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With Wednesday's gains, AMD shares have nearly doubled in value since the start of the year.
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Key Takeaways

• Advanced Micro Devices shares rallied to a fresh high Wednesday after the chipmaker beat estimates with its latest quarterly results on growing AI demand.
• Other semiconductor stocks also gained, helping lift the S&P 500 and Nasdaq to new records.

Advanced Micro Devices stock is soaring to new highs on signs of booming AI demand.

Shares of the chipmaker were up over 16% in recent trading around $414, after setting a fresh record high above $430 earlier in the session, a day after the chipmaker posted stronger-than-expected results driven by growth in its data center business.

Shares of other semiconductor firms including Nvidia (NVDA), Intel (INTC), and Qualcomm (QCOM), also gained, helping lift the S&P 500 and Nasdaq to new records. The PHLX Semiconductor Sector Index (SOX) was up more than 3%.

Why This Matters to Investors

Wednesday's rally could be taken as a sign of improving sentiment around AI-related stocks, particularly makes of hardware to support the technology.

Following the report, analysts at Wedbush and Bank of America raised their targets to $450 from $410 and $310, respectively.

Though ratings are still in flux, Wall Street analysts largely have positive views on AMD. Seven of the nine analysts with current ratings tracked by Visible Alpha consider it a "buy," compared to two neutral ratings, though the stock has already outpaced their mean target with its recent gains.

With Wednesday's gains, AMD shares have nearly doubled in value since the start of the year.

Planned IPOs could offer investors more ways to get into the AI space.
Credit: Angela Weiss / AFP via Getty Images

Key Takeaways

• The IPO pipeline is starting to fill up with AI names. Cerebras Systems, which makes processors for running advanced artificial intelligence models, is the latest waiting in the wings.
• Cerebras' retail roadshow featured an endorsement from Sam Altman chief of OpenAI, one of the chipmaker's customers.

Artificial intelligence startups are coming soon—to a stock exchange near you.

Investors may be fixated on some of the highest-profile names, such as OpenAI and Anthropic. But other companies are moving close to listings too, among them Cerebras Systems, a chipmaker that aims to take on Nvidia (NVDA). It would appear to be the right time, since risk appetite has returned as investor fears about the war in Iran have been subsumed by renewed optimism that AI will be the Next Big Thing.

Cerebras on Monday re-submitted its initial public offering documents with the Securities and Exchange Commission—it initially filed in October, then withdrew—aiming to sell 28 million shares at a price between $115 and $125 apiece.At the high end of that range, Cerebras' IPO would raise some $3.5 billion, and its implied market capitalization would be over $26 billion. The company's private valuation tripled earlier this year from roughly $8 billion to about $23 billion.

WHY THIS MATTERS TO INVESTORS

There's a growing line of private AI companies looking to go public, and that doesn't just mean expected mega offerings from OpenAI and Anthropic. Those listings will shed new light on the inner workings of the AI sector, and could offer more opportunity and options for investors too.

Cerebras' retail roadshow featured an endorsement from Sam Altman, founder of OpenAI, which Cerebras counts as a customer and partner. "We believe Cerebras is the best high-speed inference offering in the world right now. And it's hard to overstate how important high-speed inference is," Altman said, referring to a process where a trained AI model makes a prediction or solves a task on data it hasn't seen before. Cerebras' slide deck compares its inference speed with that of Nvidia's GPUs, saying leading open-source models are 15 times faster on Cerebras; the company also said its hardware competes against the chip giant, but also Advanced Micro Devices (AMD), Intel (INTC), and Big Tech companies including Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), and Oracle (ORCL).

Cerebras is profitable. Last year it pulled in revenue of about $510 million and $237.8 million in profits, its IPO document shows. Shares of Digi Power X (DGXX), an energy infrastructure company with a market cap of around $400 million, soared yesterday after announcing a 10-year data center deal with Cerebras; the stock remains aloft and has risen more than 10% so far Wednesday.

AMD is an investor, and Amazon's AWS a partner. OpenAI has a warrant for 33.5 million Cerebras shares at an exercise price of a fraction of a penny, with vesting tied to equipment purchase milestones, according to company documents.

