to U.S. government mandate.

Economic Updates:

• Inflation has been SOARING.

• Rate cutes are looking impossible at this point.

👉 Best and Worst ETF Performers of the Week

Click here to learn more from ETF Central

Equity Investing Doesn’t Have to Be All-or-Nothing.

Equable Shares and their Hedged Equity ETF (HEDG) is an actively managed strategy designed to seek long-term capital appreciation while incorporating an options-based hedge to help mitigate downside risk.

In a market environment where volatility can test even disciplined investors, HEDG is designed to offer:

• Exposure to large-cap U.S. equities

• A structured options overlay

• A strategy built around risk management

• Built-in downside protection

For investors looking to balance growth potential with a more measured risk profile, HEDG seeks to provide an alternative approach to traditional equity investing.

👉 Key Earnings Announcements:

Vail Resorts total skier visits continued to decline by double-digits, Oracle spent $56B to build data centers, and Restoration Hardware expects $350M in adj. free cash flow this year.

• Vail Resorts (MTN)

Key Metrics

Revenue: $1.2 billion, compared to $1.3 billion last year

Operating Income: $494.1 million, compared to $581.3 million last year

Profits: $314.4 million, compared to $389.7 million last year

Earnings Release Callout

“Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation. While these dynamics negatively impacted results, our advance commitment model provided considerable stability and strong cost discipline kept us on track to exceed our resource efficiency transformation plan savings for the year.”

My Takeaway

• Oracle (ORCL)

Key Metrics

Revenue: $19.2 billion, an increase of +21% YoY

Operating Income: $6.1 billion, an increase of +20% YoY

Profits: $4.2 billion, an increase of +23% YoY

Earnings Release Callout

“In terms of Q4, it was a record quarter, driven by strength in both our cloud infrastructure and cloud apps businesses. Revenue was $19.2 billion, up 21% in US dollars. Cloud infrastructure revenue grew 93%, reflecting strong demand for both AI workloads and our database services, and cloud apps was up double digits at +10%.”

My Takeaway

• Restoration Hardware (RH)

Key Metrics

Revenue: $800.3 million, compared to $814.1 million last year

Operating Income: $34.2 million, compared to $55.9 million last year

Net Loss: -$13.7 million, compared to $8.0 million last year

Earnings Release Callout

“First quarter revenues of $800.3 million and adjusted EBITDA of 7.1% exceeded the high end of our expectations in the first quarter, despite backorder and special order balances approximately $75 million higher than a year ago, primarily due to tariff-related resourcing. As a result of our better-than-expected first quarter results, we are raising our outlook for fiscal year 2026 and providing the following outlook for the second quarter.”

My Takeaway

👉 Investor Events / Global Affairs:

SpaceX shattered IPO records, Trump announced a deal with Iran on Sunday night + said “let the oil flow!”, and Anthropic was forced to pull its flagship AI models due to U.S. government mandate.

• SpaceX (SPCX) Surges in Historic IPO, Making Elon Musk the World’s First Trillionaire

Image Source: CNN

SpaceX delivered one of the most anticipated IPO debuts in market history, with shares jumping 19% on their first day of trading and pushing the company's market capitalization to roughly $2.1 trillion. The strong debut instantly made SpaceX the sixth most valuable publicly traded company in the United States.

The rally also cemented a historic milestone for CEO Elon Musk, whose combined ownership stakes in SpaceX and Tesla pushed his net worth above $1 trillion, making him the first person ever to reach that level.

Investors appear to be betting that SpaceX is much more than a rocket company. Beyond launch services and Starlink, many see the company as a major player in AI infrastructure, data centers, satellite connectivity, and next-generation computing. Those growth opportunities helped fuel strong demand despite concerns from some analysts that the valuation may already price in years of future success.

The IPO's success is likely to have ripple effects across the technology sector. With both OpenAI and Anthropic preparing for potential public listings, SpaceX's blockbuster debut could strengthen investor appetite for the next wave of mega-cap AI and technology offerings.

• Trump Announces Iran Deal as Markets Look Ahead to Strait of Hormuz Reopening

Hi everyone,

Today we’re breaking down the company whose technology runs in over 95% of the world’s smartphones and just launched its first chip in 35 years. The stock crossed $300 for the first time in late May, $400 for the first time last week… and now the market cap sits around $380B, with shares up over 210% year-to-date.

This stock is a monster.

As a reminder, this specific deep-dive is written by the GRIT team and is not the exclusive work of Head Analyst Austin Hankwitz.

Arm Holdings is the architecture layer of modern computing. Almost every smartphone in the world runs on Arm, every Apple Mac, every Nvidia Grace Blackwell server, every AWS Graviton instance, every Microsoft Cobalt deployment. Arm doesn’t make those chips. It designs the CPU blueprints, licenses them to chipmakers, and collects a royalty on every chip shipped. It’s one of the highest-quality recurring revenue businesses in technology, and after 35 years as a pure IP licensor, it just announced it’s going to start making its own chips.

The numbers are extraordinary. FY2026 revenue hit a record $4.92B (+23% YoY), the third straight year of 20%+ growth since the September 2023 IPO. Q4 was a record $1.49B with licensing up 29% and data center royalty more than doubling YoY. Non-GAAP operating margin was 49% in Q4 and 43% for the year. Gross margins are above 97%. The company exited FY2026 with $1.66B in annualized contract value (+22% YoY), $882M in free cash flow, and a mostly net-cash balance sheet.

The debate is about the bet now reshaping the company. In March 2026 Arm announced the AGI CPU, a 136-core 3nm data center processor co-developed with Meta, breaking a 35-year promise of architectural neutrality. Management is guiding to $15B in AGI CPU revenue and $10B in IP revenue by FY2031 ($25B total, $9+ EPS). Bulls call it the largest TAM expansion in semiconductor history. Bears point to an FTC antitrust investigation, ~90% SoftBank ownership, and a 140x forward earnings multiple. The stock just hit a fresh all-time high, but the next 18 months will determine whether the bet works.

• Why Now? 👉 The AGI CPU Bet and Data Center Inflection

• Overview 👉 What Does Arm Do? Role in Ecosystem

• How Do They Win? 👉 Value Proposition

• Business Units 👉 Segment Breakdown

• How Do They Make Money? 👉 Revenue Model

• By The Numbers 👉 Key Metrics

• Bonus: Deep Dive 👉 The AGI CPU and the FTC

• Risks 👉 Potential Pitfalls

• Wrapping Up…  

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Why Now? 👉 The AGI CPU Bet and Data Center Inflection

For most of its 35-year history, Arm was a quiet IP licensor known for smartphones. The AI buildout has rewritten the story. Power has become the gating factor on AI data center buildout, and Arm-based CPUs are roughly 50% more energy efficient than x86 at equivalent performance. That advantage has driven Neoverse, Arm’s data center platform, to nearly 50% share at top hyperscalers, with over 1B Neoverse CPUs deployed.

The catalyst is twofold. First, royalty rates per chip are structurally rising as customers upgrade to Armv9 and to Compute Subsystem (CSS) licenses, which include pre-integrated blueprints commanding higher rates. CSS has gone from concept to 21 signed licenses across 12 major customers in under two years.

Second, the AGI CPU announcement in March 2026 marked Arm’s pivot from pure IP licensor to direct chip vendor. The AGI CPU is a 136-core processor on TSMC 3nm, co-developed with Meta. Arm claims 2x performance per rack versus x86 and up to $10B in AI capex savings per gigawatt. Sample shipments are due by end of 2026, volume in 2027. If even half of management’s $15B FY2031 AGI CPU revenue target materializes, it’s the largest organic TAM expansion in Arm’s history.

Overview 👉 What Does Arm Do? Role in Ecosystem

Arm Holdings was founded in 1990 in Cambridge, UK and is still headquartered there with roughly 8,000 employees. The company designs CPU architectures and increasingly entire compute platforms, then licenses that IP to chipmakers who manufacture the actual silicon. Customers include Apple, Qualcomm, Nvidia, MediaTek, Samsung, AWS, Google, Microsoft, and hundreds of others. CEO Rene Haas has run the business since February 2022 and is the architect of both the IPO and the AGI CPU pivot.

Arm’s technology is in 99% of smartphones, the majority of consumer and automotive electronics, and a growing share of data center servers. Over 300B Arm-based chips have shipped cumulatively, with roughly 30B per year. Every iPhone, every Apple Mac since 2020, every Nvidia Grace Blackwell server, every AWS Graviton, every Google Axion VM, and Microsoft Cobalt all run on Arm.

Source: Company Filings

Arm has been a SoftBank holding since the $32B take-private in 2016. Nvidia tried to acquire it for $40B in 2020, blocked by regulators in 2022. SoftBank re-IPO’d Arm in September 2023 at $51 per share and still owns approximately 90% of outstanding shares, making Arm a controlled company with limited float. SoftBank also owns Ampere Computing, an Arm-based server CPU maker, which raises an ongoing question about whether Arm’s direct silicon strategy conflicts with sister-company customer relationships.

Together with HEDG 

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

Adobe, Casey’s, Chewy, and Oracle highlight a slower week.

Monday (6/8): Campbell’s, FuelCell Energy, Gloo, Mama’s Creations, Mission Produce, Vail Resorts, VinFast 

Tuesday (6/9): Academy Sports, Casey’s, Cracker Barrel, Designer Brands, J.M. Smucker, Lands’ End, SailPoint, UNFI, Uranium Energy

Wednesday (6/10): Chewy, Core & Main, J.Jill, Oracle, Stitch Fix 

Thursday (6/11): Adobe, Aurora Innovation, Lennar, Lovesac, McGraw Hill, RH, Vera Bradley 

Friday (6/12): N/A

Equity Investing Doesn’t Have to Be All-or-Nothing.

Equable Shares and their Hedged Equity ETF (HEDG) is an actively managed strategy designed to seek long-term capital appreciation while incorporating an options-based hedge to help mitigate downside risk.

In a market environment where volatility can test even disciplined investors, HEDG is designed to offer:

• Exposure to large-cap U.S. equities

• A structured options overlay

• A strategy built around risk management

• Built-in downside protection

For investors looking to balance growth potential with a more measured risk profile, HEDG seeks to provide an alternative approach to traditional equity investing.

What We’re Watching:

1. Adobe (ADBE)

Adobe (-28.1% YTD) reports Q2 FY2026 earnings this week, with investors focused on whether the company can prove its AI strategy is turning into real monetization after a difficult stretch for software stocks. Adobe has been under pressure from the broader AI disruption narrative, with investors questioning whether tools like Claude Design and other AI-native creative products could weaken Adobe’s pricing power across Creative Cloud.

Last quarter, Adobe delivered $6.40 billion in revenue (+12% YoY) and non-GAAP EPS of $6.06 (+19% YoY), ahead of expectations. The company also generated a record $2.96 billion in operating cash flow, while Digital Media ARR reached $26.06 billion and RPO rose 13% to $22.22 billion. Management also announced a new $25 billion share repurchase authorization through April 2030, signaling confidence in long-term cash generation despite near-term AI disruption concerns.

Heading into this print, I’ll be watching whether Adobe can show stronger AI monetization through Firefly, Creative Cloud Pro, AI assistants, and enterprise adoption, while defending its core creative software moat. Commentary on Digital Media ARR, Experience Cloud demand, pricing, capital returns, and guidance will be critical as investors look for evidence that AI is strengthening Adobe’s ecosystem rather than disrupting it.

Adobe, Inc. (ADBE) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $4.45 GAAP EPS on Revenue of $6.45 billion.

• You can explore the most recent ADBE investor release here and here.

2. Oracle (ORCL)

Oracle (+9.6% YTD) reports Q4 FY2026 earnings Wednesday after the close, with investors focused on whether its AI cloud infrastructure boom can keep accelerating while the company manages heavy capex, rising debt concerns, and pressure to convert its massive backlog into revenue.

Last quarter, Oracle delivered $17.2 billion in revenue (+22% YoY) and $1.79 in non-GAAP EPS (+21% YoY), with cloud revenue rising 44% to $8.9 billion and Oracle Cloud Infrastructure revenue surging 84% to $4.9 billion. Remaining performance obligations reached $553 billion, up 325% YoY, highlighting the scale of demand tied to AI infrastructure contracts.

Heading into this print, I’ll be watching whether OCI growth can continue compounding at an 80%+ pace, how quickly Oracle converts AI-related RPO into recognized revenue, and whether management provides more clarity on capex and free cash flow. Commentary around OpenAI, Nvidia GPU capacity, multi-cloud partnerships, and the durability of AI infrastructure demand will be key for sentiment.

Oracle, Corp. (ORCL) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $1.47 GAAP EPS on Revenue of $19.09  billion.

• You can explore the most recent ORCL investor release here and here.

Investor Events / Global Affairs:

Apple's WWDC 26 debuts, SpaceX IPO day, and the World Cup kicks off.

• Apples WWDC

Apple’s WWDC software event kicks off this week, headlined by updates across iOS 27, iPadOS 27, macOS 27, watchOS 27, tvOS 27, and visionOS 27. This year’s theme, “All Systems Glow,” points to Apple’s biggest software push yet around on-device AI and deeper integration of Apple Intelligence across the ecosystem.

Attendees will be looking for an overhauled Siri, new AI-powered productivity features, and signs that Apple can turn its massive installed base into a differentiated AI platform. The key question is whether Apple can close the perceived AI gap with Microsoft, Google, and OpenAI while keeping its privacy-first, device-centered approach intact.

• SpaceX (SPCX) IPO

SpaceX (SPCX) is expected to price its IPO this week and begin trading on June 12, in what could become the largest public listing in history. The Elon Musk-led aerospace and satellite company is seeking to sell roughly 555.6 million Class A shares at $135 each, raising about $75 billion and valuing the company near $1.75–$1.8 trillion.

The deal gives public investors exposure to one of the world’s most important private companies, spanning rocket launches, Starlink satellite broadband, defense contracts, and emerging AI infrastructure ambitions. Demand is through the roof, with reports that retail investors will receive an unusually large allocation of the offering, making this a major test of public appetite for mega-cap growth and space-economy exposure.

Key points to watch will be how SpaceX trades out of the gate, whether its valuation can hold at roughly $1.75 trillion, and whether a strong debut reopens the IPO window for other late-stage private tech companies.

• World Cup Begins

The 2026 FIFA World Cup begins this week as Mexico hosts South Africa in the opening match at Mexico City’s Estadio Azteca, which becomes the first stadium to host three World Cup opening matches. The expanded tournament will feature 48 teams and 104 matches across the U.S., Mexico, and Canada, running for more than a month.

