Trending Market News

Nvidia has invested several billion dollars to help fund new glass manufacturing factories for Corning, in addition to an equity stake of up to $3.2 billion announced earlier this week. The investment will support production of specialized glass used in fiber-optic cables for data centers. Nvidia CEO Jensen Huang said the factories will create thousands of jobs and increase U.S. production capacity by a factor of 10.

• Nvidia made a multi-billion-dollar prepayment to Corning for factory construction, separate from the $3.2 billion equity investment option
• The new factories will produce glass for fiber-optic cables that connect computers in massive AI data centers
• The investment is expected to create thousands of jobs and increase U.S. production capacity tenfold

U.S. crude oil futures surged up to 3% in early trading on Friday following renewed hostilities between the U.S. and Iran. West Texas Intermediate prices rose to $97.18 per barrel, reflecting market concerns over potential supply disruptions in the Middle East, particularly affecting the Strait of Hormuz.

• WTI crude oil prices gained 2.50% or $2.37, trading at $97.18 per barrel as of 2215 GMT on May 8, 2026
• The price spike follows renewed U.S.-Iran hostilities, with marine traffic limited through the strategic Strait of Hormuz
• Energy markets are reacting to geopolitical risks that could threaten oil supply routes from one of the world's most critical shipping chokepoints

SK Hynix is receiving unprecedented offers from major tech companies to invest in its chip production lines and fund purchases of expensive manufacturing equipment as firms scramble to secure memory chip supplies amid severe global shortages driven by AI demand. The South Korean chipmaker is proceeding cautiously with these proposals, concerned that financial commitments could lock it into unfavorable pricing with specific customers despite having essentially zero available capacity.

• Tech companies are proposing to invest in dedicated production lines and finance purchases of extreme ultraviolet lithography machines worth hundreds of millions of dollars
• SK Hynix reports 'essentially zero' available capacity right now, with customer requests for longer-term contracts rising sharply amid persistent supply shortages
• The chipmaker is cautious about accepting offers that could require supplying chips at lower prices in exchange for stable revenue, preferring not to 'pick a horse' in the AI race

IREN shares surged 13% in extended trading after announcing a partnership with Nvidia to deploy up to 5 gigawatts of AI infrastructure across its global data centers. As part of the deal, IREN will grant Nvidia a five-year right to purchase up to 30 million shares, similar to Nvidia's recent agreements with other technology suppliers.

• IREN will deploy up to 5 gigawatts of Nvidia's DSX-branded infrastructure designs for AI workloads across its worldwide data center facilities
• The agreement includes a five-year warrant giving Nvidia the right to purchase up to 30 million IREN shares
• Nvidia CEO Jensen Huang described 'AI factories' as foundational infrastructure, emphasizing the need for full-stack integration across compute, networking, software, power and operations

Boston Scientific issued an urgent recall of multiple heart device models after the FDA classified it as a Class I recall, the agency's most serious category. The recall affects pacemakers and cardiac resynchronization therapy devices linked to four deaths and 2,557 serious injuries as of March 2026. The devices do not need to be removed, but require a software update that doctors must perform during in-person clinic visits.

• Affected devices include Accolade, Essentio, Proponent, Altrua 2, Valitude and Visionist pacemakers, with 4 deaths and 2,557 serious injuries reported as of March 18, 2026
• The software update (Brady SMR6) is intended to fix problems caused by an earlier Boston Scientific update; the FDA warns continued use without correction could lead to serious injury or death
• Higher-risk patients who depend on the device and have limited battery life remaining should receive prompt follow-up, while routine follow-up is recommended for other patients

French cybercrime authorities have escalated their investigation of Elon Musk and X to a criminal probe, focusing on alleged algorithmic manipulation to interfere in French politics and the spread of AI-generated deepfake content. Both Musk and former X CEO Linda Yaccarino were summoned for April 20 questioning but declined to appear, while the U.S. Justice Department has accused France of interfering with an American business.

• The investigation targets alleged algorithmic manipulation by X to influence French politics and complaints that Musk knowingly allowed Grok AI to create Holocaust denials and nonconsensual sexually explicit deepfakes
• Musk called the probe a 'sham' after French authorities raided X's Paris office in February, and the U.S. DOJ reportedly told France it wouldn't help investigate Musk or X
• Multiple international jurisdictions including California are investigating whether Musk's companies deliberately allowed creation and spread of deepfake explicit images, including child sexual abuse materials

Cloudflare announced it will lay off approximately 20% of its workforce, affecting more than 1,100 employees globally, while forecasting second-quarter revenue below analyst expectations. The cloud services firm expects Q2 revenue between $664.0-$665.0 million, slightly missing the $665.3 million estimate. Management attributed the workforce reduction to a strategic shift toward an AI-driven operating model.