Cerebras plans to list on the Nasdaq under the symbol "CBRS."

Even with Novo Nordisk's Wednesday rally, shares are about 10% below where they started the year.
Credit: Michael Siluk / UCG / Universal Images Group / Getty Images

Key Takeaways

• Novo Nordisk shares climbed Wednesday after the Danish drugmaker topped estimates with its quarterly results.
• The company said prescriptions for its oral Wegovy have surpassed 2 million since the pill's January launch.

Sales of Novo Nordisk's newest weight-loss drug are off to a strong start.

Novo Nordisk (NVO) shares were up about 3% in recent trading, after the Danish drugmaker topped estimates with its quarterly results. The Ozempic and Wegovy maker posted adjusted earnings per share of 6.63 Danish kroner ($1.04) in the first quarter on 96.82 billion kroner ($15.26 billion) in revenue, each better than analysts had forecast.

The company said its new Wegovy pill, which was approved in December, has surpassed 2 million prescriptions since its launch in January, with 1.3 million coming in the first quarter. The Wegovy pill is expected to launch in more markets outside the U.S. later this year.

Why This Matters to Investors

The news could boost confident in Novo Nordisk's outlook, after competition concerns dragged the drugmaker's stock early in the year.

Novo Nordisk also lifted its outlook, though it still expects sales to fall this year. The drugmaker said it now expects sales to fall 4% to 12% for the year, compared to its previous forecast of a 5% to 13% decline. Novo Nordisk pointed to an agreement with the Trump administration to lower prices for the slide, along with the expiration of its patent exclusivity on the drug in some other countries this year, allowing competitors to join the market.

Novo Nordisk shares had tumbled following the previous quarter's report in February, when the company projected sales would fall in 2026. Rival Eli Lilly (LLY), by contrast, had said it expects sales to grow this year. Last month, Eli Lilly received approval for its own weight-loss pill and beat estimates with its first-quarter results.

With Wednesday's gains, Novo Nordisk shares are still down about 10% from where they started the year.

News of the day for May 6, 2026

Major stock indexes are poised to hit fresh record highs today.
Credit: Michael Nagle / Bloomberg / Getty Images

Stock futures are surging as oil prices plunge amid optimism that the end of the Iran war could be in sight; a report this morning indicates that the U.S. and Iran are close to reaching a deal to end the conflict, after President Trump on Tuesday said "great progress" was being made; AMD shares are soaring after the chipmaker's results topped Wall Street estimates, the latest sign of continued strong demand for AI hardware; Novo Nordisk shares are rising after the maker of Ozempic and Wegovy reported solid quarterly results; and shares of Disney, CVS and Uber are gaining ground after reporting results on a busy day for earnings. Here's what you need to know today.

Stocks Poised to Add to Record Highs

Stock futures are soaring this morning as investors keep close tabs on developments related to the Iran war and digest a flurry of earnings reports. (more on both below) Futures tied to the tech-heavy Nasdaq were recently up 1.4%, while those linked to the Dow Jones Industrial Average and S&P 500 rose 1% and 0.8%, respectively. The major indexes gained Tuesday, with the S&P 500 and Nasdaq closing at new record highs after markets broadly pulled back on Monday. Crude oil prices were down 9% amid signs that a deal to end the Iran conflict could be in the offing. Bitcoin was trading at $82,400, extending a rally that has lifted the cryptocurrency to its highest level since January. Gold futures were up nearly 3% at $4,700 an ounce, while the yield on the 10-year Treasury note dropped to 4.37% from 4.42% at yesterday's closed.

Oil Prices Drop on Hopes for Deal to End War

West Texas Intermediate futures, the U.S. crude oil benchmark, were down 9% to around $93 a barrel as investors assessed the latest news on the war. Axios reported that "the White House believes it's getting close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations." Iran's foreign ministry told CNBC that it was evaluating the U.S. proposal. On Tuesday, President Trump said the U.S. would suspend plans to "guide" ships through the Strait of Hormuz, citing "great progress" toward an agreement with Iran. Trump said the blockade of Iran's ports will remain in place, but said the plan to guide ships through the strait will be "paused for a short period of time" to see if a peace deal can be agreed upon.