The event is expected to provide a boost across lodging, travel, sports betting, media, advertising, restaurants, and consumer brands. Investors will be watching companies with exposure to live sports rights, streaming engagement, hospitality demand, and betting volume as global viewership accelerates throughout the tournament.

• The first match for the United States is this Friday, June 12. They will take on Paraguay at 9pm ET.

• The first match for Canada is also this Friday, June 12. They will take on Bosnia and Herzegovina at 3pm ET

Major Economic Events:

A big look into inflation this week with CPI, PPI, and Consumer Confidence.

Monday (6/8): N/A

Tuesday (6/9): Existing home sales, Monthly wholesale trade, NFIB small business optimism index 

Wednesday (6/10): CPI, Core CPI year over year, CPI year over year, Monthly Treasury balance 

Thursday (6/11): Core PPI, Personal consumption, PPI, Weekly jobless claims 

Friday (6/12): U. Michigan consumer sentiment prelim

What We’re Watching:

1. Consumer Price Index

U.S. inflation accelerated to 3.8% YoY in April, up from 3.3% in March and above expectations of 3.7%, marking the highest annual inflation rate since May 2023. The main driver was the ongoing oil shock tied to the war with Iran, with energy prices jumping 17.9% YoY, led by gasoline (+28.4%) and fuel oil (+54.3%).

On a monthly basis, headline CPI rose 0.6%, easing from March’s 0.9% spike but still elevated. Shelter inflation also firmed to 3.3%, while core inflation rose to 2.8% YoY, above expectations and the highest level since September.

The concern for markets is that energy-driven inflation is beginning to bleed into core prices. Core CPI rose 0.4% MoM, double the pace seen in February and March, suggesting the shock is no longer isolated to gas and fuel.

Economists expect the following this week:

• Headline CPI (YoY): 3.8% vs. 3.3% prior

• Core CPI (YoY): 2.8% vs. 2.6% prior

• Core CPI (MoM): +0.4% vs. +0.2% prior

2. Michigan Consumer Sentiment

The University of Michigan Consumer Sentiment Index fell to a record low of 44.8 in May, revised sharply lower from the preliminary 48.2 reading and marking the third straight monthly decline. The drop reflects growing pressure from higher gasoline prices tied to Strait of Hormuz supply disruptions, with consumers increasingly focused on the rising cost of living.

High prices remain the dominant concern, with 57% of consumers spontaneously citing inflation as a strain on their personal finances. The weakness was most pronounced among lower-income households and consumers without college degrees, groups that are more exposed to rising gas and essentials costs. Politically, sentiment among Independents and Republicans fell to the lowest levels of the current administration, while Democratic sentiment was little changed.

Economists expect the following this week:

• Consumer Sentiment: 44.8 vs. 48.2 preliminary

• 1-Year Inflation Expectations: 4.8% vs. 4.7% prior

• 5-Year Inflation Expectations: 3.9% vs. 3.5% prior

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THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.

This content is sponsored by NEOS Investments. The creator is compensated by NEOS to discuss NEOS ETFs. This content is for informational purposes only, and is not personalized investment, tax, or legal advice, and does not constitute an offer to buy or sell any security. Investing involves risk, including possible loss of principal. Before investing, carefully review the NEOS ETFs prospectus at neosfunds.com.

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Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

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👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• Palo Alto Networks’ free cash flow margin hit a record 38.5%.

• CrowdStrike continues to benefit from Anthropic’s Mythos.

• Broadcom paid $3B in dividends to their shareholders.

Investor Events / Global Affairs:

• A deal to end the war continues to be complicated.

• Google signed a $920M deal with SpaceX for compute.

• Anthropic’s pending IPO will have massive network effects.

Economic Updates:

• The labor market appears to be much stronger than most analysts expected.

• President Trump is still pushing for rate cuts.

👉 Best and Worst ETF Performers of the Week

Click here to learn more from ETF Central.

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👉 Key Earnings Announcements:

Palo Alto Networks’ free cash flow margin hit a record 38.5%, CrowdStrike continues to benefit from Anthropic’s Mythos, and Broadcom paid $3B in dividends to their shareholders.

• Palo Alto Networks (PANW)

Key Metrics

Revenue: $3.0 billion, an increase of +31% YoY

Operating Loss: -$183.0 million, compared to $219.0M last year

Net Loss: -$177.0 million, compared to $262.0 million last year

Earnings Release Callout

“Q3 was a standout quarter for Palo Alto Networks, with accelerating organic bookings growth as customers turn to us to secure their AI deployments at scale. The latest advancements at the AI frontier have increased the level of urgency around cybersecurity, and redefined the shape of the industry for the coming years. Our Q3 results reflect strong growth across each of our platforms as we scale.”

My Takeaway

• Crowdstrike (CRWD)

Key Metrics

Revenue: $1.4 billion, an increase of +26% YoY

Operating Income: $325.7 million, an increase of +62% YoY

Profits: $27.8 million, compared to -$104.3 million last year

Earnings Release Callout

"In Q1, the worlds of cybersecurity and frontier AI collided: this was the Mythos moment. CrowdStrike is AI security infrastructure, critical to successful AI adoption. Our record Q1 net new ARR, QuiltWorks coalition, and AIDR innovation are indicators of our own AI inflection point. We’re seeing platform adoption from existing customers, new logo lands, and increased partner engagement, each giving me the conviction to significantly raise our FY27 net new ARR guidance. The technology is here. The team is here. And the market opportunity is ours.”

My Takeaway

• Broadcom (AVGO)

Key Metrics

Revenue: $22.2 billion, an increase of +48% YoY

Operating Income: $15.2 billion, an increase of +52% YoY

Profits: $9.3 billion, an increase of +88% YoY

Earnings Release Callout

“Broadcom achieved record revenue, operating profit and free cash flow in Q2 driven by accelerating growth in AI semiconductor revenue and strong operating leverage. Q2 semiconductor revenue from AI of $10.8 billion grew 143% year-over-year, above our forecast, driven by increasing demand for custom AI accelerators and AI networking.”

My Takeaway

👉 Investor Events / Global Affairs:

A deal to end the war continues to be complicated, Google signed a $920M deal with SpaceX for compute, and Anthropic’s pending IPO will have massive network effects.

• 100 Days Into the Conflict, a U.S.-Iran Deal Still Looks Elusive

President Trump speaks with reporters while aboard Air Force One, en route to Chippewa Falls, Wisconsin, on June 5. Photographer: Samuel Corum/Getty Images

One hundred days after the conflict began, the U.S. and Iran appear no closer to a lasting agreement, with negotiations stalled over key issues including frozen Iranian assets, the future of the Strait of Hormuz, and ongoing fighting involving Hezbollah in Lebanon.

The past week marked the most serious escalation since the ceasefire was established in April. Both sides exchanged military strikes, including U.S. actions against Iranian military assets and continued drone and missile attacks across the region. Meanwhile, fighting between Israel and Hezbollah intensified, adding another layer of complexity to the negotiations.

A major sticking point remains the fate of billions of dollars in frozen Iranian funds. Iran continues to push for access to those assets, while the Trump administration has indicated sanctions relief and asset releases would only come after significant concessions.

Markets are closely watching the situation because disruptions around the Strait of Hormuz continue to threaten global energy supplies. While oil prices have pulled back from their highs, they remain well above pre-war levels, keeping inflation concerns elevated and increasing pressure on policymakers around the world.

• Google Signs Massive AI Compute Deal With SpaceX Ahead of Historic IPO

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

Broadcom, CrowdStrike, Dollar General, Palo Alto Networks, Ulta Beauty and more report earnings this week.

Monday (6/1): Credo Technology, Hewlett Packard Enterprise, HIVE Digital, SAIC 

Tuesday (6/2): Dollar General, GitLab, Palo Alto Networks, PetMed Express, Signet Jewelers, Ulta Beauty, Victoria’s Secret 

Wednesday (6/3): Broadcom, ChargePoint, Cognite, Macy’s, Medtronic, Ollie’s Bargain Outlet, Petco, Veeva Systems 

Thursday (6/4): DocuSign, Lululemon, Planet Labs, Rubrik, Samsara, ServiceTitan, Toro 

Friday (6/5): ABM Industries, G-III Apparel Group

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What We’re Watching:

1. Broadcom (AVGO)

Source: Broadcom Company Overview Deck

Broadcom (+29.1% YTD) reports earnings this week, with investors focused on whether the company can keep delivering explosive AI semiconductor growth while maintaining strong margins across its infrastructure software business. Broadcom has become one of the most important “AI picks-and-shovels” names in the market, supplying custom accelerators, networking chips, and infrastructure software tied to the data-center buildout.

Last quarter, Broadcom delivered record Q1 revenue of $19.3 billion (+29% YoY) and non-GAAP EPS of $2.05, with adjusted EBITDA reaching $13.1 billion, or 68% of revenue. AI semiconductor revenue surged 106% YoY to $8.4 billion, driven by strong demand for custom AI accelerators and networking, while management guided Q2 revenue to roughly $22.0 billion (+47% YoY).

Heading into this release, I’ll be watching whether AI revenue can hit management’s $10.7 billion Q2 target, how hyperscaler demand is trending for custom silicon and networking, and whether VMware integration continues supporting software margins. Commentary on backlog visibility, customer concentration, and the durability of AI infrastructure spending will be critical for sentiment.

Broadcom, Inc. (AVGO) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $1.73 GAAP EPS on Revenue of $22.12 billion.

• You can explore the most recent AVGO investor release here and here.

2. Lululemon (LULU)

Source: Lulu Earnings Graphic

Lululemon (-36.8% YTD) reports Q1 FY2026 earnings Thursday after the close, with investors focused on whether the athleisure leader can stabilize growth after a difficult stretch marked by slowing U.S. demand, heavier competition, and recent pressure around product quality and brand perception.

Last quarter, Lululemon guided for Q1 revenue of $2.40B–$2.43B, representing just 1%–3% growth, with EPS expected between $1.63 and $1.68. For the full year, management forecast $11.35B–$11.50B in revenue, or 2%–4% growth, as the company works through softer North America momentum, elevated inventories, and a more promotional activewear backdrop.

For this report, I’ll be watching whether international growth – particularly China and Europe – can offset weakness in the U.S., how inventory and markdown trends are progressing, and whether management can rebuild confidence in product innovation. I’ll also be looking for any commentary around the recent Texas investigation into potential PFAS, or “forever chemicals,” in activewear, as health-conscious consumers become increasingly focused on what they wear against their skin.

Lululemon Athletica, Inc. (LULU) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $1.68 GAAP EPS on Revenue of $2.44 billion.

• You can explore the most recent LULU investor release here and here.

Investor Events / Global Affairs:

Berkshire makes first acquisition under Greg Abel, Computex Taipei puts AI hardware in the spotlight, and US-Iran deal watch remains a market risk.

• Berkshire Makes First Major Acquisition Under Greg Abel 

Source: Tekedia

Berkshire Hathaway agreed to acquire Taylor Morrison Home Corp. for $6.8 billion in cash, marking one of the first major deals under new CEO Greg Abel. Berkshire will pay $72.50 per share, a roughly 24% premium to Taylor Morrison’s prior closing price.

The acquisition gives Berkshire deeper exposure to the U.S. housing market, where it already has a presence through real estate brokerage, housing-related businesses, and prior investments in homebuilders. The deal also serves as an early signal of Abel’s approach to capital allocation following Warren Buffett’s transition out of the CEO role.

Berkshire has remained highly selective on acquisitions in recent years despite sitting on a record $381 billion cash pile, so this purchase will be closely watched as a test of how actively Abel plans to deploy capital. For investors, the key takeaway is that Berkshire’s core strategy remains intact: patient, cash-rich, and willing to move quickly when the right deal appears.

• Computex Taipei Puts AI Hardware in the Spotlight 

Souce: Computextaipei.com

The four-day Computex Taipei event begins this week, with the conference positioning itself as an AI-first showcase across chips, PCs, data centers, edge computing, and robotics. The event will feature a heavyweight lineup of semiconductor leaders, including Qualcomm CEO Cristiano Amon, Intel CEO Lip-Bu Tan, Arm CEO Rene Haas, and Marvell CEO Matt Murphy.

Nvidia will have one of the biggest presences of the week, effectively co-branding its participation as “NVIDIA GTC Taipei at COMPUTEX,” with CEO Jensen Huang set to deliver a high-profile keynote. Cisco is also expected to have a major presence, adding to the focus on AI networking and infrastructure.

For investors, Computex will serve as a key checkpoint on the next phase of the AI buildout – from chips and servers to networking, edge devices, physical AI, and robotics. Markets will be watching for new product launches, partnership announcements, and commentary on whether AI demand is broadening beyond hyperscale data centers.

• US-Iran Deal Watch Remains a Market Risk

Source: Morganstanley.com

Markets continue to watch for further details on a potential U.S.–Iran agreement, but momentum appears to be slowing again. After suggesting last weekend that a deal could be announced “shortly,” President Trump now says he is “in no hurry” and warned that if the U.S. does not get what it wants, it could “end it in a different way.”

The shift in tone keeps investors cautious as the Iran War reaches day 93, with energy markets still sensitive to any headlines around diplomacy, sanctions, and shipping access through the Strait of Hormuz.

A key question this week is whether negotiations produce a credible framework – or whether the delay raises the risk of renewed escalation. A deal could ease oil prices and support risk assets, while another breakdown would likely bring the geopolitical risk premium back into focus.

Major Economic Events:

May jobs report will be released and a look at ISM manufacturing PMI.

Monday (6/1): ISM Manufacturing PMI, Construction Spending, Auto Sales 

Tuesday (6/2): JOLTS Job Openings, Fed Speakers 

Wednesday (6/3): ADP Employment, ISM Services PMI, Fed Beige Book, Factory Orders 

Thursday (6/4): Initial Jobless Claims, U.S. Productivity 

Friday (6/5): U.S. Employment Report, Unemployment Rate, Hourly Wages, Consumer Credit 

What We’re Watching:

1. ISM Manufacturing PMI

The ISM Manufacturing PMI held steady at 52.7 in April, matching its highest level since August 2022 but slightly missing expectations for 53.0. The reading still signals expansion in factory activity, with new orders improving to 54.1, suggesting demand remains resilient despite geopolitical and trade uncertainty.

Under the surface, the report was more mixed. Production expanded at a slower pace, while employment fell to 46.4, the sharpest contraction in four months. Supplier deliveries lengthened further, and prices surged at the fastest pace since late 2021, driven by higher oil and diesel costs tied to the Middle East conflict.

