*POWELL: THIS IS MY LAST PRESS CONFERENCE AS CHAIR
*POWELL: WON'T LEAVE UNTIL DOJ PROBE WELL AND TRULY OVER
*POWELL: WILL CONTINUE TO SERVE AS GOVERNER FOR PERIOD OF TIME TBD
*POWELL: WON'T LEAVE UNTIL DOJ PROBE WELL AND TRULY OVER
*POWELL: WILL CONTINUE TO SERVE AS GOVERNER FOR PERIOD OF TIME TBD
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*AMAZON 1Q NET SALES $181.52B, EST. $177.23B
*AMAZON SEES 2Q NET SALES $194.0B TO $199.0B, EST. $189.15B
*META 1Q REV. $56.31B, EST. $55.51B
*META SEES 2Q REV. $58B TO $61B, EST. $59.56B
*META SEES FY CAPEX $125B TO $145B, SAW $115B TO $135B
*MICROSOFT 3Q REV. $82.89B, EST. $81.46B
*MICROSOFT 3Q OPER INCOME $38.40B, EST. $36.9B
*ALPHABET 1Q REV. $109.90B, EST. $107.1B
*ALPHABET 1Q GOOGLE CLOUD REV. $20.03B, EST. $18.41B
*ALPHABET 1Q CAPEX $35.67B, EST. $36.39B
*ALPHABET RAISES 2026 CAPEX GUIDANCE TO 180B-190B FROM 175B-185B
*AMAZON SEES 2Q NET SALES $194.0B TO $199.0B, EST. $189.15B
*META 1Q REV. $56.31B, EST. $55.51B
*META SEES 2Q REV. $58B TO $61B, EST. $59.56B
*META SEES FY CAPEX $125B TO $145B, SAW $115B TO $135B
*MICROSOFT 3Q REV. $82.89B, EST. $81.46B
*MICROSOFT 3Q OPER INCOME $38.40B, EST. $36.9B
*ALPHABET 1Q REV. $109.90B, EST. $107.1B
*ALPHABET 1Q GOOGLE CLOUD REV. $20.03B, EST. $18.41B
*ALPHABET 1Q CAPEX $35.67B, EST. $36.39B
*ALPHABET RAISES 2026 CAPEX GUIDANCE TO 180B-190B FROM 175B-185B
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The Week Ahead: INFINITYHEDGE
Mon:
* Senate vote on Kevin Warsh's Fed Chair confirmation begins
* Circle Earnings
Tue:
* U.S. April CPI (hot print expected)
* Fed’s Williams, Goolsbee speaks
Wed:
* Senate confirmation vote on Kevin Warsh's Fed Chair nomination expected as early as Wednesday
* IEA, OPEC monthly oil market reports
* U.S. April PPI (hot print expected)
* Fed’s collins, kashkari speaks
* Earnings: Alibaba, Tencent, SoftBank
* Trump lands in Beijing on wed night local time
Thu:
* Trump visits China
* Senate Banking Committee plans to hold a markup hearing to advance the Clarity Act
* Fed’s Schmid, Hammack, Barr speaks
Fri:
* 13F filings
* Trump leaves China
ICYMI:
DAY 73 OF Gulf WAR:
- STRAIT OF HORMUZ (SOH): NACHO: still effectively closed
- India’s PM has urged citizens to work from home, limit gold purchases and stop travelling abroad to conserve foreign exchange
- Both IRAN–U.S. rejected peace proposals of each other, with each side accusing the other of making unreasonable demands, proposal demands are overall same as before from both sides
- In Thailand, Philippines, Bangladesh and Australia, which are the first since the war to enter key sowing periods, farmers are choosing to skip or reduce planting, or cut fertilizer use, which will lower yield. In June, India and Brazil, two of the world’s biggest agricultural producers, will ramp up orders for urea. If, by then, vessels carrying urea are not sailing, there will be “significant yield loss” across many countries. To make matters worse, scientists say the planet is likely to be hit with a super El Niño climate pattern this year, which could result in extreme heat and drought that will deal another blow to harvests.
