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Stellantis reported Q1 adjusted operating income of 960 million euros ($1.12 billion), nearly tripling year-over-year results and significantly exceeding analyst expectations of 568 million euros. The Franco-Italian automaker benefited from vehicle sales growth across all regions, particularly in North America, marking its first quarterly earnings report since the 2021 Fiat Chrysler-PSA merger.

• Adjusted EBIT of 960 million euros beat consensus estimates by 69%, compared to just 327 million euros in Q1 2025
• North America was the strongest performing region driving sales growth across the company's global markets
• Results included a positive 400 million euro impact from cost adjustments related to expected U.S. IEEPA tariff refunds

Volkswagen reported an unexpected 14% decline in first-quarter operating profit to 2.5 billion euros, missing analyst expectations of 2.9 billion euros. The German automaker faces pressures from tariffs, geopolitical uncertainty, and intense competition from Chinese brands, prompting CEO Oliver Blume to implement cost-cutting measures including 50,000 job cuts in Germany by 2030.

• Operating profit fell to 2.5 billion euros versus analyst expectations of 2.9 billion euros, while revenue dropped 2.5% to 75.7 billion euros (below the 77.6 billion euro estimate)
• The company achieved a 3.3% operating margin in Q1 and forecasts 4-5.5% for 2026, compared to just 2.8% in 2025
• Volkswagen plans to cut approximately 50,000 jobs across Germany by 2030 as it absorbs billions in tariff costs and confronts weak demand in China and the U.S.

Apollo Global Management, Blackstone, and KKR are the final bidders competing to acquire a significant stake in Shell's LNG Canada project, with the deal valued between $10-15 billion. The sale would allow Shell to partially divest its 40% stake in the facility, which began operations in June as North America's first major Pacific-accessible LNG export terminal. North American energy assets have gained appeal amid Middle East supply disruptions due to the U.S.-Iran conflict.

• Shell is selling exposure to both operational Phase 1 and proposed Phase 2 of LNG Canada to a single bidder, after announcing the sale process in January following its $16.4 billion acquisition of ARC Resources
• All three competing asset managers are leveraging capital from their insurance subsidiaries (Apollo's Athene, Blackstone Credit & Insurance, and KKR's Global Atlantic) to fund their bids, using insurance assets as a low-cost funding source for infrastructure investments
• LNG Canada is the first major North American LNG facility with direct Pacific access for shipping to Asian markets, with other stakeholders including Mitsubishi, Petronas, and a Saudi Aramco-EIG joint venture

Spain's Caixabank reported a 7% increase in first-quarter net profit to €1.57 billion ($1.83 billion), beating analyst expectations of €1.46 billion. The country's largest domestic lender attributed the growth to higher revenues and strong insurance business performance, and announced a €500 million share buyback program.

• Q1 net profit reached €1.57 billion, up from €1.47 billion in the same period last year, surpassing analyst forecasts by approximately 7.5%
• Growth was driven by increased revenues and solid performance from the bank's insurance division
• The bank announced a €500 million share buyback program alongside the earnings results

KKR is exploring a sale of Flora Food Group, the spreads business it previously acquired from Unilever, according to a Financial Times report. The private equity firm is targeting a valuation of approximately $10 billion for the deal. Reuters could not immediately verify the report.

• Flora Food Group was carved out of Unilever by KKR in a previous transaction
• The targeted sale valuation is $10 billion
• The sale exploration reflects KKR's strategy to exit the investment in the consumer spreads business

Tesla announced that its first Semi truck has begun rolling off a high-volume production line, marking a significant milestone as the company advances toward large-scale manufacturing of multiple new products planned for 2026. The all-electric Semi, designed for long-haul freight with a range of approximately 500 miles, represents Tesla's expansion beyond consumer vehicles into commercial transportation.

• The Tesla Semi long-range model can travel up to 500 miles on a single charge, with deliveries expected to begin in 2024 and mass production targeted for 2026 in Nevada
• Tesla plans to more than double capital spending in 2024 to over $20 billion, focused on factories for semi-trucks, Cybercab autonomous vehicles, Optimus robots, and battery production
• Volume production of the Cybercab robotaxi (in Texas) and Megapack 3 battery system are also scheduled to begin in 2026 alongside the Semi truck

L3Harris Technologies has confidentially filed for an IPO of its missile solutions business, backed by a $1 billion U.S. government convertible security investment announced in January. The public offering is expected in 2026 and will secure Pentagon access to rocket motors for critical missile systems like Tomahawks and Patriot interceptors.