Sentiment among manufacturers remained cautious in the second month of the Iran War. According to ISM’s Susan Spence, 69% of panelist comments were negative, with the war mentioned in nearly half of responses and tariffs cited in 18%.

Economists expect the following this week:

• ISM Manufacturing PMI: 52.7 vs. 52.7 prior

• New Orders: 54.1 vs. 53.5 prior

• Prices Paid: Fastest pace since late 2021

2. Non-Farm Payrolls

The U.S. economy added 115,000 jobs in April, down from March’s upwardly revised 185,000 gain but well above expectations for just 62,000. The report points to a labor market that is cooling from stronger levels, but still holding up better than feared.

Job gains were led by health care (+37K), transportation and warehousing (+30K), and retail trade (+22K). Weakness was concentrated in information (-13K), federal government employment (-9K), and manufacturing (-2K), reflecting continued pressure in more rate-sensitive and policy-exposed areas.

Revisions were slightly negative overall, with February revised lower by 23,000 and March revised higher by 7,000. Still, April marked the first back-to-back monthly payroll gain in nearly a year, reinforcing the view that the labor market is gradually cooling – not breaking.

Economists expect the following this week:

• Nonfarm Payrolls: +115K vs. +62K expected

• Prior Month Payrolls: +185K vs. +178K previously reported

• Federal Government Employment: -9K

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Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

This content is sponsored by NEOS Investments. The creator is compensated by NEOS to discuss NEOS ETFs. This content is for informational purposes only, and is not personalized investment, tax, or legal advice, and does not constitute an offer to buy or sell any security. Investing involves risk, including possible loss of principal. Before investing, carefully review the NEOS ETFs prospectus at neosfunds.com.

Cover Image Source: Tekedia

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Together with DUTY

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• Salesforce’s Agentforce hit $1B in ARR.

• Dell’s AI-optimized server revenue increase +757%.

• Costco is sitting on $19B in cash (special dividend?).

Investor Events / Global Affairs:

• Negotiations with Iran continue to remain in focus.

• Anthropic is approaching a TRILLION dollar valuation.

• SpaceX is massively impacting the broader market.

Economic Updates:

• Inflation continues to pressure households.

• Fed President Kashkari reaffirmed that it’s a serious issue.

👉 Best and Worst ETF Performers of the Week

Click here to learn more from ETF Central.

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What makes DUTY different is its mission-driven structure: Aura ETFs has committed to donating 10% of the Fund's annual management fees to charitable organizations supporting U.S. military veterans, with a minimum commitment of $150,000 during the Fund’s first year of operations.

As the U.S. approaches nearly $1 trillion in annual defense spending¹ and cybercrime damages are projected to exceed $10 trillion annually² , many investors are increasingly viewing defense as both a strategic and long-term secular growth theme.

👉 Key Earnings Announcements:

Salesforce’s Agentforce hit $1B in ARR, Dell’s AI-optimized server revenue increase +757%, and Costco is sitting on $19B in cash (special dividend?).

• Salesforce (CRM)

Key Metrics

Revenue: $11.1 billion, an increase of +13% YoY

Operating Income: $2.3 billion, an increase of +21% YoY

Profits: $2.1 billion, an increase of +37% YoY

Earnings Release Callout

“This was an outstanding quarter for Salesforce — record revenue, record deals, and cash flow. Agentic AI is the biggest growth opportunity for our customers, and for Salesforce. We’re the #1 Agentic CRM, with Agentforce now powering every Customer 360 application and helping tens of thousands of businesses across every industry transform into Agentic Enterprises. With more than $1 billion in Agentforce ARR, $3.4 billion in combined AI and data ARR, and 3.8 billion Agentic Work Units delivered for our customers, Salesforce has never been more essential.”

My Takeaway

• Dell Technologies (DELL)

Key Metrics

Revenue: $43.8 billion, an increase of +88% YoY

Operating Income: $3.7 billion, an increase of +214% YoY

Profits: $3.4 billion, an increase of +256% YoY

Earnings Release Callout

“Our record Q1 performance reflects strong in-quarter demand, as well as our pace of innovation across the full stack of PCs, compute and storage. We booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue. We’re increasing our AI server revenue expectations for FY27 to $60 billion, which only goes to show the AI opportunity shows no signs of slowing.”

My Takeaway

• Costco (COST)

Key Metrics

Revenue: $70.5 billion, an increase of +12% YoY

Operating Income: $2.8 billion, an increase of +11% YoY

Profits: $2.2 billion, an increase of +15% YoY

Earnings Release Callout

"Our focus is providing quality goods and services at the lowest possible price continues to resonate strongly with our members. The value proposition is performing well against ongoing macro uncertainty."

My Takeaway

👉 Investor Events / Global Affairs:

Negotiations with Iran continue to get constant focus, Anthropic is approaching a TRILLION dollar valuation, and SpaceX is massively impacting the broader market.

• U.S.-Iran Negotiations Continue as Middle East Tensions Remain Elevated

Smoke rises following an Israeli airstrike on the village of Arnoun on May 31. Source: AFP/Getty Images

The U.S. and Iran continued exchanging proposals over the weekend in an effort to reach a broader agreement that would extend the current ceasefire, reopen the Strait of Hormuz, and address concerns surrounding Iran’s nuclear program. While both sides appear to be actively negotiating, officials indicated that key disagreements remain and there is still no guarantee a final deal will be reached.

One of the largest sticking points remains control of the Strait of Hormuz, one of the world's most important energy shipping routes. Reports suggest Iran is seeking a greater role in overseeing traffic through the waterway, while the U.S. continues pushing for unrestricted international access. Discussions have also reportedly included access to frozen Iranian assets and limitations on Iran’s nuclear activities.

Meanwhile, regional tensions remain high despite the ongoing diplomacy. Israel significantly expanded its military operations in southern Lebanon after renewed attacks from Hezbollah, raising concerns that the conflict could continue spreading even if progress is made between Washington and Tehran.

Markets continue to closely monitor developments because the outcome could have major implications for oil prices, inflation, and global economic growth. A successful agreement could help stabilize energy markets and reduce inflationary pressures, while a breakdown in negotiations could reignite fears of further disruptions across the region.

• Anthropic Approaches $1 Trillion Valuation Ahead of IPO

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

Dell, Marvell, MongoDB, Salesforce, Snowflake and Zscaler highlight the week.

Monday (5/25): Memorial Day

Tuesday (5/26): AutoZone, BBVA, Box, Champion Homes, Ooma, Pony AI, Zscaler 

Wednesday (5/27): Abercrombie & Fitch, Bath & Body Works, Capri Holdings, Dick’s Sporting Goods, HP, Marvell, Salesforce, Snowflake, Synopsys 

Thursday (5/28): Autodesk, Best Buy, Costco, Dell, Elastic, MongoDB, Okta, SentinelOne, UiPath 

Friday (5/29): BitFuFu, Elmet Technologies, Knot Offshore Partners 

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What We’re Watching:

1. Dell (DELL)

Source: Dell Earnings Deck 

Dell Technologies (+134% YTD) reports earnings Thursday after the close, with investors focused on whether the company can keep converting AI infrastructure demand into revenue growth, margin leverage, and backlog expansion. Dell has become one of the clearest hardware beneficiaries of the AI data-center buildout, but expectations have risen quickly as the stock has surged on accelerating demand for AI servers.

Last quarter, Dell delivered record revenue of $33.4 billion (+39% YoY) and non-GAAP EPS of $3.89 (+45% YoY), beating expectations on both the top and bottom line. Infrastructure Solutions Group revenue reached a record $19.6 billion, while AI-optimized server revenue hit roughly $9.0 billion. The company also reported $34.1 billion in AI-optimized server orders and ended the year with a $43 billion AI backlog, underscoring the scale of demand tied to next-generation data centers. 

Heading into the release, I’ll be watching AI server orders, backlog conversion, and margin performance in Infrastructure Solutions, along with whether PC demand continues to stabilize. Commentary on supply constraints, enterprise AI deployments, and forward guidance will be critical as investors assess whether Dell’s AI server momentum can continue into the second half of the year.

Dell Technologies (DELL) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $2.54 GAAP EPS on Revenue of $35.77 billion.

• You can explore the most recent DELL investor release here and here.

2. Salesforce (CRM)

Source: Salesforce Earnings Deck

Salesforce (-32% YTD) reports Q1 FY2027 earnings Wednesday after the close, with investors focused on whether the company can prove its AI strategy is creating durable growth after a major software selloff. The stock has been under pressure as investors debate whether agentic AI strengthens Salesforce’s platform or disrupts the traditional SaaS model altogether.

Last quarter, Salesforce delivered $11.2 billion in revenue (+12% YoY), with subscription and support revenue up 13% and total RPO rising 14% to $72.4 billion. Management also highlighted growing AI traction, with Data 360 and AI ARR reaching $2.9B+ and Agentforce ARR around $800M, while the company guided FY2027 revenue to roughly $46.2B.

Heading into this release, I’ll be watching whether Agentforce and Data 360 adoption can translate into stronger cRPO, whether enterprise customers are expanding AI budgets, and how management frames the broader “SaaS disruption” narrative. Commentary on margins, Informatica integration, Slack monetization, and full-year guidance will be key as investors look for signs that Salesforce can defend its platform in the AI era.

Salesforce Inc. (CRM) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $1.76 GAAP EPS on Revenue of $11.06 billion.

• You can explore the most recent CRM investor release here and here.

Investor Events / Global Affairs:

Investors and the world have high hopes for a definitive deal with Iran to be announced this week.

• Iran Deal on Watch

Markets will be watching U.S.–Iran talks closely this week after reports of progress toward a potential agreement sent Brent crude down roughly 7% and lifted U.S. equity futures. The move reflects hope that a deal could help reopen the Strait of Hormuz, ease supply disruptions, and reduce the energy-driven inflation pressure that has weighed on risk assets.

Still, investors remain cautious. President Trump said negotiations are moving forward but stressed he “won’t do a bad deal,” while key sticking points remain around Iran’s nuclear program, sanctions relief, and shipping access. Both sides have incentives to reach an agreement – the U.S. wants lower oil prices and reduced inflation pressure, while Iran needs relief from economic isolation – but the gap between the two sides remains meaningful.

The U.S. also needed to conduct “self-defense strikes” in Southern Iran early on Tuesday…

The key watch this week is whether diplomacy turns into a concrete framework or fades into another false start. A credible deal could extend the relief rally in equities and energy-sensitive sectors, while a breakdown would likely put the geopolitical risk premium back into oil quickly.

• New Fed Chair Warsh Is Getting Thrown Into the Fire in His First Full Week

Sources: Reuters | Jonathan Ernst | File Photo

New Federal Reserve Chair Kevin Warsh is stepping into one of the toughest macroeconomic environments in years. Inflation remains well above the Fed’s 2% target, oil prices continue rising due to Middle East tensions, and bond markets are increasingly signaling concern that interest rates may need to stay elevated — or even move higher.

That creates a difficult challenge for Warsh, who previously suggested the possibility of lower interest rates while also arguing the Fed should provide less forward guidance and become more flexible in its communication strategy. But with Treasury yields rising, mortgage rates climbing, and markets pricing in a more hawkish outlook, those goals are becoming harder to maintain simultaneously.

The situation is further complicated by a surprisingly resilient economy driven in part by massive AI-related investment spending and strong equity markets, even as consumer sentiment weakens and inflation pressures remain persistent. Investors are now trying to determine whether the economy is slowing enough to justify lower rates — or whether inflation risks are still too elevated for the Fed to ease policy.

As a result, Warsh may soon face difficult tradeoffs between supporting economic growth, maintaining inflation credibility, managing bond market expectations, and preserving the Fed’s independence amid increasing political pressure.

Major Economic Events:

Core PCE, durable goods orders and fedspeak highlight this week.

Monday (5/25): Memorial Day

Tuesday (5/26): Case-Shiller Home Price Index, Consumer confidence 

Wednesday (5/27): N/A

Thursday (5/28): Durable goods orders, GDP (second estimate), Initial jobless claims, Personal income, Consumer spending, PCE index (MoM & YoY), Core PCE index (MoM & YoY), New home sales 

Friday (5/29): Advance economic indicators, Wholesale inventories, Retail inventories, Chicago PMI 

What We’re Watching:

1. Core PCE

The Fed’s preferred inflation gauge, Core PCE, rose 0.3% MoM in March, easing from February’s 0.4% increase and matching market expectations. While the monthly pace cooled slightly, inflation remains firm beneath the surface.

On a year-over-year basis, core PCE accelerated to 3.2%, up from 3.0% in February and still well above the Fed’s 2% target. For the Fed, the report complicates the policy outlook. A softer monthly print gives officials some breathing room, but the higher annual rate makes it harder to justify near-term rate cuts, especially with energy-related risks and geopolitical uncertainty still elevated.

Economists expect the following this week:

• Core PCE (MoM): +0.3% vs. +0.4% prior

• Core PCE (YoY): +3.2% vs. +3.0% prior

2. Durable Goods Orders

New orders for U.S.-manufactured durable goods rose 0.8% MoM in March to $318.9 billion, rebounding from February’s revised 1.2% decline and topping expectations for a 0.5% increase. The gain suggests business demand remained intact despite renewed uncertainty from the Iran conflict, higher energy prices, and global shipping disruptions.

The strength was led by computers and electronic products (+3.7%), reflecting continued momentum tied to AI-related demand. Orders also increased across machinery, primary metals, electrical equipment, and transportation equipment, pointing to a broader stabilization in industrial activity.

The report reinforces the idea that capital spending has not stalled, even as businesses navigate higher input costs and geopolitical risk.

Economists expect the following this week:

• Durable Goods Orders (MoM): +0.8% vs. -1.2% prior

• Computers & Electronics Orders: +3.7% vs. prior decline

• Transportation Equipment Orders: +0.8% vs. prior weakness

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Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

Cover Image Source: Reuters | Jonathan Ernst | File Photo

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION

This content is sponsored by NEOS Investments. The creator is compensated by NEOS to discuss NEOS ETFs. This content is for informational purposes only, and is not personalized investment, tax, or legal advice, and does not constitute an offer to buy or sell any security. Investing involves risk, including possible loss of principal. Before investing, carefully review the NEOS ETFs prospectus at neosfunds.com.

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

Grit does not accept any liability whatsoever for any direct or consequential loss, however arising, directly or indirectly, from any use of the information contained herein.

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Together with Starfighters Space

During this Memorial Day weekend, we honor and remember the brave men and women who gave their lives serving in the U.S. Armed Forces. For those remembering loved ones this weekend, we hope these days are filled with gratitude and meaningful memories.

Before signing off for the holiday weekend, we invite you to spend a few minutes reviewing the most important happenings in the market.