Trump-Xi Talks:
* Trump’s struggles to bring the war to a close on his terms have driven him to seek Xi’s support. But the president should expect little from Beijing on Iran because China’s strategy is to appear useful in the conflict while avoiding a costly Middle East entanglement of its own. “Trump comes without leverage he might have had now without tariffs and a war that’s alienating much of the world, handing Xi more than a few points.”
* Areas market participants are watching ahead of the summit:
- Trade Tariffs
- Middle East Conflict
- Tech Curbs
- Rare Earth
- Agriculture Purchases
Must Read: Only one of Berkshire Hathaway and SoftBank can survive: ....“Both firms have come to resemble parodies of themselves…. Berkshire and SoftBank are refugees in each other’s countries…Only one of the firms’ gambles can pay off….” - The economist
Mon:
* Senate vote on Kevin Warsh's Fed Chair confirmation begins
* Circle Earnings
Tue:
* U.S. April CPI (hot print expected)
* Fed’s Williams, Goolsbee speaks
Wed:
* Senate confirmation vote on Kevin Warsh's Fed Chair nomination expected as early as Wednesday
* IEA, OPEC monthly oil market reports
* U.S. April PPI (hot print expected)
* Fed’s collins, kashkari speaks
* Earnings: Alibaba, Tencent, SoftBank
* Trump lands in Beijing on wed night local time
Thu:
* Trump visits China
* Senate Banking Committee plans to hold a markup hearing to advance the Clarity Act
* Fed’s Schmid, Hammack, Barr speaks
Fri:
* 13F filings
* Trump leaves China
ICYMI:
DAY 73 OF Gulf WAR:
- STRAIT OF HORMUZ (SOH): NACHO: still effectively closed
- India’s PM has urged citizens to work from home, limit gold purchases and stop travelling abroad to conserve foreign exchange
- Both IRAN–U.S. rejected peace proposals of each other, with each side accusing the other of making unreasonable demands, proposal demands are overall same as before from both sides
- In Thailand, Philippines, Bangladesh and Australia, which are the first since the war to enter key sowing periods, farmers are choosing to skip or reduce planting, or cut fertilizer use, which will lower yield. In June, India and Brazil, two of the world’s biggest agricultural producers, will ramp up orders for urea. If, by then, vessels carrying urea are not sailing, there will be “significant yield loss” across many countries. To make matters worse, scientists say the planet is likely to be hit with a super El Niño climate pattern this year, which could result in extreme heat and drought that will deal another blow to harvests.
Trump-Xi Talks:
* Trump’s struggles to bring the war to a close on his terms have driven him to seek Xi’s support. But the president should expect little from Beijing on Iran because China’s strategy is to appear useful in the conflict while avoiding a costly Middle East entanglement of its own. “Trump comes without leverage he might have had now without tariffs and a war that’s alienating much of the world, handing Xi more than a few points.”
* Areas market participants are watching ahead of the summit:
- Trade Tariffs
- Middle East Conflict
- Tech Curbs
- Rare Earth
- Agriculture Purchases
Must Read: Only one of Berkshire Hathaway and SoftBank can survive: ....“Both firms have come to resemble parodies of themselves…. Berkshire and SoftBank are refugees in each other’s countries…Only one of the firms’ gambles can pay off….” - The economist
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*US APRIL CONSUMER PRICES RISE 0.6% M/M; EST. +0.6%
*US APRIL CONSUMER PRICES RISE 3.8% Y/Y; EST. +3.7%
*US APRIL CORE CPI RISES 0.4% M/M; EST. +0.3%
*US APRIL CORE CPI RISES 2.8% Y/Y; EST. +2.7%
*US APRIL CONSUMER PRICES RISE 3.8% Y/Y; EST. +3.7%
*US APRIL CORE CPI RISES 0.4% M/M; EST. +0.3%
*US APRIL CORE CPI RISES 2.8% Y/Y; EST. +2.7%
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The Week Ahead: Start with AI and might end with War: INFINITYHEDGE
Mon:
* Nvidia CEO Jensen guest speaker at the Dell Technologies World annual convention in Las Vegas
Tue:
* Japan Q1 GDP
* Google I/O annual developer conference begins
* Trump expected to hold a Situation Room meeting with his top national security advisers to discuss the options for military action regarding Iran
Wed:
* Nvidia earnings
* FOMC minutes: (expected hawkish bias)
Thu:
* Samsung Electronics labor strike, nearly 45k of Samsung’s unionized workers plan to walk off the job for 18 days. If that happens, it will be the largest work stoppage in the history of the semiconductor industry, in their pursuit of 15% of the company’s operating profit for employee bonuses
* Walmart earnings
Fri:
* Japan April CPI
* Fed’s Waller speaks on the economic outlook
TBA/Whole Week:
- G-7 finance ministers & central bank governors meet in Paris, with the focus on global imbalances, trade tensions and FX policy, through May 19.