AMD Results Top Estimates On Strong AI Demand, Lifting Chip Stocks

Shares of Advanced Micro Devices (AMD) are soaring in premarket trading after the chipmaker beat estimates in its latest quarterly report. After Tuesday's closing bell, AMD said that sales of its products that are used to power AI data centers made up more than half of its revenue in the quarter. AMD shares have rallied to a series of all-time highs in recent weeks, following strong results from chipmaking rival Intel (INTC) last month that showed AI demand continues to drive substantial sales growth. AMD shares were up 17% recently, pacing broader gains for chip stocks. Intel shares were up more than 4%, while Arm Holdings (ARM), which is set to report its own results after markets close today, jumped 11%. The iShares Semiconductor ETF (SOXX) rose 4% ahead of the opening bell.

Novo Nordisk Stock Jumps on Strong Earnings

Novo Nordisk (NVO) shares are gaining after the Danish drugmaker's results topped Wall Street expectations. The Ozempic and Wegovy maker said it earned an adjusted 6.63 Danish kroner ($1.04) per share in the first quarter, on 96.82 billion kroner ($15.26 billion) in revenue, each better than analysts had forecast. Novo Nordisk also lifted its outlook for the full year, though it still expects revenue to fall this year, driven by a decline in the U.S. because of an agreement with the Trump administration to lower prices for its landmark weight loss drugs. The company also faces the expiration of its patent exclusivity in some other countries this year, which will allow competitors to join the market. Novo Nordisk shares were up 6% in recent premarket trading.

Disney, Uber, CVS Headline This Morning's Reports on Busy Earnings Day

Investors have a full slate of earnings to evaluate this morning, headlined by results from The Walt Disney Company (DIS), Uber Technologies (UBER) and CVS Health (CVS). Disney shares were up 4% after the entertainment giant beat estimates in its first report since new CEO Josh D'Amaro took over in mid-March. CVS shares jumped 5% after the retail and health insurance company reported strong results and lifted its full-year outlook. Uber shares were up 8% after the rideshare and food delivery platform beat bookings and profit estimates. Other companies reporting this morning included Marriott International (MAR), Restaurant Brands International (QSR) and the Kraft-Heinz Company (KHC). After the closing bell today, results are also due from Applovin (APP), DoorDash (DASH), Warner Bros. Discovery (WBD), and WWE and UFC parent TKO Group (TKO), among others.

AMD shares were up 66% for the year through Tuesday's close
Credit: Bridget Bennett / Bloomberg / Getty Images

Key Takeaways

• Advanced Micro Devices shares popped in extended trading Tuesday after the chipmaker posted earnings and revenue that topped analysts' estimates.
• Data center sales surged, accounting for more than half of AMD's revenue.

Advanced Micro Devices' data center business is growing faster than Wall Street expected.

Shares of AMD (AMD) were up over 7% in extended trading Tuesday, suggesting a jump to new highs above Friday's records, after a strong earnings report driven by demand for AI hardware. AMD posted adjusted first-quarter earnings per share of $1.37 on a 38% year-over-year jump in revenue to $10.25 billion.

Those figures topped analysts' estimates as sales in AMD's data center segment, which accounted for more than half of its revenue, soared 57%. Data centers are "now the primary driver of our revenue and earnings growth,” CEO Lisa Su said in a release.

Why This Matters to Investors

The results could add fuel to the recent rally in AMD's stock, which has already gained more than half of its value since the year began.

For the current quarter, AMD forecast revenue of $11.2 billion, plus or minus $300 million, above the $10.53 billion analysts surveyed by Visible Alpha called for.

"We expect server growth to accelerate meaningfully as we scale supply to meet demand," Su said.

CFO Jean Hu said AMD sees its revenue growth driving higher profitability, with adjusted gross margin expected to rise to 56% in the second quarter from 43% in the year-ago period.

Shares of AMD, which have rallied in recent weeks amid signs of growing AI demand, were up 66% for the year through Tuesday's close.