👉 Top Five Stories This Week

• Nvidia Says the AI Boom Is Just Getting Started

• Inside SpaceX’s IPO Filing

• OpenAI Quietly Moves Toward One of the Biggest IPOs Ever

• Intuit Says Its Massive Layoffs Weren’t Caused by AI

• Iran-U.S. Negotiations Intensify as Pressure Builds for a Deal

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The company’s operations span hypersonic testing, aerospace research, pilot and astronaut training, and next-generation launch systems designed to support the rapidly growing commercial space economy.

Based at Kennedy Space Center in Florida, Starfighters Space is working alongside some of the largest names in aerospace and defense as demand for satellite deployment, hypersonic technologies, and advanced national security infrastructure continues to expand.

• Nvidia Says the AI Boom Is Just Getting Started

Nvidia once again delivered massive numbers in their earnings report, with revenue soaring 85% year-over-year to $81.6 billion and guidance pointing toward another monster quarter ahead at roughly $91 billion in expected sales. But what stood out most wasn’t just the earnings beat — it was Jensen Huang’s message that AI is now moving far beyond Big Tech hyperscalers.

Nvidia says governments, enterprises, industrial companies, and AI cloud providers are becoming the next major wave of demand for AI infrastructure. In other words, the AI buildout is no longer just about Microsoft, Amazon, Meta, and Google spending billions on data centers — it’s beginning to spread throughout the broader global economy.

Huang also emphasized that “physical AI” — robotics, autonomous systems, and automated vehicles — could become Nvidia’s next trillion-dollar opportunity over time. The company believes the world is still in the very early innings of what it calls the “largest infrastructure expansion in human history.”

Nvidia (NVDA) Stock Performance, 5-Year Chart, Seeking Alpha

At the same time, competition is clearly increasing. AMD, Broadcom, Google, Cerebras, and others are aggressively trying to take share in AI chips and infrastructure, while many hyperscalers continue building their own custom silicon internally. Investors also appear harder to impress now, with Nvidia shares barely moving despite another enormous earnings beat, a dividend increase, and an additional $80 billion share buyback authorization.

• Inside SpaceX’s IPO Filing

SpaceX officially filed for its long-awaited IPO this week, giving investors their first detailed look at Elon Musk’s empire spanning rockets, satellites, AI infrastructure, Starlink, and xAI. The company plans to trade under the ticker “SPCX” at a valuation near $2 trillion, which would make it the largest IPO in history.

The filing also reinforced just how much control Elon Musk maintains over the company. Musk owns roughly 41% of SpaceX shares and controls about 85% of the voting power through super-voting Class B shares. If SpaceX eventually reaches a $7.5 trillion valuation and hits several operational milestones — including a permanent Mars colony — Musk could earn an additional 1 billion shares through incentive packages.

Financially, the filing showed a business rapidly transforming into an AI infrastructure company. While Starlink generated roughly $4.4 billion in operating profit during 2025, xAI lost approximately $6.4 billion as the company aggressively expanded AI compute capacity. SpaceX ended Q1 with about $16 billion in cash but also roughly $60 billion in liabilities, much of which is tied to xAI and the X/Twitter merger.

One of the biggest revelations was SpaceX’s enormous AI partnership with Anthropic. Anthropic reportedly agreed to pay SpaceX roughly $1.25 billion per month through 2029 for AI compute infrastructure tied to the Colossus data center platform. That agreement alone highlights how valuable AI compute capacity has become as companies race to build out next-generation models and infrastructure.

• OpenAI Quietly Moves Toward One of the Biggest IPOs Ever

Source: Inc. Magazine

OpenAI is reportedly preparing to confidentially file for an IPO as soon as this week, setting the stage for what could become one of the largest public offerings in history. The company is currently valued at more than $850 billion in private markets and is working with Goldman Sachs and Morgan Stanley on the filing process.

The move comes as the AI arms race continues accelerating across Silicon Valley. OpenAI, Anthropic, xAI, Google, Amazon, Microsoft, and Meta are now spending hundreds of billions of dollars collectively on chips, compute infrastructure, data centers, and AI talent as they compete for dominance in the next era of technology.

At the same time, competition is becoming far more intense. Anthropic has rapidly gained momentum in enterprise AI and coding tools, reportedly surpassing $30 billion in annualized revenue while exploring a valuation near $900 billion. Meanwhile, Elon Musk’s SpaceX/xAI combination is also moving toward a public listing after filing for its own IPO this week.

Despite OpenAI’s explosive growth, investors will likely focus heavily on profitability and cash burn once financials become public. The company has raised more than $180 billion to date and continues spending aggressively to secure the compute power needed to train and run increasingly advanced AI models.

• Intuit Says Its Massive Layoffs Weren’t Caused by AI

Source: Dado Ruvic | Reuters

Intuit cut roughly 17% of its workforce this week, but CEO Sasan Goodarzi pushed back hard against the growing narrative that AI is directly replacing employees. According to Goodarzi, the layoffs were primarily about simplifying the company’s structure, reducing management layers, and improving operational execution — not eliminating jobs because of artificial intelligence.

The comments come at a time when investors and employees across the tech industry are becoming increasingly concerned about AI-driven labor disruption. More than 114,000 tech layoffs have already been announced in 2026 as companies simultaneously cut headcount while dramatically increasing AI spending.

Goodarzi argued that Intuit’s business is more protected from disruption than many investors believe. He emphasized that people don’t simply buy tax software — they buy confidence, compliance, and accuracy for high-stakes financial decisions. In his view, large language models alone are not reliable enough yet to fully replace tax preparation, accounting, and business financial workflows.

Intuit Inc. (INTU) Stock Performance. 5-Year Chart, Seeking Alpha

At the same time, Intuit is still aggressively embracing AI internally. The company said it wants to build a faster-moving “builder culture” while integrating products like TurboTax and Credit Karma more tightly together. That reflects a broader trend happening across corporate America: companies are not necessarily replacing their entire workforce with AI overnight, but they are restructuring organizations to operate with leaner teams and higher productivity expectations.

• Iran-U.S. Negotiations Intensify as Pressure Builds for a Deal

Source: Lindsay Dunbar | ABC News

Diplomatic efforts between the United States and Iran appear to be accelerating again, with both sides signaling that negotiations may finally be moving closer toward a potential agreement. Iranian state-linked media reported that recent U.S. proposals have “reduced the gaps” between the two sides, while President Trump said discussions were entering their “final stages.”

At the center of the negotiations are two major issues: Iran’s nuclear program and reopening shipping access through the Strait of Hormuz, one of the most important oil trade routes in the world. Oil prices remain elevated near $107 per barrel as global markets continue pricing in the risk of additional disruptions to energy supplies.

Pakistan has reportedly emerged as a key intermediary in the talks, helping facilitate communication between Washington and Tehran. At the same time, Trump continues balancing diplomacy with military pressure, warning that the U.S. is “all ready to go” if negotiations fail to produce what he called the “right answers.”

Despite the more optimistic tone, tensions remain extremely fragile. Iran’s Revolutionary Guard warned that renewed military action could trigger a much broader regional conflict, while the U.S. military continues enforcing maritime blockades and intercepting Iranian-linked vessels near the Strait of Hormuz.

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The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

This content is sponsored by NEOS Investments. The creator is compensated by NEOS to discuss NEOS ETFs. This content is for informational purposes only, and is not personalized investment, tax, or legal advice, and does not constitute an offer to buy or sell any security. Investing involves risk, including possible loss of principal. Before investing, carefully review the NEOS ETFs prospectus at neosfunds.com.

Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

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Together with Wall Street Prep

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

Baidu, Home Depot, Nvidia, and Zoom highlight this week.

Monday (5/18): Agilysys, Baidu, Brady, Compugen, FatPipe, Gossamer Bio, ReNew Energy 

Tuesday (5/19): Amer Sports, CAVA, Carlyle, Home Depot, Keysight, MakeMyTrip, Toll Brothers, Vertiv 

Wednesday (5/20): Analog Devices, ELF Beauty, Intuit, Lowe’s, Nvidia, Target, TJX Companies, Urban Outfitters 

Thursday (5/21): Advance Auto Parts, Deckers, Deere, Ross Stores, Snowflake, Walmart, Workday, Zoom 

Friday (5/22): BJ’s Wholesale, Booz Allen Hamilton, Global Ship Lease

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What We’re Watching:

1. Target (TGT)

Target (+24.3% YTD) reports Q1 FY2026 earnings Wednesday before the open, with investors focused on whether the retailer’s turnaround plan is beginning to show up in traffic, comparable sales, and margins. Target has been working to regain momentum after several difficult quarters marked by softer discretionary spending, inventory pressure, and weaker store traffic.

Analysts expect roughly $24.6 billion in revenue (+3% YoY) and $1.41 in EPS, with comparable sales projected to rise around 2% – which would mark the first sales gain in five quarters. The stock has already rallied nearly 25% YTD, helped by optimism around new CEO Michael Fiddelke’s plan to refresh store layouts, improve assortment, invest in staff, and upgrade technology.

Heading into the print, I’ll be watching whether Target can show real progress in discretionary categories like apparel, home, and electronics, while maintaining strength in essentials. Margin commentary will also be key, especially around promotions, shrink, inventory discipline, and whether the turnaround strategy can support stronger profitability into the second half of the year.

Target Corporation (TGT) Stock Performance, 5-year chart, Seeking Alpha

• Analysts expect $1.41 GAAP EPS on Revenue of $24.63  billion.

• You can explore the most recent TGT investor release here and here.

2. Nvidia (NVDA)

Nvidia (+20.8% YTD) reports Q1 FY2027 earnings Wednesday after the close, in what will be one of the most important prints of the week for both the AI trade and the broader market. Investors will be watching whether demand for Nvidia’s GPUs, networking chips, and full-stack AI infrastructure remains strong enough to support elevated expectations after the stock’s massive multi-year run.

Analysts are looking for roughly $79 billion in revenue and $1.78 in EPS, driven by continued strength in data center demand, hyperscaler capex, and AI infrastructure spending. The key question is whether Blackwell momentum, networking growth, and early Rubin commentary can extend confidence in Nvidia’s multi-year growth runway.

Heading into the release, I’ll be watching data center revenue growth, gross margin durability, Blackwell/Rubin demand signals, and commentary around hyperscaler ordering patterns. Nvidia’s guidance will likely matter more than the headline beat, as investors look for confirmation that AI spending remains durable rather than peaking.

Nvidia Corp (NVDA) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $1.75 GAAP EPS on Revenue of $79.23 billion.

• You can explore the most recent NVDA investor release here and here.

Investor Events / Global Affairs:

Middle East tensions continue to escalate, and Meta’s layoffs may be setting a trend.

• Middle East Tensions Escalate Again as U.S .– Iran Talks Stall 

The U.S. and Iran remain far apart on a potential agreement to end the conflict and fully reopen the Strait of Hormuz, keeping energy markets and global investors on edge heading into the week.

The fragile ceasefire was further tested after a drone strike sparked a fire near the Barakah nuclear facility in the United Arab Emirates, highlighting the growing regional risk despite ongoing diplomatic efforts. While UAE officials said there was no impact on nuclear safety, the incident underscores how quickly tensions could escalate again.

Meanwhile, Donald Trump signaled frustration with negotiations, warning Iran that “the clock is ticking,” while reports suggest major disagreements remain over sanctions, uranium transfers, and shipping access. Brent crude climbed back above $110 per barrel after already surging nearly 50% since the start of the war, as disruptions to Gulf shipping continue pressuring global energy supply chains.

Markets will be watching closely for:

• Any progress in U.S.–Iran negotiations

• Further attacks on regional energy infrastructure

• Developments around tanker access through Hormuz

• Potential spillover into inflation expectations and central bank policy

• Meta’s Latest Layoffs Highlight AI’s Growing Impact on White-Collar Jobs

Source: Carlos Barria | Reuters

Meta is beginning another major round of layoffs this week, cutting roughly 8,000 employees while simultaneously ramping up AI spending to as much as $145 billion in capital expenditures for 2026. The company is also reportedly planning additional rounds of cuts later this year as executives continue restructuring the workforce around AI-driven productivity gains.

The tone inside Meta has shifted dramatically compared to the post-Covid layoffs of 2022 and 2023. Back then, Mark Zuckerberg framed cuts as a correction for overhiring. Today, the message is much more direct: AI is allowing companies to operate with fewer people while demanding significantly more spending on compute, chips, and infrastructure.

The broader tech industry is moving in the same direction. Nearly 110,000 tech layoffs have already been announced in 2026 as companies like Meta, Microsoft, Amazon, Cisco, and Coinbase aggressively reallocate resources toward AI development and automation.

At the same time, employee anxiety across Silicon Valley is clearly rising. Internal concerns at Meta reportedly include fears around surveillance tools, workplace monitoring, and uncertainty about which roles AI may eventually replace — reinforcing that the AI boom is increasingly becoming both an infrastructure story and a labor disruption story.

Meta Platforms (META) Stock Performance, 5-Year Chart, Seeking Alpha

Major Economic Events:

Initial jobless claims and pending home sales take center stage.

Monday (5/18): Atlanta Fed First Vice President Cheryl Venable remarks 

Tuesday (5/19): Pending home sales, Philadelphia Fed President Anna Paulson speaks, Atlanta Fed First Vice President Cheryl Venable remarks 

Wednesday (5/20): Minutes from the Fed’s May FOMC meeting 

Thursday (5/21): Initial jobless claims, Housing starts, Building permits, Philadelphia Fed manufacturing survey, S&P flash U.S. services PMI, S&P flash U.S. manufacturing PMI 

Friday (5/22): Consumer sentiment (final), U.S. leading economic indicators 

What We’re Watching:

1. Initial Jobless Claims

Initial jobless claims rose by 12,000 to 211,000 in the first week of May, slightly above expectations of 205,000. Continuing claims also edged higher by 24,000 to 1.78 million, coming in just below forecasts.

Despite the weekly increase, claims remain well below last year’s average, reinforcing the view that layoffs are still limited and the labor market remains relatively stable. Federal employee claims, which have been closely watched following shutdown-related filing delays, fell by 46 to 392.

Economists expect the following this week:

• Initial Jobless Claims: 211K vs. 199K prior

• Continuing Claims: 1.78M vs. 1.76M prior

2. Pending Home Sales

U.S. pending home sales rose 1.5% MoM in March, building on February’s upwardly revised 2.5% gain and easily beating expectations for just a 0.1% increase. The report suggests housing demand remains resilient despite elevated mortgage rates, with buyers still active where inventory and affordability allow.