- AI: these models could drop this week: Opus/Sonnet 4.8 or Mythos, GPT 5.6, Gemini 3.5/3.2, some big announcements from google coming for sure at least
- U.S. military preparing for possible resumption of attacks against Iran this weekened
ICYMI:
- DAY 80 OF WAR: SOH still effectively closed: Elevated oil prices are putting pressure on longer-dated U.S. & Japan bond yields, Cuba is running out of food and fuel. Upward pressure on bond yields is building as oil prices remain elevated after the US & Iran rejected each other’s proposals to end the conflict, dimming prospects for a near-term resolution
- Trump-Xi Summit ended without any major announcement as expected
- Crypto: Senate Banking Committee advanced the Clarity Act, to the Senate floor with a bipartisan 15-9 vote on Thursday
Mon:
* Nvidia CEO Jensen guest speaker at the Dell Technologies World annual convention in Las Vegas
Tue:
* Japan Q1 GDP
* Google I/O annual developer conference begins
* Trump expected to hold a Situation Room meeting with his top national security advisers to discuss the options for military action regarding Iran
Wed:
* Nvidia earnings
* FOMC minutes: (expected hawkish bias)
Thu:
* Samsung Electronics labor strike, nearly 45k of Samsung’s unionized workers plan to walk off the job for 18 days. If that happens, it will be the largest work stoppage in the history of the semiconductor industry, in their pursuit of 15% of the company’s operating profit for employee bonuses
* Walmart earnings
Fri:
* Japan April CPI
* Fed’s Waller speaks on the economic outlook
TBA/Whole Week:
- G-7 finance ministers & central bank governors meet in Paris, with the focus on global imbalances, trade tensions and FX policy, through May 19.
- AI: these models could drop this week: Opus/Sonnet 4.8 or Mythos, GPT 5.6, Gemini 3.5/3.2, some big announcements from google coming for sure at least
- U.S. military preparing for possible resumption of attacks against Iran this weekened
ICYMI:
- DAY 80 OF WAR: SOH still effectively closed: Elevated oil prices are putting pressure on longer-dated U.S. & Japan bond yields, Cuba is running out of food and fuel. Upward pressure on bond yields is building as oil prices remain elevated after the US & Iran rejected each other’s proposals to end the conflict, dimming prospects for a near-term resolution
- Trump-Xi Summit ended without any major announcement as expected
- Crypto: Senate Banking Committee advanced the Clarity Act, to the Senate floor with a bipartisan 15-9 vote on Thursday
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US 30-YEAR YIELD RISES TO HIGHEST LEVEL SINCE 2007- INFINITYHEDGE
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NVIDIA 1Q DATA CENTER REVENUE $75.2B, EST. $73.48B
NVIDIA 1Q REV. $81.62B, EST. $79.19B
NVIDIA 1Q DATA CENTER REVENUE $75.2B, EST. $73.48B
NVIDIA ANNOUNCES $80 BLN ADDITIONAL SHARE REPURCHASE AUTHORIZATION AND INCREASES QTRLY DIVIDEND TO $0.25 PER SHARE
NVIDIA SEES 2Q REV. $89.18B TO $92.82B, EST. $87.36B
NVIDIA SEES 2Q ADJ GROSS MARGIN 74.5% TO 75.5%