• The U.S. government's $1 billion investment will automatically convert to common equity when the company goes public in 2026
• The new missile business is expected to achieve annual growth rates in the mid- to high teens, according to L3Harris CEO
• The IPO structure ensures the Pentagon a steady supply of rocket motors for key defense systems including Tomahawk cruise missiles and Patriot interceptors

China's manufacturing PMI reached 50.3 in April, exceeding the expected 50.1 but slowing from March's year-high as new orders weakened. Non-manufacturing PMI fell to 49.4 from 50.1, while the composite PMI dropped to 50.1 from 50.5. The data comes as China prepares for a May summit between Presidents Xi and Trump to address tariff concerns.

• Manufacturing PMI of 50.3 beat expectations of 50.1, staying above the 50 threshold that indicates expansion, though growth decelerated from the prior month
• Non-manufacturing PMI contracted to 49.4 from March's 50.1, while composite PMI weakened to 50.1 from 50.5, signaling broader economic softness
• Beijing is preparing for upcoming Xi-Trump summit in May, seeking clarity on potential Section 301 tariffs amid ongoing U.S.-China trade tensions

Samsung Electronics reported first-quarter operating profit surged eightfold to a record 57.2 trillion won ($38.43 billion), driven by higher memory chip prices amid an AI-fueled supply crunch. Revenue rose 69% year-over-year to 133.9 trillion won, with the chip division accounting for 94% of total profit. The company expects further earnings improvement in Q2 as AI infrastructure investment continues.

• Samsung's chip business operating profit hit a record 53.7 trillion won in Q1, representing 94% of total company profit, as AI data center demand drove advanced chip production and squeezed traditional chip supply
• Mobile and network division profit fell 30% to 3 trillion won, pressured by surging chip prices that increased component costs
• Samsung shares have surged 88% year-to-date, significantly outperforming the broader market's 59% gain

SoftBank Group plans to create and list Roze, an AI and robotics company focused on building data centres, in the U.S. market. The company could go public as early as this year with SoftBank executives targeting a valuation of approximately $100 billion.

• Roze will focus on AI, robotics, and data centre development
• SoftBank is targeting a $100 billion valuation for the new entity
• The listing could occur as early as 2025, pending market conditions

Anthropic is in discussions with investors to raise funding at a $900 billion valuation, which would surpass OpenAI's most recent valuation of just over $850 billion. The AI startup, founded by former OpenAI executives, has reached $30 billion in annualized revenue, driven largely by its Claude Code product.

• The $900 billion valuation would position Anthropic above OpenAI, which was valued at approximately $850 billion in its last funding round in late March
• Anthropic has achieved $30 billion in annualized revenue, with significant growth attributed to the popularity of its Claude Code offering
• No term sheet has been signed yet and discussions with investors are ongoing, according to sources familiar with the matter

Republican Senator Bernie Moreno and Democratic Senator Elissa Slotkin introduced bipartisan legislation on April 29 to codify and strengthen a Biden-era regulation that effectively bans Chinese automakers from selling passenger vehicles in the U.S. The move comes weeks before President Trump's scheduled trip to China for talks.

• The legislation aims to permanently codify an existing Biden administration regulation blocking Chinese automakers from the U.S. market
• The bill is sponsored by senators from Ohio and Michigan, states with significant automotive industry presence
• The timing precedes President Trump's upcoming diplomatic visit to China, potentially signaling congressional commitment to auto sector protection regardless of executive negotiations

Align Technology exceeded first-quarter profit expectations driven by strong demand for its dental aligners and announced a $200 million share buyback program. The Invisalign maker reaffirmed its full-year revenue growth outlook of 3% to 4% despite ongoing caution in the dental sector. Analysts view the results as better than expected, noting that long-term growth drivers are beginning to show results.

• Align reported adjusted earnings of $2.58 per share, beating Wall Street estimates for Q1
• Second-quarter revenue guidance of $1.04-$1.06 billion aligns with analyst estimates of $1.06 billion
• The company noted 'immaterial' impact from unspecified regional issues in Q1, though some doctors reported effects on patient traffic and treatment conversion

Chipotle Mexican Grill reported unexpectedly strong first-quarter results on April 29, with comparable sales rising 0.5% versus analyst expectations of a 0.8% decline. The burrito chain's performance was driven by consumer demand for protein-rich menu items and healthier options, despite broader economic uncertainty affecting lower-income households.

• Quarterly sales increased 7.4% to $3.09 billion, beating analyst expectations of $3.07 billion
• Overall customer visits rose 5.8%, with the reintroduced Chicken al Pastor dish identified as the single biggest driver of consumer traffic
• Chipotle announced 1-2% menu price increases in February to offset higher raw material costs, while its affluent customer base has remained resilient

Carvana reported increased first-quarter profit, with net income rising to $405 million from $373 million year-over-year, driven by strong demand for preowned vehicles as new car prices hover around $50,000. The online used-car retailer's quarterly revenue jumped to $6.43 billion from $4.2 billion in the prior year period.