Regional performance was mixed. The Northeast (+4.4%) and South (+3.8%) drove the headline gain, while pending sales declined in the West (-2.6%) and Midwest (-1.3%). The divergence highlights how affordability, supply, and local market conditions continue to shape housing activity.

The data points to pent-up demand in the housing market, but the path to stronger existing-home sales still depends on inventory growth and more affordable supply.

Economists expect the following this week:

• Pending Home Sales (MoM): +1.5% vs. +2.5% prior

• Pending Home Sales Forecast: +1.5% vs. +0.1% expected

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Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

This content is sponsored by NEOS Investments. The creator is compensated by NEOS to discuss NEOS ETFs. This content is for informational purposes only, and is not personalized investment, tax, or legal advice, and does not constitute an offer to buy or sell any security. Investing involves risk, including possible loss of principal. Before investing, carefully review the NEOS ETFs prospectus at neosfunds.com.

Cover Image Source: AFP / Getty Images

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

Grit does not accept any liability whatsoever for any direct or consequential loss, however arising, directly or indirectly, from any use of the information contained herein.

By using the Site or any related social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

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Together with Equable Shares

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• On Cloud reported record gross profit margins of 64%.

• Nebius raised their 2026 capital expenditure guidance to $25 billion.

• Applied Materials' largest customers now providing 8-quarter rolling forecasts.

Investor Events / Global Affairs:

• Trump’s China trip was “incredible.”

• SpaceX approved a 5-for-1 stock split ahead of IPO.

• Markets are sliding after Trump’s Iran warning reignited oil supply fears.

• Berkshire Hathaway’s new CEO is shaking things up.

Economic Updates:

• Inflation climbs to highest level since 2023.

• Consumers keep spending regardless.

👉 Best and Worst ETF Performers of the Week

Click here to learn more from ETF Central.

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👉 Key Earnings Announcements:

On Cloud reported record gross profit margins of 64%, Nebius raised their 2026 capital expenditure guidance to $25 billion, and Applied Materials' largest customers now providing 8-quarter rolling forecasts.

• On Holdings (ONON)

Key Metrics (in CHF)

Revenue: $831.9 million, an increase of +15% YoY

Operating Income: $174.3 million, an increase of +45% YoY

Profits: $103.3 million, an increase of +82% YoY

Earnings Release Callout

"The results we present today - highlighted by record net sales and a gross profit margin of 64.2% - demonstrates our unique ability to scale rapidly while expanding our profitability. Growth is strong across both Direct-to-Consumer ("DTC") and Wholesale channels, reflecting On's ability to deepen engagement with existing consumers, while continuing to build new fans across the globe."

My Takeaway

• Nebius Group (NBIS)

Key Metrics

Revenue: $399.0 million, an increase of +684% YoY

Operating Loss: -$128.0 million, compared to -$120.0 million last year

Profits: $621.2 million, compared to -$104.3 million last year

Earnings Release Callout

"We continue to see unprecedented demand across the market. Compute and cloud needs are vastly exceeding capacity as more industries embrace AI and companies move beyond experimentation to real-world applications. We are seeing this demand first hand, and are capturing it with our full-stack AI-native cloud from infrastructure and multi-tenant cloud through inference solutions and agentic platforms."

My Takeaway

• Applied Materials (AMAT)

Key Metrics

Revenue: $7.9 billion, an increase of +11% YoY

Operating Income: $2.5 billion, an increase of +16% YoY

Profits: $2.8 billion, an increase of +31% YoY

Earnings Release Callout

"Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026. The rapid global build-out of AI computing infrastructure combined with Applied's strong leadership positions in leading-edge logic, DRAM and advanced packaging provide an exceptionally strong foundation for sustained, multi-year revenue and profit growth."

My Takeaway

👉 Investor Events / Global Affairs:

Trump’s China trip was “incredible,” SpaceX approved a 5-for-1 stock split ahead of IPO, markets are sliding after Trump’s Iran warning reignited oil supply fears, and Berkshire Hathaway’s new CEO is shaking things up.

• Trump’s China Trip Ends With Big Optics, Few Concrete Details

Brendan Smialowski / AFP via Getty Images

President Trump wrapped up his two-day trip to China calling it “incredible,” but despite the high-profile meetings and elaborate ceremonies, the visit produced few concrete agreements. Trump highlighted potential deals involving Boeing aircraft and U.S. soybean exports, though China has not formally confirmed the commitments.

The broader takeaway is that both sides appear focused on stabilizing relations after years of escalating tensions over trade, Taiwan, technology, and geopolitics. Chinese President Xi Jinping emphasized the importance of avoiding conflict over Taiwan, while Trump signaled both countries want the Strait of Hormuz reopened and Iran prevented from obtaining nuclear weapons.

One notable theme throughout the visit was the emphasis on personal diplomacy. Trump repeatedly praised Xi publicly, while China rolled out extraordinary levels of pageantry — including state banquets, military ceremonies, and a rare visit inside Zhongnanhai, the leadership compound in Beijing. Analysts viewed the symbolism as China attempting to reset the tone of the relationship without making major policy concessions.

Markets may care less about the optics and more about whether these discussions eventually translate into actual trade agreements, tariff reductions, or geopolitical stability. For now, the trip appears more important diplomatically than economically.

• SpaceX Approves 5-for-1 Stock Split Ahead of Historic IPO

Together with HEDG

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

Alibaba, AST SpaceMobile, Cisco, Hims and Hers, Nebius, Nu Holdings and Oklo are among the many reporting.

Monday (5/11): AST SpaceMobile, Barrick Gold, Carlyle, Circle, GoPro, Hims & Hers, Marathon Digital, Mosaic, Rigetti Computing 

Tuesday (5/12): D-Wave, JD.com, Kopin, Oklo, QuantumScape, Sea Limited, Venture Global 

Wednesday (5/13): Alibaba, Cisco, Doximity, Dynatrace, Enovix, Grab, Nebius, Wix.com 

Thursday (5/14): Applied Materials, Brookfield, Figma, Intuitive Machines, Klarna, Nu Holdings, Rumble, Yeti 

Friday (5/15): Alaska Air, Cronos Group, Super League, Village Farms International

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What We’re Watching:

1. Alibaba (BABA)

Alibaba Group (-4.4% YTD) reports fiscal Q4 earnings Wednesday before the open, with investors focused on whether the company can balance its aggressive AI/cloud ambitions with softer Chinese consumer demand and rising competitive pressure across e-commerce.

Last quarter, Alibaba posted roughly $40.7 billion in revenue, with overall growth modest but cloud remaining the key bright spot. Alibaba Cloud revenue grew 36% YoY to RMB 43.3 billion (~$6.2B), driven by rising AI demand, while the company outlined a major push to scale its AI and cloud business toward $100B in revenue over the next five years. Management has also committed more than $50B over three years toward AI and cloud infrastructure, underscoring how central the segment has become to Alibaba’s long-term strategy.

Heading into this print, I’ll be watching whether cloud growth continues accelerating, how Taobao/Tmall trends reflect the health of Chinese consumers, and whether heavy AI spending pressures margins. Commentary on Qwen, agentic AI tools, international commerce growth, and China’s broader macro backdrop will be key for sentiment.

Alibaba (BABA) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $0.56 GAAP EPS on Revenue of $36.18 billion.

• You can explore the most recent BABA investor release here and here.

2. Hims & Hers (HIMS)

Hims & Hers Health (-12.9% YTD) reports Q1 FY2026 earnings this week, with investors focused on whether the telehealth platform can sustain growth in personalized healthcare while navigating ongoing volatility around its weight-loss offerings.

Last quarter, Hims & Hers delivered $617.8 million in revenue (+28% YoY) and $0.08 in EPS, while full-year 2025 revenue rose 59% to $2.35 billion. Adjusted EBITDA for the year climbed to $318 million, but gross margin declined as the company invested heavily in weight-loss, lab testing, and broader personalized care offerings.

Heading into this print, I’ll be watching subscriber growth, monthly revenue per user, and margin trends, especially as the company continues expanding beyond its core sexual health, hair loss, and dermatology categories into weight loss, hormone health, and diagnostics. Commentary around GLP-1 access, branded partnerships, and long-term profitability will be key as investors debate whether Hims can scale into a broader consumer-health platform.

Hims & Hers Health, Inc. (HIMS) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $0.03 GAAP EPS on Revenue of $616.85 million.

• You can explore the most recent HIMS investor release here and here.

Investor Events / Global Affairs:

AI chipmaker Cerebras Systems IPOS and Iran’s counterproposal keeps Hormuz and oil markets in focus.

• AI Chipmaker Cerebras Systems IPO’s

AI chipmaker Cerebras Systems (CBRS) is expected to price its IPO and begin trading this week, in what could become one of the largest AI-related listings of the year. The company initially aimed to raise up to $3.5 billion at a valuation near $26.6 billion, though strong demand has reportedly pushed Cerebras to consider a higher price range and larger offering. The company will likely raise the price range to $125 to $135 a share, according to a report from Bloomberg. The IPO has accumulated orders more than 20 times the number of shares available.  

Cerebras designs specialized AI chips focused on accelerating training and inference workloads, positioning itself as a potential alternative to Nvidia in parts of the AI infrastructure stack. The company has also drawn attention for major customer relationships, including OpenAI and Amazon Web Services, giving investors another public-market vehicle tied directly to the AI compute boom.

• Iran Counterproposal Keeps Hormuz and Oil Markets in Focus 

Iran has responded to the latest U.S. peace proposal with a plan that would allow the gradual reopening of the Strait of Hormuz to commercial traffic, contingent on the U.S. lifting its blockade on Iranian ships and ports. President Trump quickly rejected the offer on social media, calling it “totally unacceptable,” keeping negotiations fragile as both sides remain far apart.

The U.S. proposal reportedly centers on a 14-point framework and a month-long negotiation window, but Iran’s internal decision-making remains complicated by the absence of Supreme Leader Mojtaba Khamenei, who has not appeared publicly since being injured earlier in the war. At the same time, regional tensions continue to widen, with reported Israeli activity in Iraq and new drone incidents involving the UAE, Kuwait, and Qatar.

Adding another layer, President Trump is expected to meet with President Xi Jinping on Thursday, with Iran, trade, AI, and rare earths likely on the agenda. China’s relationship with Iran – particularly around energy purchases –gives the meeting added significance as Washington looks for pressure points to move Tehran toward a deal. Any signal of U.S.–China coordination, or renewed friction, could quickly ripple through oil, shipping, semiconductors, and broader risk assets.  Washington is also expected to facilitate new Israel-Lebanon talks next week, adding another diplomatic track for investors to monitor.

Major Economic Events:

The consumer price index, producer price index and retail sales highlight this week.

Monday (5/11): Existing home sales 

Tuesday (5/12): NFIB optimism index, CPI, Core CPI, CPI year over year, Core CPI year over year, Monthly U.S. federal budget, NY Fed President Williams speaks, Chicago Fed President Goolsbee speaks 

Wednesday (5/13): PPI, Core PPI, PPI year over year, Core PPI year over year, Boston Fed President Collins speaks 

Thursday (5/14): U.S. retail sales, Retail sales minus autos, Initial jobless claims, Import price index, Import price index minus fuel, Business inventories, Cleveland Fed President Hammack speaks, NY Fed President Williams speaks, Fed Governor Barr speaks 

Friday (5/15): Empire State manufacturing survey, Industrial production, Capacity utilization 

What We’re Watching:

1. Consumer Price Index

Core consumer prices in the U.S. rose 0.2% in March, matching February’s pace and coming in slightly below expectations for a 0.3% increase, offering some relief amid renewed geopolitical and energy-driven inflation concerns.

While headline energy costs remain volatile due to the conflict in the Middle East, the impact is increasingly filtering into broader services categories. Transportation services prices climbed 0.6%, reflecting higher fuel and shipping costs tied to disruptions near the Strait of Hormuz.

Shelter inflation also remained firm, rising 0.3%, while apparel prices posted a notable increase. On the other hand, vehicle-related inflation showed signs of easing, with only modest gains in new vehicle prices and a sharp decline in used car prices.

On an annual basis, core CPI rose 2.6% YoY, continuing a gradual moderation trend but remaining above the Federal Reserve’s long-term target.

Economists expect the following this week:

• Core CPI (MoM): +0.2% vs. +0.2% prior

• Core CPI (YoY): 2.6% vs. 2.6% prior

2. U.S. Retail Sales

U.S. retail sales jumped 1.7% in March, well above expectations of 1.4% and marking the strongest monthly increase in a year, signaling that consumer demand remained resilient even as geopolitical tensions pushed fuel prices sharply higher.

A major driver of the surge was a record 15.5% spike in gasoline station receipts, reflecting rising prices at the pump amid the escalating conflict involving Iran. Outside of energy, spending remained broadly solid across most categories, including furniture, electronics, general merchandise, and online retail.

Importantly, core retail sales – which feed directly into GDP calculations – rose 0.7%, comfortably ahead of expectations and reinforcing the view that underlying consumer activity remains healthy. Analysts also noted that stronger-than-normal tax refunds likely helped support discretionary spending during the month.

Economists expect the following this week:

• Retail Sales (MoM): +1.7% vs. +0.7% prior

• Core Retail Sales: +0.7% vs. +0.2% expected

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👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• Advanced Micro Devices believes the CPU market is going to grow twice as fast as previously forecasted.

• Arm Holdings is doubling down on their $15B 2031 revenue target.

• Uber is facilitating 10X more autonomous rides per quarter than last year.

Investor Events / Global Affairs:

• Anthropic partnered with SpaceX.

• Coinbase made major layoffs.

Economic Updates:

• The labor market is holding up (with some concerns).

• Consumer sentiment hit another record low.

👉 Portfolio Updates

Haven’t shared a portfolio update in a few weeks, so here’s the latest:

The Dividend Growth Portfolio continues to trend up to the right, up +10.2% YTD driven mainly by my Big Tech positions. I subbed out my Berkshire Hathaway position for Invesco’s S&P 500 Momentum ETF, SPMO. This has turned out to be a wonderful decision with the ETF now up nearly +12% in a matter of weeks.

My Long Risky subsection is lagging YTD as names like SoFi, Robinhood, Shopify, and Celsius weigh on the group — despite names like Bloom Energy, Arm Holdings, and Nebius all up +100% or more YTD.

The Monthly Income subsection continues to do what it does best — deliver tax-efficient monthly income to my portfolio thanks to NEOS Funds (SPYI, QQQI, and BTCI).

My Index Funds + ETFs subsection is up +9.2% YTD — driven mainly by the Nasdaq-100 and the iShares Emerging Markets ETF (IEMG).