This article was updated since it was first published to reflect updated share-price movement.

Take a Number: A Striking Figure In Economic News Today

Credit: Investopedia / Elizabeth Guevara

Key Takeaways

• Imports from China in the first quarter of 2026 were 40.7% lower than last year, reflecting the shift in supply chains away from what was at one time America's biggest trading partner.
• China has fallen behind Mexico, Canada and Taiwan as manufacturers relocate to avoid punishing tariffs on China.
• The tariffs have discouraged Chinese imports, but haven't boosted U.S. manufacturing or employment in that sector.

Imports from China have taken a nosedive since last year, showing how seriously President Donald Trump's tariffs have shaken up global trade routes and affected what U.S. shoppers see on store shelves.

That's according to the Census Bureau, which said Tuesday that the U.S. imported $60.87 billion worth of goods from China in 2026 through March, compared to $102.66 billion over the same period in 2025—a 40.7% drop. Trump targeted China with especially punishing tariffs as part of his campaign to use import taxes to lure manufacturing back to American shores, at one point targeting what was then America's largest trading partner a 164% tariff.

What This Means For The Economy

China is still a major exporter to the U.S., but is not nearly as dominant as it was before tariffs tilted the playing field.

Tariffs on China are lower these days, especially since the Supreme Court struck down many of Trump's import taxes in February.

The drop in Chinese imports has yet to produce the industrial renaissance in the U.S. that the tariffs were intended to accomplish, and the manufacturing sector has lost jobs consistently since the tariffs were put in place. Nor have they eliminated the trade deficit, which stood at $60 billion in March, compared with $66 billion the same month in 2024.

However, trade patterns have shifted in a big way: In the first quarter, China was the fourth-largest exporter to the U.S. behind Mexico, Canada and Taiwan. In fact, the U.S. bought more than double the amount of products from Mexico in the first quarter as it did from China.

All that disruption has come at a price, and it's one that U.S. consumers have paid. Prices for "core" goods other than food and energy were up 1.2% over the year in March according to the Bureau of Labor Statistics, helping push overall inflation well aboce the Federal Reserve's goal of a 2% annual rate. The increase is noteworthy because in pre-pandemic times, core goods prices typically stayed flat or decreased.

A new SEC proposal would change the requirements for public companies to update investors.
Credit: Getty Images

Key Takeaways

• Public companies would have the "flexibility to determine the frequency of interim reporting that best suits its particular circumstances," according to the SEC's proposal.
• Firms that choose to become semiannual filerss would submit reports via a new "10-S" form for a 6-month period.

Earnings season could soon be a very different experience indeed.

The Securities and Exchange Commission on Tuesday formally proposed giving public companies the option of filing one semiannual report and one annual report each fiscal year, rather than submitting financials every three months. The move to potentially end mandatory quarterly reporting—a rule that has been in place since the 1970s—was inspired by President Donald Trump, who asked the federal agency to study making such a shift in his first term, then revived the subject in September.

While critics of the idea of semiannual reporting say quarterly results are a vital source of information and promote accountability to investors, supporters say it will save companies time and money and make them less likely to focus on short-term goal-chasing; the proposal said that making quarterly reporting optional would give companies the "flexibility" to decide what is best for them. The SEC is now fielding comments on the rule change.

WHY THIS MATTERS TO YOU

Investors rely on quarterly reports to stay abreast of how a company is performing, but some companies argue that the time and pressure of quarterly earnings reports distracts C-suite leaders from managing their businesses.

Other companies may prefer quarterly reporting, the SEC said, since semiannual reporting could increase "the length of time that the company's directors or employees possess non-public information," making some insider transactions prohibitive.

SEC Commissioner Mark Uyeda in a statement on Tuesday said the new reporting regime would accommodate different business models—for example, what is considered key information for a pre-revenue biotech company aiming to get approval for a single drug would be substantially different than a multi-trillion dollar pharmaceutical company.

The agency added that though the required frequency of interim reporting would be reduced, that it would still expect companies to file "certain material information" in between the semi-annual and annual reports via 8-K forms. Companies that elect to file semiannually would mark a check box indicating so on the cover page of their annual reports every year, and submit their semiannual reports on a new form called "10-S."