NVIDIA: NO SHIPMENTS OF DATA CENTER HOPPER PRODUCTS TO CHINA OCCURRED DURING QUARTER
NVIDIA: DON'T YET KNOW IF ANY IMPORTS WILL BE ALLOWED IN CHINA
NVIDIA 1Q REV. $81.62B, EST. $79.19B
NVIDIA 1Q DATA CENTER REVENUE $75.2B, EST. $73.48B
NVIDIA ANNOUNCES $80 BLN ADDITIONAL SHARE REPURCHASE AUTHORIZATION AND INCREASES QTRLY DIVIDEND TO $0.25 PER SHARE
NVIDIA SEES 2Q REV. $89.18B TO $92.82B, EST. $87.36B
NVIDIA SEES 2Q ADJ GROSS MARGIN 74.5% TO 75.5%
NVIDIA: NO SHIPMENTS OF DATA CENTER HOPPER PRODUCTS TO CHINA OCCURRED DURING QUARTER
NVIDIA: DON'T YET KNOW IF ANY IMPORTS WILL BE ALLOWED IN CHINA
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ANTHROPIC EXPECTS A 130% REVENUE SURGE TO $10.9 BILLION IN THE JUNE QUARTER AND ITS FIRST OPERATING PROFIT: WSJ
ANTHROPIC GENERATED $4.8 BILLION IN SALES IN THE FIRST QUARTER
ANTHROPIC GENERATED $4.8 BILLION IN SALES IN THE FIRST QUARTER
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ELON MUSK’S SPACEX FILES FOR NASDAQ IPO UNDER SYMBOL SPCX
ELON MUSK HAS COMBINED VOTING POWER OF 85.1%
SPACEX: ELON MUSK OWNS 12.3% OF CLASS A SHARES, 93.6% OF CLASS B SHARES
SPACEX SAYS STARLINK HAS ABOUT 10.3 MILLION SUBSCRIBER'
SPACEX: ENTERED INTO A COMPUTE PACT WITH ANYSPHERE
SPACEX: ENTERED INTO AN OPTION PACT TO BUY CURSOR
SPACEX: AS OF MARCH 31, ~9.600 SATELLITES IN LOW-EARTH ORBIT
MUSK: TALKS UNDERWAY WITH OTHER FIRMS TO PROVIDE AI COMPUTING AS A SERVICE
ELON MUSK HAS COMBINED VOTING POWER OF 85.1%
SPACEX: ELON MUSK OWNS 12.3% OF CLASS A SHARES, 93.6% OF CLASS B SHARES
SPACEX SAYS STARLINK HAS ABOUT 10.3 MILLION SUBSCRIBER'
SPACEX: ENTERED INTO A COMPUTE PACT WITH ANYSPHERE
SPACEX: ENTERED INTO AN OPTION PACT TO BUY CURSOR
SPACEX: AS OF MARCH 31, ~9.600 SATELLITES IN LOW-EARTH ORBIT
MUSK: TALKS UNDERWAY WITH OTHER FIRMS TO PROVIDE AI COMPUTING AS A SERVICE
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*SPACEX 1Q REVENUE $4.69B
*SPACEX 1Q NET LOSS $4.28B
*2024 REVENUE: $14B
*2025 REVENUE: $18.7B
*SPACEX 1Q NET LOSS $4.28B
*2024 REVENUE: $14B
*2025 REVENUE: $18.7B
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SpaceX: The Biggest IPO in History
- Ticker symbol: SPCX
- Exchange: Nasdaq
- Valuation: expected > $1.8 Trillion
- Expected IPO date: June 12
- Raising: $80B+
👉 FY 2025:
- rev: $18.7B
- Operating Loss: $2.6B
- Starlink (Connectivity) rev: $11.4B
- Space rev: $4.09B
- AI rev: $3.2B
FY2025 Capex:
- AI: $12.7B
- Starlink: $4.18B
- Space: $3.83B
- Total 2025 capex $20.7b vs $11.2b (2024)
- xAI burned $6.4B on $3.2B in rev
- SpaceX says it spent ~$3B on Starship in 2025 alone
👉 Q1 2026:
- rev: $4.7B
- Operating Loss: $1.9B
- Starlink rev: $3.26B
- Space rev: $619M
- AI rev: $818M
Q1 2026 capex:
- AI: $7.7B
- Starlink: $1.3B
- Space: $1B
- Total: ~$10B
{Est. 2026 capex $40b vs 20.7B (2025) vs $11.2b (2024)}
- Anthropic to pay SpaceX $1.25B/month to rent capacity from both of its data centers called Colossus and Colossus II, through to May 2029. SpaceX said it expects to enter more of those types of agreements, as it has “sufficient capacity to provide compute for our own AI models.”