Remain excited about energy, emerging markets / international, the Russell 2000, Amazon, and a handful of names associated with the rise of peptides. The markets seem incredibly resilient right now, fueled by a stellar earnings season. We’ve seen just about every name pull itself out of the March 30 lows in a heroic fashion — which is why it’s very important to remain invested and dollar cost average no matter the circumstance.

👉 Best and Worst ETF Performers of the Week

Click here to learn more from ETF Central.

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👉 Key Earnings Announcements:

Advanced Micro Devices believes the CPU market is going to grow twice as fast as previously forecasted, Arm Holdings is doubling down on their $15B 2031 revenue target, and Uber is facilitating 10X more autonomous rides per quarter than last year.

• Advanced Micro Devices (AMD)

Key Metrics

Revenue: $10.2 billion, an increase of +38% YoY

Operating Income: $1.5 billion, an increase of +83% YoY

Profits: $1.4 billion, an increase of +95% YoY

Earnings Release Callout

"We delivered an outstanding first quarter, driven by accelerating demand for AI infrastructure, with Data Center now the primary driver of our revenue and earnings growth."

My Takeaway

• Arm Holdings (ARM)

Key Metrics

Revenue: $1.5 billion, an increase of +20% YoY

Profits: $313.0 million, an increase of +49% YoY

Earnings Release Callout

"Data center royalty revenue continues to more than double year-on-year... Demand for our Arm AGI CPU has accelerated to over $2 billion of customer demand across fiscal 2027 and 2028. We are executing on our strategy and remain on track for our long-term target of $15 billion by FY2031, supported by our ecosystem partners and major customers."

My Takeaway

• Uber Technologies (UBER)

Key Metrics

Revenue: $13.2 billion, an increase of +14% YoY

Operating Income: $1.9 billion, an increase of +57% YoY

Profits: $263.0 million, compared to $1.8 billion last year

Earnings Release Callout

"Uber had an exceptional start to 2026, driven by strong execution and a continued focus on product innovation. Despite a complex backdrop marked by war and weather, we delivered top line and profitability at or above the high end of our guidance. Gross bookings were up 21% year on year, reflecting the durability of our platform, and that growth was once again trip and audience-led, with our audience growing 17% alongside strong engagement."

My Takeaway

👉 Investor Events / Global Affairs:

Anthropic partnered with SpaceX, and Coinbase made major layoffs.

• Anthropic Partners With SpaceX as AI Infrastructure Race Accelerates

Source: NEWSTOP

Anthropic announced a major partnership with Elon Musk’s SpaceX, gaining access to the company’s massive “Colossus 1” AI data center in Memphis as demand for AI compute continues exploding. The facility reportedly houses more than 220,000 Nvidia GPUs, giving Anthropic additional capacity to scale products like Claude Pro, Claude Max, and its rapidly growing AI coding tools.

The deal is a major win for both companies. For Anthropic, it helps relieve growing usage constraints as enterprise demand surges. For SpaceX, it strengthens the company’s positioning ahead of its expected IPO by showcasing ambitions far beyond rockets and satellites — including becoming a serious AI infrastructure provider.

Even more interesting: Anthropic is reportedly exploring partnerships with SpaceX around space-based data centers, a concept Musk has discussed as a long-term solution to the enormous energy and compute demands of future AI systems.

The bigger takeaway is that the AI race is no longer just about building the best models — it’s increasingly about securing enough power, chips, and infrastructure to run them. Compute capacity is quickly becoming one of the most valuable strategic assets in the global economy.

• Coinbase Cuts 14% of Workforce as AI Reshapes the Industry

Together with NEOS

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

AMD, Celsius, Coinbase, Disney, Novo Nordisk, Palantir, and Uber report this week.

Monday (5/4): Berkshire Hathaway, Duolingo, Onsemi, Palantir, Pinterest, Tyson Foods 

Tuesday (5/5): AMD, Arista Networks, KKR, PayPal, Pfizer, Shopify, Super Micro Computer 

Wednesday (5/6): AppLovin, Arm, CVS Health, Disney, Kraft Heinz, Novo Nordisk, Snap, Uber 

Thursday (5/7): Affirm, Blackstone, Celsius, Coinbase, Datadog, McDonald’s, MercadoLibre 

Friday (5/8): Algonquin Power, AMC Networks, Enbridge, TeraWulf, Wendy’s 

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What We’re Watching:

1. Advanced Micro Devices (AMD)

AMD (+68% YTD) reports this week with shares sharply higher, as investors look for confirmation that AI demand is translating into sustained data center growth and stronger earnings power.

The focus will be on AMD’s Data Center segment, which hit a record $5.4B last quarter, up 39% year-over-year, driven by strong EPYC server CPU demand and the continued ramp of Instinct GPU shipments. For the full year, data center revenue reached a record $16.6B, up 32%.

Investors are curious whether AMD can keep gaining share in AI infrastructure while competing against Nvidia’s dominant ecosystem. They will also be watching the ramp of AMD’s next-generation AI chips, customer traction, and whether margins can expand as AI GPU revenue scales.

Heading into this print, I’ll be watching: Data Center growth, Instinct GPU demand, AI customer wins, gross margins, and any updates on the MI350/MI400 roadmap.

Advanced Micro Devices (AMD) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $0.74 GAAP EPS on Revenue of $9.9 billion.

• You can explore the most recent AMD investor release here and here.

2. Uber Technologies (UBER)

Uber (-8.7% YTD) reports this week with shares still under pressure, as investors look for signs that the company can keep compounding bookings growth while defending margins in a more competitive mobility and delivery market.

The core story remains Mobility, Delivery, and free cash flow. Last quarter, Uber reported 22% growth in trips and gross bookings, with more than 200 million monthly active platform consumers completing over 40 million trips per day. Mobility remains the profit engine, while Delivery continues to scale behind stronger order frequency, advertising, and membership adoption through Uber One.

Uber is also positioning itself as the platform layer for AV rides through partnerships with companies like Waymo, Lucid, Nuro, Volkswagen, and others, but investors remain focused on whether robotaxis become a long-term opportunity or a competitive threat to Uber’s existing model.

Heading into this print, I’ll be watching: Mobility bookings growth, Delivery margins, Uber One adoption, free cash flow, and any updates on autonomous vehicle partnerships. Commentary around consumer demand, pricing, insurance costs, and AV strategy will likely drive the stock’s next move.

Uber Technologies, Inc (UBER) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $0.71 GAAP EPS on Revenue of $13.26 billion.

• You can explore the most recent UBER investor release here and here.

Investor Events / Global Affairs:

Anthropic highlights the next wave of AI coding tools, Consensus brings crypto leaders back into focus, and McDonald’s enters the crafted beverage race.

• Anthropic Highlights the Next Wave of AI Coding Tools 

Anthropic is holding its Code with Claude event in San Francisco this week, giving investors another look at how quickly Claude is moving from chatbot to developer workflow platform.

The event is expected to focus on hands-on workshops, live demos of new Claude capabilities, and conversations with the teams building Claude, with Anthropic positioning the event toward software developers, engineers, and technical leaders building with AI.

For investors, the bigger takeaway is the continued race to own the AI coding and agentic software layer. Claude Code has become one of Anthropic’s most important enterprise products, and the company has continued rolling out developer-focused features like more autonomous coding workflows and security tools for enterprise codebases

• Consensus Brings Crypto Leaders Back Into Focus 

The three-day CoinDesk Consensus conference begins this week, bringing together some of the biggest names across crypto, digital assets, payments, infrastructure, and AI.

Notable speakers include Binance founder Changpeng Zhao, Strategy Executive Chairman Michael Saylor, and Cloudflare Chief Strategy Officer Stephanie Cohen, making the event a key watch for updates across Bitcoin, stablecoins, tokenization, regulation, and crypto infrastructure.

For investors, the event comes at an important time. Bitcoin treasury strategies remain in focus after Strategy’s continued accumulation, while broader digital asset policy, institutional adoption, and blockchain infrastructure are becoming bigger themes across public markets.

• McDonald’s Enters the Crafted Beverage Race 

McDonald’s is rolling out six new crafted beverages this week, including three refreshers and three crafted sodas, as the company looks to capture more share in the fast-growing specialty drink category.

The move expands McDonald’s push beyond traditional soft drinks and coffee, putting the company more directly in competition with Starbucks, Dutch Bros., Dunkin’, and Taco Bell – all of which have leaned heavily into refreshers, flavored sodas, cold coffee, and customizable drinks to drive traffic.

McDonalds Corp. (MCD) Stock Performance, 5-Year Chart, Seeking Alpha

For McDonald’s, the opportunity is scale. With thousands of locations and a massive daily customer base, even modest adoption of higher-margin specialty beverages could become meaningful over time, especially if the drinks help improve afternoon traffic and appeal to younger consumers.

Major Economic Events:

Consumer sentiment and the newest jobs report highlight this week’s economic activity.

Monday (5/4): Factory orders, NY Fed President Williams speaks 

Tuesday (5/5): U.S. trade balance, Job openings (JOLTS), New home sales (Feb & March), S&P final U.S. services PMI, ISM services, Fed Vice Chair Bowman speaks, Fed Governor Barr speaks 

Wednesday (5/6): ADP employment, Chicago Fed President Goolsbee speaks 

Thursday (5/7): Initial jobless claims, U.S. productivity (Q1), Construction spending (Feb & March), Consumer credit, Minneapolis Fed President Kashkari speaks, NY Fed President Williams speaks 

Friday (5/8): Fed Governor Cook speaks, U.S. employment report, U.S. unemployment rate, U.S. hourly wages (MoM & YoY), Wholesale inventories, Consumer sentiment (prelim), Fed panel (Goolsbee, Daly, Bowman, Waller) 

What We’re Watching:

1. Michigan Consumer Sentiment

The University of Michigan Consumer Sentiment Index was revised higher to 49.8 in April from an initial reading of 47.6, but still remained at the weakest level on record, reflecting the continued pressure on households from geopolitical uncertainty, energy prices, and inflation concerns.

The slight improvement was helped by the two-week ceasefire in the Middle East and a modest pullback in gasoline prices, which allowed sentiment to recover some of its early-month losses. However, the broader picture remains weak, with sentiment declining across political affiliation, income, age, and education levels – suggesting consumer stress is widespread rather than isolated.

The bigger concern for markets is the sharp rise in inflation expectations. Year-ahead inflation expectations jumped to 4.7% from 3.8%, the largest one-month increase since April 2025, while long-term expectations rose to 3.5%, the highest level since October 2025. If consumers begin expecting higher prices to persist, it could complicate the Fed’s path and raise the risk that inflation psychology becomes harder to break.

Economists expect the following this week:

• Consumer Sentiment: 49.8 vs. 47.6 prior preliminary reading

• 1-Year Inflation Expectations: 4.7% vs. 3.8% prior

• Long-Term Inflation Expectations: 3.5% vs. 3.3% prior

2. Non-Farm Payrolls

The U.S. economy added 178,000 jobs in March, well above expectations for 60,000 and the strongest monthly gain since December 2024, signaling that the labor market rebounded after February’s strike-related weakness.

The improvement was driven by a sharp recovery in healthcare employment, which added 76,000 jobs as workers returned from a healthcare strike that weighed on February payrolls. Ambulatory health care services accounted for most of the rebound, with offices of physicians adding 35,000 jobs alone.

Outside of healthcare, hiring was also positive across several cyclical areas. Construction added 26,000 jobs after winter weather weighed on activity, transportation and warehousing added 21,000, manufacturing added 15,000, and social assistance continued its steady upward trend with 14,000 new jobs. The key offset came from weaker government and financial sector employment. 

Economists expected the following this week:

• Nonfarm Payrolls: +178K vs. +60K expected

• Prior Month Revision: -133K vs. -92K previously reported

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Important Disclosures:

Investors should carefully consider the investment objectives, risks, charges and expenses of Exchange Traded Funds (ETFs) before investing. To obtain an ETF's prospectus containing this and other important information, please call (866) 498-5677 or view/download a prospectus at https://neosfunds.com. Please read the prospectus carefully before you invest.

An investment in NEOS ETFs involves risk, including possible loss of principal.

NEOS ETFs are distributed by Foreside Fund Services, LLC.

NEOS Investments was awarded "Best Options Strategies ETF Issuer ($1bn-$10bn)" at the 2025 ETF Express U.S. Awards. Trackinsight has provided the pre-selection data for ETF issuer shortlists since 2020. To determine candidates, all ETFs that have been listed for the past 12 months are included. For each award category, an issuer’s ETFs within that category are combined to calculate total AUM. Issuers with less than USD 100 million in average assets over the review period are excluded. Shortlists are formed based on the percentage change in AUM over the prior 12 months, and in some categories, issuers are further grouped by asset-size tiers. The resulting shortlist goes into an industry voting survey, with each company limited to 10 internal votes. After review, votes are tallied to determine the winners.

QQQI was awarded "Best New Active ETF" at the 2025 ETF.com Awards. There were ~25 submissions for "Best New Active ETF". The criteria for inclusion were that the ETF needed to be launched in 2025 within the actively managed category. Judges looked at a number of factors including performance, flows, uniqueness, and overall value-add to the ETF space.

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

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👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• Microsoft returned $10B to shareholders.

• Meta raised their 2026 capital expenditure forecast to $140 billion.

• Alphabet’s Gemini and YouTube businesses surpassed 350 million combined paid subscribers.

• Apple introduced their new CEO John Ternus.

• Amazon’s free cash flow plummeted by -98%.

Investor Events / Global Affairs:

• U.S.-Iran peace talk issues are still present.

• Bill Ackman’s IPO was a unique one.

• The Musk vs. Altman trial continues to be incredibly heated.

Economic Updates:

• Inflation remains well above the Fed’s target level.

• AI infrastructure investment buoyed US GDP results.

👉 Best and Worst ETF Performers of the Week

Click here to learn more from ETF Central.

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👉 Key Earnings Announcements:

Microsoft returned $10B to shareholders, Meta raised their 2026 capital expenditure forecast to $140 billion, Alphabet’s Gemini and YouTube businesses surpassed 350 million combined paid subscribers, Apple introduced their new CEO John Ternus, and Amazon’s free cash flow plummeted by -98%.

• Microsoft (MSFT)

Key Metrics

Revenue: $82.9 billion, an increase of +18% YoY

Operating Income: $38.4 billion, an increase of +20% YoY

Profits: $31.8 billion, an increase of +23% YoY

Earnings Release Callout

"Our results this quarter reflect the growing demand for cloud and AI solutions, and our ability to deliver value to our customers. We are focused on delivering cloud and AI infrastructure and solutions that empower every business to maximize their outcomes in the agentic computing era."