The latest language added a wrinkle that surprised some observers—companies would be allowed to switch the frequency of their reporting every year—which CFA Institute's Sandy Peters told Investopedia could make comparing financials "challenging."

Arm Holdings shares have gained roughly 90% since the start of the year.
Credit: Hari Anggara / NurPhoto / Getty Images

Key Takeaways

• Arm Holdings is due to release its results after markets close Wednesday, and traders are pricing in the likelihood of a big move in the chip designer's stock following the report.
• Revenue and profits are each expected to rise from year-ago levels, according to analysts, as AI demand continues to drive sales.

Arm Holdings (ARM) shares are expected to make a big move after the chip designer releases its results Wednesday afternoon.

Current options pricing suggests that traders anticipate a move of as much as 10% by the end of the week. A move of that size from Tuesday's close of around $209 could see the company's U.S.-listed shares jump to $230, approaching last week's record highs. The low end of that range would be about $188.

Arm shares have gained roughly 90% since the start of the year, rallying alongside other chip stocks as AI demand has continued to boost hardware sales. Arm's stock has been boosted by strong earnings reports from semiconductor rivals including Intel (INTC), as well as its plans to sell its own chips while continuing to license designs to heavyweights such as Nvidia (NVDA) and Alphabet's (GOOGL) Google.

Why This Matters to Investors

Arm's earnings, along with those of fellow chipmaker AMD, will provide the latest indication of whether AI demand is continuing to drive big revenue growth.

UBS analysts recently hiked their price target for Arm to $245 from $175. The analysts forecast the server CPU market, which they see as being dominated by Intel, Advanced Micro Devices (AMD) and Arm, could grow to $170 billion in sales by 2030, compared with $30 billion last year.

Arm is expected to report $1.47 billion in fiscal fourth-quarter revenue, up nearly 20% year-over-year, along with adjusted earnings of 59 cents per share, up 4 cents from the same time a year ago, according to estimates compiled by Visible Alpha.

Of the 13 analysts with current ratings tracked by Visible Alpha, weight have "buy" ratings on Arm stock, while four have it at "neutral" and one calls it a "buy." While most analysts are bullish, the average price target of about $165 represents downside of more than 20% to the stock's current level.

CEO Alex Karp (pictured) said Palantir's results were stronger than any software company ever operating at its scale.
Credit: Fabrice Coffrini / AFP via Getty Images

Key Takeaways

• Palantir stock slid on Tuesday despite the data analytics software company easily beating quarterly earnings estimates.
• The market's muted reaction to Monday's results could reflect concerns about the stock's rich valuation and increasing competition from frontier AI labs like OpenAI and Anthropic.

Palantir's results were about as strong as Wall Street could've hoped for. The stock's falling anyway.

Given its first-quarter numbers, that might seem unlikely. The company on Monday blew past top- and bottom-line estimates. Revenue growth accelerated for an 11th consecutive quarter to 85%, a Palantir (PLTR) record. Net income quadrupled year-over-year. The company raised its full-year revenue, earnings, and free cash flow guidance.

“Our financial results now demonstrate a level of strength that dwarfs the performance of essentially every software company in history at this scale,” CEO Alex Karp wrote in a letter to shareholders.

Yet shares fell 7%—while the tech-heavy Nasdaq Composite and S&P 500 rose 1% and 0.8%, respectively, to close at record highs.

Why This Matters

Palantir was among the U.S. market's best-performing stocks in 2024 and 2025 as uptake of its AI-powered software accelerated with commercial and government customers. Shares have wavered this year amid concerns about competition from AI start-ups and their high valuation.

In an earnings report chock full of better-than-expected metrics, one did fall short. U.S. commercial revenue grew 133%, down from 137% in the prior quarter and below Wall Street forecasts. Executives on Palantir's earnings call attributed the miss to the recategorization during the quarter of a major customer from commercial revenue to government revenue. Adjusted for that change, commercial revenue growth would have surpassed expectations at 143%, according to Bank of America.