• The layoffs will impact over 1,100 employees, representing 20% of Cloudflare's global workforce
• Second-quarter revenue forecast of $664.0-$665.0 million falls short of analyst estimates of $665.3 million
• CEO Matthew Prince and CFO Michelle Zatlyn cited a transition to an AI-driven operating model as the reason for restructuring

Microchip Technology forecast first-quarter revenue of $1.44-$1.47 billion, above the $1.34 billion analyst estimate, driven by strong demand for chips in industrial, automotive, and AI data center applications. The company is benefiting from cyclical recovery in key markets and robust aerospace and defense spending fueled by geopolitical tensions.

• Q1 revenue guidance of $1.44-$1.47 billion exceeds analyst estimates of $1.34 billion by approximately 7-10%
• Strong customer engagement in data center and AI applications is expanding, driven by the company's high-speed connectivity and compute portfolio
• Q4 results beat expectations with revenue of $1.31 billion versus estimates of $1.26 billion and adjusted profit of 57 cents per share

Coinbase reported a steep first-quarter loss with revenue of $1.41 billion, missing the $1.52 billion estimate, as cryptocurrency prices declined sharply in early 2025. The company is cutting 14% of its workforce (700 jobs) amid subdued trading conditions and is working to diversify revenue beyond its core spot trading business.

• Transaction revenue fell to $755.8 million versus $805.2 million expected, while subscription revenue reached $583.5 million versus $619.3 million expected
• Bitcoin declined 22% in Q1 2025 despite a 12% gain in March, significantly impacting Coinbase's primary revenue driver from spot trading
• The 14% workforce reduction reflects expectations that weak trading conditions could continue into Q2, as investors seek evidence the company can remain profitable when trading activity slows

Apple has publicly opposed Canada's Bill C-22, warning that the proposed legislation could force companies to break device encryption by inserting backdoors. The bill, proposed by Canada's Liberal Party and currently debated in the House of Commons, aims to give law enforcement earlier access to investigate security threats. The legislation is part of a broader government push for lawful access to encrypted data, which tech companies argue undermines user security.

• The Canadian bill contains provisions potentially similar to a UK law that previously forced Apple to delay an advanced encryption feature after U.S. officials, including Director of National Intelligence Tulsi Gabbard, raised treaty violation concerns
• Apple stated the bill 'would undermine our ability to offer the powerful privacy and security features users expect' and emphasized the company 'will never' insert backdoors into products
• Meta Platforms executives were also scheduled to testify at a Thursday hearing about the bill, indicating broader tech industry opposition to the encryption access requirements

Lyft reported first-quarter rides of 236.9 million, missing estimates of 242 million due to severe winter storms in the U.S. Northeast that reduced demand by more than 3 million rides. Despite the volume miss, the company posted stronger-than-expected bookings and revenue, driven by premium offerings and international expansion, and forecast second-quarter results above Wall Street estimates.

• Winter storms reduced Q1 rides by approximately 3 million, with over half the impact hitting Lyft's bikes and scooters business
• Gross bookings rose 19% to $4.95 billion and revenue climbed 14% to $1.65 billion, both exceeding analyst estimates
• Partnerships drove a record 27% of North American rides, while international expansion via acquisitions of Gett UK and FreeNow supported growth despite lower ride volumes

Gilead Sciences reported better-than-expected first-quarter earnings and raised its 2026 sales forecast to $30-30.4 billion, but now expects a full-year loss of $0.65-1.05 per share due to charges and financing costs from recent acquisitions of Arcellx, Cellares, and Morphic. The company increased its 2026 sales outlook for HIV prevention drug Lenacapavir to $1 billion from $800 million following strong first-quarter performance.

• First-quarter revenue rose 4% to $6.96 billion, beating estimates of $6.91 billion, with adjusted EPS of $1.85 exceeding the $1.69 consensus
• Lenacapavir sales reached $166 million in Q1, surpassing Wall Street's $143 million forecast, prompting the company to raise 2026 sales guidance by $200 million to $1 billion
• The company expects an $11.5 billion second-quarter charge related to recent acquisitions; excluding this charge, the earnings forecast would remain unchanged according to CFO Andrew Dickinson

Costco reported April 2026 sales that exceeded expectations, with total sales growing 13% and US comparable sales excluding gas rising 8%. Bank of America maintained its Buy rating and $1,185 price target, noting the retailer's consistent performance despite macroeconomic uncertainty and an Easter calendar shift that affected year-over-year comparisons.

• After adjusting for Easter timing, US comparable sales excluding gas and foreign exchange rose 6.3% in April, down from 7.7% in March, though two-year stacked comparisons improved
• Gasoline business drove strong ancillary performance with growth in the low-40% range, as average worldwide gas prices increased 26.7% year-over-year and added 320 basis points to total comparable sales
• E-commerce remained a bright spot with digitally enabled comparable sales rising 18.4% excluding foreign exchange, while regional strength came from Midwest, Southeast, and Northeast US markets

Estee Lauder has agreed to a $210 million settlement to resolve a lawsuit that accused the cosmetics company of defrauding investors. The preliminary settlement was filed in Manhattan federal court and requires judicial approval to become final.