My Takeaway

• Meta Platforms (META)

Key Metrics

Revenue: $56.3 billion, an increase of +33% YoY

Operating Income: $22.9 billion, an increase of +30% YoY

Profits: $26.8 billion, an increase of +61% YoY

Earnings Release Callout

"We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs. We're on track to deliver personal superintelligence to billions of people."

My Takeaway

• Alphabet (GOOGL)

Key Metrics

Revenue: $109.9 billion, an increase of +22% YoY

Operating Income: $39.7 billion, an increase of +30% YoY

Profits: $62.6 billion, an increase of +81% YoY

Earnings Release Callout

"2026 is off to a terrific start. Our AI investments and full stack approach are lighting up every part of the business. Search had a strong quarter with AI experiences driving usage, queries at an all-time high, and 19% revenue growth... It's really exciting to see how our AI investments are delivering value for our users, customers, and business."

My Takeaway

• Apple (AAPL)

Key Metrics

Revenue: $111.2 billion, an increase of +17% YoY

Operating Income: $29.6 billion, an increase of +21% YoY

Profits: $29.6 billion, an increase of +19% YoY

Earnings Release Callout

"Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment. iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup. During the quarter, Services achieved yet another all-time record, and we were excited to introduce remarkable new products to our strongest lineup ever."

My Takeaway

• Amazon (AMZN)

Key Metrics

Revenue: $181.5 billion, an increase of +17% YoY

Operating Income: $23.9 billion, an increase of +30% YoY

Profits: $30.3 billion, an increase of +77% YoY

Earnings Release Callout

"We're making customers' lives easier and better every day across all our businesses, and their response is driving significant growth. AWS is growing 28% (our fastest growth in 15 quarters) on a very large base, our chips business topped a $20 billion revenue run rate (growing triple digits year-over-year), Advertising grew to over $70 billion in TTM revenue, and unit growth in our Stores reached 15%."

My Takeaway

👉 Investor Events / Global Affairs:

U.S.-Iran peace talk issues are still present, Bill Ackman’s IPO was a unique one, and the Musk vs. Altman trial continues to be incredibly heated.

• U.S.-Iran Tensions Persist as Peace Talks Stall

Strait of Hormuz

Iran has received a U.S. response to its latest peace proposal, but early signals suggest little progress toward a resolution. Tehran’s plan reportedly calls for a full ceasefire, removal of U.S. forces near its borders, and an end to the naval blockade — terms that President Trump has already indicated are likely “unacceptable.”

At the same time, the situation on the ground remains fragile. The U.S. is continuing its blockade of Iranian ports while launching “Project Freedom” to escort ships through the Strait of Hormuz, a critical global oil route that Iran has heavily restricted.

Despite ongoing diplomatic back-and-forth, Trump has made it clear that military action is still on the table if Iran “misbehaves,” highlighting how quickly tensions could escalate again.

Talks are happening, but both sides remain far apart — keeping geopolitical risk, and pressure on global energy markets, firmly elevated.

• Bill Ackman’s IPO Looks Weak — But Investors Still Came Out Ahead

Hi everyone,

Today we’re breaking down the company that physically builds America’s electrical grid, and it just posted its ninth consecutive year of record earnings. The stock is up over 140% from its 52-week lows, and the backlog just hit an all-time high of $44B.

As a reminder, this specific deep-dive is written by the GRIT team and is not the exclusive work of Head Analyst Austin Hankwitz.

Stock Deep Dive: Quanta Services Inc. (PWR-US, $94B)

Quanta Services isn’t a tech company, a cloud platform, or an AI chipmaker. It’s the largest specialty infrastructure contractor in North America, and it builds the physical systems that deliver electricity from power plants to your home, your factory, and increasingly, to the data centers running AI workloads. Transmission lines, substations, distribution networks, renewable energy interconnections, underground pipelines, fiber optic networks: Quanta’s 69,500 employees are the ones out in the field, building and maintaining the critical infrastructure that the modern economy runs on.

The company just closed FY2025 with record results across nearly every metric: $28.5B in revenue (+20% YoY), $2.9B in adjusted EBITDA, $10.75 in adjusted EPS (+20%), and $1.7B in free cash flow. The backlog reached an all-time record of $44B, with the Electric Infrastructure segment driving the acceleration. FY2026 guidance calls for $33.25B to $33.75B in revenue with adjusted EPS of $12.65 to $13.35, implying 20%+ earnings growth. Those numbers came in well above consensus and sent the stock up over 4% on the day.

The investment debate is straightforward: Quanta is the most direct picks-and-shovels play on the U.S. power grid buildout, and the demand tailwinds (AI data centers, grid modernization, electrification, renewables) are as strong as anything the company has seen in its 28-year history. The question is whether a $90B market cap and a ~45x forward P/E already reflect that opportunity, or whether nine consecutive years of record EPS and a management team targeting $21 to $27 in EPS by 2030 justify paying up. The business is easier to like than the valuation, but the growth rate is also faster than the market gives most industrials credit for.

• Why Now? 👉 The Grid Buildout Supercycle

• Overview 👉 What Does Quanta Do? Role in Ecosystem

• How Do They Win? 👉 Value Proposition

• Business Units 👉 Segment Breakdown

• How Do They Make Money? 👉 Revenue Model

• By The Numbers 👉 Key Metrics

• Bonus: Deep Dive 👉 What Drives Quanta?

• Risks 👉 Potential Pitfalls

• Wrapping Up…  

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Why Now? 👉 The Grid Buildout Supercycle

The U.S. power grid is facing its biggest investment cycle in generations, and Quanta is the company best positioned to execute it. Three forces are converging simultaneously: AI data centers are creating massive new electricity demand (hyperscalers need gigawatts of new power capacity), the existing grid infrastructure is aging and needs modernization, and the energy transition is requiring new transmission lines to connect renewable generation to load centers. Quanta’s $44B backlog reflects all three of these forces, with data center and large-load customers representing the fastest-growing component at roughly 10% of total backlog.

Source: Company Filings

The catalyst in Q4 2025 was the NiSource project: Quanta was selected to design, procure, and construct approximately 3 GW of power generation and grid infrastructure for a large data center campus in Indiana. The scope includes power generation, battery storage, transmission, substation, and underground infrastructure. This single project demonstrates the "total solutions" model that Quanta has been building toward for years. Management noted that each NiSource-type customer represents a $5B to $7B opportunity. With more hyperscalers seeking similar behind-the-meter power solutions, the pipeline of large-load projects is expanding rapidly.

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

Key Earnings Announcements:

It’s a huge one… 5 of the Mag 7 report this week.

Monday (4/27): Verizon, Nucor, Cadence, Rambus, Celestica, Alexandria Real Estate, LendingClub 

Tuesday (4/28): UPS, Coca-Cola, Spotify, Visa, Corning, General Motors, Hilton, Ecolab, Mondelez 

Wednesday (4/29): Microsoft, Meta Platforms, Alphabet, Amazon, Qualcomm, Ford, Chipotle, Regeneron, Brookfield 

Thursday (4/30): Apple, Eli Lilly, Mastercard, Merck, Amgen, Reddit, Western Digital, Caterpillar, McDonald’s 

Friday (5/1): ExxonMobil, Chevron, Moderna, Linde, Estée Lauder, Dominion Energy, TPG 

What We’re Watching:

1. Alphabet (GOOG)

Alphabet (+9% YTD) reports this week with shares hovering near highs, as investors look for confirmation that AI-driven momentum can continue to support both growth and margins.

Google search and cloud are in the spotlight. Search has held up better than many expected despite rising competition from generative AI platforms, while YouTube continues to benefit from improving ad spend and strong engagement. Meanwhile, Google Cloud has been a bright spot, with accelerating growth and expanding margins driven by enterprise AI demand and cost discipline.

The key debate now centers on monetization vs. cost. Alphabet is aggressively investing in AI infrastructure, custom chips (TPUs), and model development to compete with peers, but those investments are pressuring margins in the near term. At the same time, the company is rolling out AI features across Search, Workspace, and Cloud, aiming to turn usage into incremental revenue over time.

Heading into this print, I’ll be watching: search ad trends, Cloud growth and margins, AI monetization signals, and any updates on capex intensity tied to AI infrastructure. Commentary on competition and user behavior shifts in search will also be critical.

Alphabet, Inc. (GOOG) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $2.67 GAAP EPS on Revenue of $107 billion.

• You can explore the most recent GOOG investor release here and here.

2. Amazon (AMZN)

Amazon (+14.3% YTD) reports this week with the focus squarely on whether accelerating AWS growth can justify the company’s massive AI-driven spending cycle.

The core story remains AWS and advertising. AWS has reaccelerated, posting ~24% growth last quarter — its fastest pace in over a year — driven by surging demand for AI infrastructure and enterprise workloads. At the same time, Amazon’s high-margin advertising business continues to scale rapidly, benefiting from Prime Video, retail traffic, and improved ad targeting.

Amazon is guiding for an unprecedented ~$200B in capex this year, largely tied to AI infrastructure, data centers, and custom silicon. While management frames this as necessary to meet demand and extend AWS leadership, investors remain cautious about near-term margin pressure and return timelines.

Last quarter, Amazon delivered strong top-line growth and expanding operating income, with AWS continuing to drive the majority of profitability despite representing a smaller share of total revenue.

Heading into this print, I’ll be watching: AWS growth trajectory, capex outlook, AI monetization signals, and margin durability across both cloud and retail. Any commentary around demand visibility and ROI on AI investments will be critical for the stock’s next move.

Amazon, Inc. (AMZN) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $1.65 GAAP EPS on Revenue of $177.15 billion.

• You can explore the most recent AMZN investor release here and here.

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Investor Events / Global Affairs:

Market remains on Iran watch and Pershing Square prices its IPO.

• Iran Watch

Markets will enter the week on high alert as rapidly evolving developments in the Middle East continue to drive volatility across energy, equities, and global risk sentiment.

Over the weekend, Donald Trump signaled a shift in diplomatic strategy, stating the U.S. will not send envoys to Pakistan for in-person talks with Iran, instead suggesting negotiations could take place remotely — a move that underscores the fragile and uncertain state of diplomacy.

At the same time, tensions in key shipping lanes escalated further after Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly boarded commercial vessels near the Strait of Hormuz, while officials indicated efforts to establish a “new maritime regime” in the region. Additional pressure points include U.S. naval interceptions in the Arabian Sea and continued Israeli military activity in Lebanon.

The situation remains highly fluid, with limited clarity on whether diplomatic progress will materialize or further escalation will occur. For markets, the implications are immediate — particularly for oil supply, shipping routes, and inflation expectations, all of which have shown heightened sensitivity to weekend headlines.

• Pershing Square IPO

Pershing Square USA (PSUS) is expected to price its IPO and begin trading this week, offering public market investors direct exposure to the investment strategy of Bill Ackman.

The structure is notable — investors will gain access not only to Pershing Square’s concentrated equity portfolio, but also a small economic stake in the underlying management company, creating a hybrid between a traditional investment fund and an asset manager.

The deal comes at a time when interest in active management and “star investor” vehicles is resurging, particularly as market volatility and macro uncertainty create a more favorable backdrop for differentiated strategies.

For investors, the key questions will center around valuation, fee structure, and how the vehicle trades relative to its underlying net asset value (NAV) — a dynamic that has historically driven performance in similar publicly traded funds.

Major Economic Events:

FOMC interest rate decision and the Fed's preferred inflation gauge – PCE

Monday (4/27): N/A

Tuesday (4/28): Consumer confidence, S&P Case-Shiller home price index 

Wednesday (4/29):Building permits, Durable goods orders, FOMC rate decision, Housing starts 

Thursday (4/30): Chicago PMI, Core PCE, Employment cost index, GDP, Initial jobless claims, PCE index, Personal income, Personal spending 

Friday (5/1): ISM manufacturing, S&P manufacturing PMI 

What We’re Watching:

1. Fed Interest Rate Decision

The Federal Reserve left the federal funds rate unchanged at 3.50%–3.75% for a second consecutive meeting in March, in line with expectations, as policymakers continue to navigate a more uncertain inflation outlook.

Minutes from the meeting revealed a more two-sided policy debate, with some officials noting that rate hikes could still be warranted if inflation proves persistent, while others remain open to eventual cuts if price pressures ease. The vast majority of participants flagged elevated upside risks to inflation and downside risks to employment, both of which have intensified amid recent geopolitical developments.

A key concern is the impact of the Middle East conflict, where higher energy prices could feed through into broader inflation and delay progress toward the Fed’s target. Despite holding rates steady, policymakers still signaled one rate cut in 2026 and another in 2027, though the timing remains highly data-dependent.

Economists expect the following this week:

• Fed Funds Rate: 3.50%–3.75% vs. unchanged prior

• Policy Outlook: Bias toward eventual cuts, but rising inflation risk

2. Personal Consumption Expenditures

The Core PCE Price Index – the Federal Reserve’s preferred measure of inflation – rose 0.4% MoM in February, matching expectations and marking a third consecutive month at a 10-month high, signaling that underlying price pressures remain sticky.

On an annual basis, core PCE increased 3.0% YoY, easing slightly from 3.1% in January but still well above the Fed’s 2% target, reinforcing the narrative that inflation progress has slowed.

The persistence in monthly gains is the key concern for policymakers. Even as year-over-year readings gradually trend lower, elevated monthly prints suggest inflation may be stabilizing above target rather than continuing a smooth decline.

Economists expect the following this week:

• Core PCE (MoM): +0.4% vs. +0.4% prior

• Core PCE (YoY): 3.0% vs. 3.1% prior

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The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

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Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

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Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

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Together with NEOS

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• Tesla will spend $25B this year to fund AI infrastructure, chip design, and Optimus robots.

• Intel spent $5B during the quarter building out their global fabrication footprint.

• Texas Instruments returned $6B back to shareholders over the last 12 months.

Investor Events / Global Affairs:

• Google & Amazon are investing billions into Anthropic.

• SpaceX & Anduril won Golden Dome contracts in the $500B missile defense push.

• Meta & Microsoft are leading the charge on AI-driven job cuts.

Economic Updates:

• Retail sales took a big leap.

• Consumer sentiment sank as war continues in Iran.

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👉 Best and Worst ETF Performers of the Week

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👉 Key Earnings Announcements:

Tesla will spend $25B this year to fund AI infrastructure, chip design, and Optimus robots, Intel spent $5B during the quarter building out their global fabrication footprint, and Texas Instruments returned $6B back to shareholders over the last 12 months.