• Adjusted gross profit per unit decreased by $58 compared to the prior year due to higher reconditioning costs and lower shipping fees
• The company implemented operational improvements including enhanced labor training and AI-integrated tools for better workforce allocation
• Strong preowned vehicle demand continues as consumers seek affordable alternatives to new cars averaging $50,000 in the U.S. market

Ford raised its 2026 annual profit guidance by $500 million to $8.5-10.5 billion EBIT, supported by a $1.3 billion tariff refund following a Supreme Court ruling. However, the automaker faces aluminum supply constraints and $1 billion in net tariff costs, with F-150 production falling 12% year-over-year due to fires at major supplier Novelis.

• Ford recorded $2.5 billion net profit in Q1 and expects $1.3 billion in tariff refunds from a February Supreme Court ruling that struck down Trump-era tariffs
• F-150 pickup production dropped an estimated 12% year-over-year in Q1, with inventory down 38% in April, due to fires at aluminum supplier Novelis whose recovery may take until September
• Ford's stock gained 20% over 12 months while rival GM rose over 60% after reporting 22% profit growth and raising its own forecast with a $500 million expected tariff refund

Microsoft reported third-quarter cloud revenue growth of 40% at its Azure unit, meeting Wall Street expectations, while capital expenditure rose 49% to $31.9 billion, below analyst estimates of $34.90 billion. The results aim to validate the company's massive AI infrastructure investments and ease concerns about its competitive position in the AI race.

• Azure cloud revenue grew 40% year-over-year, slightly accelerating from 39% in the prior quarter and matching consensus estimates
• Capital spending of $31.9 billion came in below the $34.90 billion expected by analysts, after hitting $37.5 billion in the previous quarter
• Microsoft secured its largest Copilot deployment with 743,000 Accenture employees and restructured its OpenAI deal to lock in a 20% revenue cut through 2030, though it lost exclusive resale rights to OpenAI products

Alphabet reported first-quarter revenue of $109.9 billion, exceeding estimates of $107.2 billion, driven by strong AI demand at its cloud computing division. Google Cloud revenue surged 63% to $20 billion, significantly beating the expected 50.1% growth, with its backlog nearly doubling to over $460 billion. The results highlight Alphabet's position as a major beneficiary of surging enterprise AI spending.

• Google Cloud revenue grew 63% to $20 billion, far exceeding analyst estimates of 50.1% growth, with the unit's backlog nearly doubling quarter-over-quarter to over $460 billion
• Alphabet, Microsoft, Amazon, and Meta are collectively expected to spend over $600 billion in 2025 to expand AI capacity amid intensifying competition for computing power
• Google secured expanded AI infrastructure partnerships with Meta and Palo Alto Networks, while a partnership with Apple to power Siri upgrades is expected to significantly expand Google's reach

Meta Platforms raised its annual capital expenditure forecast to fund aggressive AI infrastructure investments while simultaneously pursuing cost savings through planned layoffs. The company reported daily active users rose 4% year-over-year to 3.56 billion across its apps. Meta is projected to surpass Alphabet as the world's largest online advertiser in 2026, with expected net ad revenue of $243.46 billion.

• Meta's Family Daily Active People (DAP) metric reached 3.56 billion users, representing 4% growth from the prior year
• Research firm Emarketer forecasts Meta will become the world's biggest online advertiser with $243.46 billion in net ad revenue, surpassing Alphabet's projected $239.54 billion
• The company is installing tracking software on U.S. employees' computers to capture mouse movements and clicks to build AI agents for autonomous work tasks
• China ordered Meta to unwind its investments in Chinese AI startups as Beijing intensifies scrutiny of domestic frontier technology companies

Amazon Web Services (AWS) reported first-quarter revenue of $37.6 billion, a 28% year-over-year increase that exceeded Wall Street's expectations of 25% growth. The strong performance was driven by enterprise demand for AI services, bolstered by recent partnerships with OpenAI and Anthropic that have pushed Amazon's stock up 14% this year.

• AWS revenue reached $37.6 billion in Q1, beating analyst estimates of $36.61 billion with 28% growth versus the expected 25.08% increase
• Amazon recently secured major AI partnerships: added all OpenAI models to AWS and committed up to $100 billion investment in Anthropic, which pledged over $100 billion in AWS spending over 10 years
• Amazon is targeting approximately $200 billion in capital spending this year as part of Big Tech's roughly $600 billion AI infrastructure investment in 2025, aiming to reassure investors of near-term returns