• The settlement was filed on Thursday in Manhattan federal court and is subject to court approval
• The lawsuit accused the cosmetics giant of fraud, though specific details of the allegations were not disclosed in the brief announcement
• The $210 million payout represents a significant legal resolution for one of the world's largest cosmetics companies

Renault has suspended plans to produce three new electric and hybrid vehicles in Spain starting in 2028 after failing to reach an agreement with unions. The decision affects approximately 6,000 workers at factories in Palencia and Valladolid and threatens Spain's position as Europe's second-biggest carmaker. Renault stated it will reduce manufacturing capacity and not guarantee current employment levels without a deal.

• Three new electric and hybrid vehicles planned for 2028 production in Palencia are now suspended, along with production of two hybrid models in Valladolid
• Unions are seeking salary improvements and better working conditions, including addressing factory temperatures that reach 35 degrees Celsius in summer
• The dispute is a setback for Spain's efforts to attract automotive investment through public aid and competitive labor and energy costs compared to other European countries

McDonald's is expanding aggressively in China while other international brands retreat, planning to grow from over 7,700 stores to 10,000 by 2028. The chain is succeeding by combining nostalgia for its iconic products with competitive pricing that appeals to value-conscious Chinese consumers. Half of McDonald's new stores globally last year opened in mainland China, making it the company's second-largest market after the U.S.

• McDonald's China same-store sales grew 3.4% in Q1 2026, with half of the company's global new store openings last year occurring in mainland China
• The chain competes on value with its 'one-plus-one' combo priced as low as 14 yuan ($2.06), appealing to budget-conscious consumers while maintaining perceived quality advantages over local rivals
• Nostalgia drives traffic as McDonald's reintroduced classic strawberry and vanilla milkshakes (discontinued in 2014) at 44 stores, creating viral buzz among consumers who recall the brand's 1990 China debut

The National Highway Traffic Safety Administration announced on May 7 that the 2026 Tesla Model Y is the first vehicle to pass newly implemented advanced driver assistance system tests under the agency's New Car Assessment Program. The milestone applies to Model Y vehicles manufactured on or after November 12 and covers critical safety features including pedestrian automatic emergency braking, lane keeping assistance, and blind spot warning and intervention systems.

• Tesla Model Y becomes the first vehicle model to pass NHTSA's new advanced driver assistance system tests, marking a significant safety achievement
• The passing grade applies specifically to 2026 Model Y vehicles manufactured on or after November 12, 2025
• Tests evaluate four key safety systems: pedestrian automatic emergency braking, lane keeping assistance, blind spot warning, and blind spot intervention

SoftBank has initiated discussions with Nvidia and Foxconn to explore building domestic artificial intelligence servers in Japan. The conglomerate is considering beginning design and component assembly by the end of the decade. This move signals SoftBank's ambition to develop in-house AI infrastructure capabilities in partnership with major technology suppliers.

• SoftBank is partnering with U.S. chip giant Nvidia and Taiwanese manufacturer Foxconn for the AI server initiative
• The company plans to start design and component assembly operations by the end of the current decade
• The project would establish homegrown AI server manufacturing capacity in Japan

Gounkoto Mining Services (GMS), the largest contractor at Barrick Mining's Loulo-Gounkoto gold complex in Mali, is closing operations and laying off over 600 employees. The move signals Barrick's reduced commitment to the complex following a dispute with the Malian government over taxes and ownership. Production remains well below pre-dispute levels, with Barrick lowering 2026 output targets and excluding the Gounkoto mine from its plans.

• GMS issued termination letters to more than 600 workers; neither the Gounkoto open-pit mine nor Yalea North mine has restarted production since Barrick regained control in December
• The complex produced only 80,000 ounces of gold in Q1 2026 with a projected 103,000 ounces for Q2, significantly below pre-dispute average output
• Weak investment and deteriorating infrastructure cited as reasons for GMS withdrawal, though investment is expected to increase later in 2026 with expatriate workers returning in Q2

The Trump administration plans to invite CEOs from major U.S. corporations including Nvidia, Apple, Exxon, and Boeing to join President Trump on a trip to China next week. Other invited companies include Qualcomm, Blackstone, Citigroup, and Visa. The White House has not yet commented on the reported invitations.

• The delegation would include leaders from key sectors: technology (Nvidia, Apple, Qualcomm), energy (Exxon), aerospace (Boeing), finance (Citigroup, Blackstone), and payments (Visa)
• The trip is scheduled for next week, though specific dates and agenda details have not been disclosed
• The White House did not immediately respond to requests for comment on the reported CEO invitations