• Telsa (TSLA)

Key Metrics

Revenue: $22.4 billion, an increase of +16% YoY

Operating Income: $941.0 million, an increase of +136% YoY

Profits: $477.0 million, an increase of +17% YoY

Earnings Release Callout

“We're investing in and improving our core technologies, battery powertrain, AI software, AI training, chip design, laying the groundwork for significantly increased manufacturing production. We are also strengthening our supply chain across the board, batteries, energy, AI, silicon, everything."

My Takeaway

• Intel Corp. (INTC)

Key Metrics

Revenue: $13.6 billion, an increase of +7% YoY

Operating Loss: -$3.1 billion, compared to -$0.3 billion last year

Net Loss: -$3.7 billion, compared to -$0.8 billion last year

Earnings Release Callout

"The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic. This shift is significantly increasing the need for Intel's CPUs and wafer and advanced packaging offerings. With a solid foundation in place, we are addressing this opportunity by listening to our customers and driving their success with our technical expertise and differentiated IP."

My Takeaway

• Texas Instruments (TXN)

Key Metrics

Revenue: $4.8 billion, an increase of +19% YoY

Operating Income: $1.8 billion, an increase of +37% YoY

Profits: $1.6 billion, an increase of +31% YoY

Earnings Release Callout

"Growth was broad across all sectors, all regions, and all customer sizes, including the first meaningful recovery in the broad market tail. Our combination of a wide general-purpose analog portfolio and application-specific power delivery products remains the structural basis for our growth, particularly as we scale to meet accelerating data center demand."

My Takeaway

👉 Investor Events / Global Affairs:

Google & Amazon are investing billions into Anthropic, SpaceX & Anduril won Golden Dome contracts in the $500B missile defense push, and Meta & Microsoft are leading the charge on AI-driven job cuts.

• Google (GOOG) and Amazon (AMZN) Invest Billions Into Anthropic

Source: Synthedia Substack

Google is planning to invest up to $40 billion into Anthropic, but the bigger story is how this fits into a much larger capital and compute war — where Amazon is already deeply embedded.

Amazon has committed up to $25 billion into Anthropic and, more importantly, locked in a deal where Anthropic will spend over $100 billion on AWS infrastructure over the next decade. That makes Amazon not just an investor — but the primary monetization layer behind Anthropic’s growth.

At the same time, Anthropic is securing massive compute capacity from Amazon (up to 5 gigawatts) using its custom Trainium chips, while also expanding relationships with Google and others. The result is a multi-cloud strategy — but with Amazon still acting as the core backbone for training and deploying models.

This is the key dynamic:

• Google is competing on models + capital.

• Amazon is competing on infrastructure + guaranteed revenue streams.

While Google’s $40B investment grabs headlines, Amazon may be the bigger long-term winner — turning the AI boom into a $100B+ recurring cloud revenue engine rather than just an equity bet.

• SpaceX, Anduril Win Early Contracts in $500B Missile Defense Push

Together with VantagePoint AI

Welcome to your new week.

During market swings, it’s always best to stay well-informed! If you want full access to our Week in Review editions, monthly livestreams , portfolio access, monthly stock deep dives, and more — consider upgrading your subscription.

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Key Earnings Announcements:

American Express, IBM, Intel, RTX, ServiceNow, and Tesla highlight this week.

Monday (4/20): Alaska Air, Steel Dynamics, Wintrust Financial 

Tuesday (4/21): UnitedHealth, RTX, 3M, Capital One, Danaher, DR Horton, Halliburton 

Wednesday (4/22): Tesla, IBM, AT&T, Boeing, Texas Instruments, ServiceNow, Lam Research 

Thursday (4/23): Intel, American Express, Freeport-McMoRan, Lockheed Martin, Dow, Baker Hughes 

Friday (4/24): Procter & Gamble, Schlumberger, HCA Healthcare, Norfolk Southern, American Airlines 

What We’re Watching:

1. ServiceNow (NOW)

ServiceNow (-35.8% YTD) heads into the print at a critical moment, with shares under pressure amid broader concerns that AI could disrupt traditional SaaS models. Despite the selloff, underlying fundamentals remain strong – ServiceNow continues to deliver ~20%+ revenue growth and expanding deal sizes, while guiding for ~$15.5B in 2026 subscription revenue.

The debate now centers on whether AI is a tailwind or a threat. On one hand, ServiceNow is positioning itself as the “control layer” for enterprise AI workflows. On the other, investor concerns around AI agents replacing traditional software workflows have driven a sharp re-rating across the stock, with shares down materially over the past year.

Management has pushed back on that narrative, emphasizing platform integration and long-term demand strength. I’ll be watching: commentary on AI monetization, renewal trends, and whether ServiceNow can maintain pricing power in a shifting enterprise software landscape.

ServiceNow, Inc. (NOW) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $0.53 GAAP EPS on Revenue of $3.75  billion.

• You can explore the most recent NOW investor release here and here.

2. Tesla (TSLA)

Tesla (-10.9% YTD) reports Q1 earnings this week, with investors focused on whether the company can stabilize growth and margins amid intensifying competition and ongoing price adjustments.

Tesla has faced a more challenging operating environment in recent quarters, with vehicle deliveries under pressure, pricing cuts weighing on margins, and rising competition from both legacy automakers and Chinese EV players. At the same time, the company continues to position itself as more than just an automaker, leaning into AI, autonomy, and energy as key long-term drivers.

Last quarter, Tesla delivered softer-than-expected margins as aggressive pricing strategies weighed on profitability, even as revenue remained supported by volume growth.

Heading into this release, I’ll be watching for vehicle delivery trends, gross margin progression, and any updates on Full Self-Driving (FSD), AI initiatives, and the energy business. Commentary around demand elasticity and pricing strategy will also be critical as the company navigates a more competitive EV landscape.

Tesla, Inc. (TSLA) Stock Performance, 5-Year Chart, Seeking Alpha

• Analysts expect $0.21 GAAP EPS on Revenue of $22.34 billion.

• You can explore the most recent TSLA investor release here and here.

Investor Events / Global Affairs:

Adobe Summit is in focus after a sharp software selloff, Google Cloud Next will spotlight AI and enterprise momentum, and U.S.–Iran talks are in focus as ceasefire risks rise.

• Adobe Summit 2026

Source: WorkFlowMAX

The three-day Adobe Summit kicks off this week, with Adobe expected to unveil major product updates and outline its strategy as competition in AI-driven creative tools intensifies.

The event comes at a critical moment for the stock following a sharp selloff (-30% YTD) across software, with Adobe under particular pressure as investors reassess its positioning in a rapidly evolving AI landscape. Recent product releases from competitors – like Claude design – have raised questions about how defensible Adobe’s pricing power and ecosystem will be as generative AI lowers barriers to content creation.

Adobe, Inc. (ADBE) Stock Performance, 5-Year Chart, Seeking Alpha

I’ll be watching how Adobe is integrating AI across its platform, monetizing tools like Firefly, and reinforcing its value proposition to both enterprise and individual users. 

• Google Cloud Next to Spotlight AI and Enterprise Momentum 

The three-day Google Cloud Next kicks off in Las Vegas this week, with Google expected to showcase its latest advancements in generative AI, cloud infrastructure, and cybersecurity.

The event will focus heavily on practical product updates and developer tools, as Google looks to strengthen its position in the enterprise AI race against competitors like Microsoft and Amazon. Investors will be watching closely for updates on AI integration across Google Cloud, new partnerships, and signs of accelerating adoption from enterprise customers.

Google, Inc. (GOOG) Stock Performance, 5-Year Chart, Seeking Alpha

• U.S.–Iran Talks in Focus as Ceasefire Risks Rise

Markets will be closely watching geopolitical developments this week as Donald Trump confirmed that U.S. negotiators are set to meet in Pakistan for potential peace talks with Iran, even as tensions continue to escalate across the region.

The talks come at a fragile moment, with the current ceasefire set to expire midweek and both sides signaling a willingness to resume conflict if negotiations break down. Iranian officials have indicated that progress has been made but emphasized that a final agreement remains distant, while also warning they are prepared to reengage militarily if terms are not met.

A key sticking point remains control over the Strait of Hormuz, where Iran has threatened to again restrict shipping unless U.S. demands – including the lifting of port blockades – are addressed. At the same time, U.S. forces are reportedly preparing to intercept and seize Iran-linked oil shipments, further raising the risk of escalation.

For investors, the situation underscores a highly fluid geopolitical backdrop, where diplomacy and military posturing are unfolding simultaneously. The outcome of this week’s talks could have immediate implications for oil prices, global shipping flows, and broader market risk sentiment, particularly if the ceasefire collapses or tensions expand further.

Major Economic Events:

A look into consumer sentiment and retail sales.

Monday (4/20): N/A

Tuesday (4/21): Business inventories, Pending home sales, Retail sales, Retail sales ex-autos 

Wednesday (4/22): N/A

Thursday (4/23): Initial jobless claims, S&P flash manufacturing PMI, S&P flash services PMI 

Friday (4/24): Consumer sentiment (final) 

What We’re Watching:

1. Michigan Consumer Sentiment

The University of Michigan Consumer Sentiment Index plunged to 47.6 in early April, marking an 11% drop from March and one of the weakest readings on record, as geopolitical tensions and rising costs weighed heavily on consumer confidence.

The decline was broad-based across all demographics and survey components, with expectations for business conditions falling 20% and personal financial outlooks dropping 11%. Consumers pointed to higher prices and declining asset values as key concerns, while buying conditions for big-ticket items like vehicles and durable goods deteriorated further.

Inflation expectations also moved sharply higher. Year-ahead expectations jumped to 4.8% from 3.8%, the largest monthly increase in nearly a year, while long-term expectations rose to 3.4%.

Economists expect the following this week:

• Consumer Sentiment: 47.6 vs. 53.5 prior

• 1-Year Inflation Expectations: 4.8% vs. 3.8% prior

• 5-Year Inflation Expectations: 3.4% vs. 3.2% prior

2. Retail Sales

U.S. retail sales rose 0.6% MoM in February, rebounding from a 0.1% decline in January and coming in above expectations of 0.5%, marking the strongest monthly gain in seven months.

The strength was broad-based, with notable increases across discretionary categories including department stores (+3%), health and personal care (+2.3%), and clothing (+2%), alongside solid gains in autos and general merchandise. Online sales and gasoline spending also moved higher, pointing to steady demand across both goods and services.

While some softness remained in food and beverage and furniture sales (-1% each), the overall trend suggests consumers are continuing to spend despite mixed sentiment data and ongoing geopolitical uncertainty. Importantly, core retail sales – which feed directly into GDP – rose 0.5%, exceeding expectations and signaling solid underlying consumption.

Economists expect the following this week:

• Retail Sales (MoM): +0.6% vs. -0.1% prior

• Core Retail Sales: +0.5% vs. +0.3% expected

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Together with HEDG

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

• ASML delivered 67 new lithography systems and 12 used systems during the quarter.

• PepsiCo plans to deliver $8.9 billion to shareholders over the course of the year.

• Netflix repurchased $3.5 billion of its own stock.

Investor Events / Global Affairs:

• The Iran War faces some renewed complications.

• Meta could surpass Google in digital ad revenue.

• The funny story of the week was Allbirds pivoting to AI.

Economic Updates:

• Inflation for Producers came in cooler than expected.

• The Small Business Optimism Index continued to sink.

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👉 Best and Worst ETF Performers of the Week

Click here to learn more from ETF Central.

👉 Key Earnings Announcements:

ASML delivered 67 new lithography systems and 12 used systems during the quarter, PepsiCo plans to deliver $8.9 billion to shareholders over the course of the year, and Netflix repurchased $3.5 billion of its own stock.

• ASML Holdings (ASML)

Key Metrics

Revenue: €8.8 million, an increase of +13% YoY

Operating Income: €3.2 billion, an increase of +15% YoY

Profits: €2.8 billion, an increase of +17% YoY

Earnings Release Callout

“Our first-quarter total net sales were €8.8 billion, within our guidance, and gross margin came in at 53.0%, at the high end of our guidance. The semiconductor industry's growth outlook continues to solidify, driven by ongoing AI-related infrastructure investments. Demand for chips is outpacing supply. In response, our customers are accelerating their capacity expansion plans for 2026 and beyond, supported by long-term agreements with their customers.”

My Takeaway

• PepsiCo (PEP)

Key Metrics

Revenue: $19.4 billion, an increase of +9% YoY

Operating Income: $3.2 billion, an increase of +24% YoY

Profits: $2.3 billion, an increase of +27% YoY

Earnings Release Callout

"We feel good about where we are at this point in the journey. Still, in the process of all the shelf resets and launching the innovation — I would say by the end of Q2, we'd probably be almost completed in that process. But the early reads are quite exciting."

My Takeaway

• Netflix (NFLX)

Key Metrics

Revenue: $12.3 billion, an increase of +16% YoY

Operating Income: $4.0 billion, an increase of +18% YoY

Profits: $5.3 billion, an increase of +82% YoY

Earnings Release Callout

“Q1 revenue grew 16% year over year (+14% on a FX-neutral basis) and operating income grew 18%. Both were ahead of our guidance due to slightly higher-than-planned subscription revenue. We continue to project 2026 revenue of $50.7-$51.7B and an operating margin of 31.5%.”

My Takeaway

👉 Investor Events / Global Affairs:

The Iran War faces some renewed complications, Meta could surpass Google in digital ad revenue, and the funny story of the week was Allbirds pivoting to AI.

• Iran Conflict Not Quite Resolved

Source: Reuters

The U.S.-Iran conflict remains on edge as Donald Trump announced that American negotiators will head to Pakistan for renewed peace talks, while simultaneously warning Iran to accept a deal or face major infrastructure strikes. Trump accused Iran of violating the current ceasefire by engaging in attacks in the Strait of Hormuz, raising tensions just days before the truce is set to expire.

Iran signaled openness to negotiations but made clear that a final agreement is still far off, with officials warning they are prepared to resume fighting if talks collapse. A major sticking point remains control of the Strait of Hormuz, with Iran threatening to shut it down again and target ships if U.S. restrictions on its ports continue.

Meanwhile, the U.S. is preparing to escalate economically and militarily by potentially seizing Iran-linked oil tankers in international waters, a move that could further disrupt global energy markets. The situation is becoming increasingly complex, with regional actors like Hezbollah also contributing to instability, underscoring how quickly this conflict could broaden.

After a week of positive news regarding the Iran War, diplomacy is back on the table. Both sides are negotiating from a position of escalation — leaving markets and geopolitics highly sensitive to any breakdown in talks.

• Meta (META) Expected to Surpass Google (GOOG) in Digital Ad Revenue for First Time