- Musk controlled 85% of the voting power at SpaceX. Together with other board members and executives, insiders owned about 20% of the Class A shares and 94% of the Class B shares, giving them 86% of the combined voting power.
- By the end of the decade, SpaceX aims to deploy the first modular orbital AI compute shells -- data centers in space -- and begin monetizing capacity through the sale of AI software and AI compute.
- Ticker symbol: SPCX
- Exchange: Nasdaq
- Valuation: expected > $1.8 Trillion
- Expected IPO date: June 12
- Raising: $80B+
👉 FY 2025:
- rev: $18.7B
- Operating Loss: $2.6B
- Starlink (Connectivity) rev: $11.4B
- Space rev: $4.09B
- AI rev: $3.2B
FY2025 Capex:
- AI: $12.7B
- Starlink: $4.18B
- Space: $3.83B
- Total 2025 capex $20.7b vs $11.2b (2024)
- xAI burned $6.4B on $3.2B in rev
- SpaceX says it spent ~$3B on Starship in 2025 alone
👉 Q1 2026:
- rev: $4.7B
- Operating Loss: $1.9B
- Starlink rev: $3.26B
- Space rev: $619M
- AI rev: $818M
Q1 2026 capex:
- AI: $7.7B
- Starlink: $1.3B
- Space: $1B
- Total: ~$10B
{Est. 2026 capex $40b vs 20.7B (2025) vs $11.2b (2024)}
- Anthropic to pay SpaceX $1.25B/month to rent capacity from both of its data centers called Colossus and Colossus II, through to May 2029. SpaceX said it expects to enter more of those types of agreements, as it has “sufficient capacity to provide compute for our own AI models.”
- Musk controlled 85% of the voting power at SpaceX. Together with other board members and executives, insiders owned about 20% of the Class A shares and 94% of the Class B shares, giving them 86% of the combined voting power.
- By the end of the decade, SpaceX aims to deploy the first modular orbital AI compute shells -- data centers in space -- and begin monetizing capacity through the sale of AI software and AI compute.
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MICHAEL SAYLOR: THIS WEEK WE BOUGHT BONDS, NOT BITCOIN - INFINITYHEDGE
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TRUMP: "TRUMP” WILL NEVER LET CRYPTO DOWN!