Still, the miss, at least on paper, may have prompted some investors to at least consider that Palantir's meteoric growth will slow eventually. Jefferies analysts on Wednesday expressed concern that the size of Palantir's sales force could limit growth.

Karp on Tuesday boasted Palantir achieves more with 70 salespeople—only 7 of whom “actually even really sell”—than other companies achieve with 7,000. There's a risk, according to Jefferies, that Palantir's tiny sales department and approximately 60% profit margin reflect a tendency to underinvest, which could hamper its efforts to launch new products and reach new customers.

Investors may also be concerned about increasing competition from frontier AI labs like OpenAI and Anthropic that are aggressively pursuing enterprise customers. Anthropic's annual revenue run rate more than tripled in the first three months of the year, and the number of businesses spending more than $1 million annually on its products doubled between February and April.

The parabolic growth of AI labs like Anthropic has sparked a debate about whether AI will “eat software.” Those concerns have pressured software stocks, including Palantir's, for most of the year. Palantir shares have lost nearly 25% of their value in 2026.

COO Shyam Sankar on Monday countered that AI-driven software disruptions are “a massive tailwind” for Palantir, which he said is “counter-positioned against this, sort of, legacy, thin software” that can't adapt to competition from AI models.

Wall Street analysts generally agree that Palantir is neither a standard software company nor a competitor of AI labs. “We believe these concerns are overblown, and see the company as meaningfully differentiated vs. LLMs,” wrote Oppenheimer analysts of AI competition fears. Palantir's being “model-agnostic,” they said, “makes model churn a tailwind for the company, not a risk.”

Bank of America analysts on Tuesday argued that Palantir's platforms “provide the infrastructure required to translate model capability into repeatable, auditable, and governed outcomes at scale.” Management made a similar claim throughout the earnings call, repeatedly referring to Palantir's AI Platform as a “no-slop zone” uniquely capable of harnessing the power of AI to deliver actionable insights.

Aside from AI competition and growth concerns, investors were grappling on Tuesday with Palantir stock's valuation, which has been lifted by a yearslong upward run. Palantir shares trade at a price-to-earnings ratio of about 150, one of the highest in the S&P 500. At its current valuation, Palantir stock “remains vulnerable to any moderation in AI enthusiasm or even modest headline deceleration,” wrote Jefferies analysts.

Update—May 5, 2026: This story was updated to reflect the market close on Tuesday.

Uber shares are down about 9% since the start of the year.
Credit: John Keeble / Getty Images

Key Takeaways

• Uber's next earnings report is scheduled for release Wednesday morning.
• The rideshare and food delivery giant's stock is seen swinging up to nearly 7% by the end of the week.
• Uber's bookings, revenue, and profits are all expected to have grown year-over-year.

Uber Technologies is set to report its latest quarterly results ahead of the opening bell Wednesday, with a big move expected from the rideshare giant's stock following the results.

Current options pricing suggests traders are anticipating Uber (UBER) shares could swing up to about 7% by the end of the week. A move of that size from Tuesday's level around $74 could see Uber shares rise above $79, their highest point since early February. At the low end, shares could slip below $70.

Uber shares are down about 9% from where they started the year, amid concerns about headwinds from higher fuel costs, along with competition in robotaxis and grocery delivery services from other companies.

Why This Matters to Investors

Wednesday's earnings could give Uber an opportunity to improve sentiment around the shares after a tough start to the year for the stock.

UBS analysts recently wrote that investors will likely be looking for updates on the potential impact of robotaxis on Uber's business, along with the progress of investments in growing its delivery business.

Analysts surveyed by Visible Alpha currently forecast first-quarter gross bookings of $52.89 billion, up more than 23% year-over-year. The rideshare and delivery company is seen reporting adjusted earnings of 70 cents per share on a 15% jump in revenue to $13.29 billion.

Wall Street analysts are largely bullish on Uber, with 18 of the 20 analysts with current ratings tracked by Visible Alpha calling the stock a "buy," compared to two neutral ratings. Their average price target just under $103 would suggest upside of nearly 40% from Tuesday's level.