TRUMP: GENSLER AND THE “ANTI-CRYPTO ARMY” NEARLY DESTROYED THE AMERICAN CRYPTO INDUSTRY BY DRIVING BITCOIN, CRYPTO PERPETUALS, AND INNOVATION OFFSHORE, BUT “TRUMP” SAVED IT
TRUMP: GENSLER AND THE “ANTI-CRYPTO ARMY” NEARLY DESTROYED THE AMERICAN CRYPTO INDUSTRY BY DRIVING BITCOIN, CRYPTO PERPETUALS, AND INNOVATION OFFSHORE, BUT “TRUMP” SAVED IT
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TRUMP SAYS REMOVING NAVAL BLOCKADE - INFINITYHEDGE
TRUMP: MEETING NOW TO MAKE A FINAL DETERMINATION ON IRAN DEAL
TRUMP: MEETING NOW TO MAKE A FINAL DETERMINATION ON IRAN DEAL
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HYPERLIQUID SURPASSES DOGECOIN TO BECOME THE 10TH LARGEST CRYPTO BY MARKET CAP - INFINITYHEDGE
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PASSWORD MANAGER DASHLANE SAYS HACKERS STOLE SOME CUSTOMERS’ PASSWORD VAULTS: TECHCRUNCH- INFINITYHEDGE
DASHLANE SAYS HACKERS BRUTE-FORCED COMPANY'S TWO-FACTOR AUTHENTICATION SYSTEM, GRANTING ACCESS TO ABOUT 20 CUSTOMER ACCOUNTS AND ALLOWING DOWNLOAD OF ENCRYPTED VAULTS
DASHLANE SAYS THERE IS NO EVIDENCE OF COMPROMISE OF ITS OWN SYSTEMS, HAS NOT YET SAID HOW HACKERS DEFEATED TWO-FACTOR PROTECTIONS
DASHLANE SAYS HACKERS BRUTE-FORCED COMPANY'S TWO-FACTOR AUTHENTICATION SYSTEM, GRANTING ACCESS TO ABOUT 20 CUSTOMER ACCOUNTS AND ALLOWING DOWNLOAD OF ENCRYPTED VAULTS
DASHLANE SAYS THERE IS NO EVIDENCE OF COMPROMISE OF ITS OWN SYSTEMS, HAS NOT YET SAID HOW HACKERS DEFEATED TWO-FACTOR PROTECTIONS
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ZCASH NETWORK DOWN, NOT PRODUCED ANY BLOCK IN THE PAST 4 HOURS, ACCORDING TO MULTIPLE BLOCK EXPLORERS- INFINITYHEDGE
CONTEXT: ZCASH ECO COORDINATED A NETWORK UPGRADE DUE TO AN ORCHARD POOL SOUNDNESS VULNERABILITY, AND ORCHARD TXNS WERE TEMPORARILY SUSPENDED FOR ~24HRS WHILE UPGRADE WAS DEPLOYED AND ACTIVATED
UPDATE: XENU: MULTIPLE EXPLORERS ARE POINTED TO NON-UPDATED NODES HOWEVER THE THE FORK (NETWORK UPGRADE) HAS BEEN SLOPPY, AS THERE IS CURRENTLY NO WALLET FIX IMPLEMENTED EXCEPT FOR ZODL WALLET AND CAKE WALLET STILL NOT WORKING
HYPERUNIT: ZCASH IS CURRENTLY EXPERIENCING DEGRADED PROCESSING AND IS EXPECTED TO REMAIN IMPACTED FOR THE NEXT FEW HOURS, AS A RESULT OF THE RECENT NETWORK HARD FORK
MetaDAO founder: a soundness bug is a greater existential risk to private chains than transparent chains because you can't necessarily fix it on a private chain immediately after it is exploited.....and no way of knowing for sure whether or not it has already been exploited.
CONTEXT: ZCASH ECO COORDINATED A NETWORK UPGRADE DUE TO AN ORCHARD POOL SOUNDNESS VULNERABILITY, AND ORCHARD TXNS WERE TEMPORARILY SUSPENDED FOR ~24HRS WHILE UPGRADE WAS DEPLOYED AND ACTIVATED
UPDATE: XENU: MULTIPLE EXPLORERS ARE POINTED TO NON-UPDATED NODES HOWEVER THE THE FORK (NETWORK UPGRADE) HAS BEEN SLOPPY, AS THERE IS CURRENTLY NO WALLET FIX IMPLEMENTED EXCEPT FOR ZODL WALLET AND CAKE WALLET STILL NOT WORKING
HYPERUNIT: ZCASH IS CURRENTLY EXPERIENCING DEGRADED PROCESSING AND IS EXPECTED TO REMAIN IMPACTED FOR THE NEXT FEW HOURS, AS A RESULT OF THE RECENT NETWORK HARD FORK
MetaDAO founder: a soundness bug is a greater existential risk to private chains than transparent chains because you can't necessarily fix it on a private chain immediately after it is exploited.....and no way of knowing for sure whether or not it has already been exploited.
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