US stocks rose as Nvidia (⁠NVDA⁠) became the first company to hit a $5 trillion market cap, driven by record AI chip demand and bullish guidance from CEO Jensen Huang following the company’s GTC event. Analysts at Bernstein say Nvidia’s next-generation Blackwell and Rubin chips could generate over $500B in data center revenue over the next six quarters. The milestone comes ahead of a massive week for Big Tech earnings, with Alphabet (GOOG), Meta (META), and Microsoft (MSFT) set to report after today’s close, followed by Apple (AAPL) and Amazon (AMZN) on Thursday. On the macro front, the Federal Reserve is expected to cut rates by 25 basis points this afternoon, with Chair Jerome Powell’s press conference focusing on signals on future policy moves. Boeing (BA) fell after posting a wider-than-expected loss and taking a $4.9B charge on its delayed 777X jet program, now pushed to 2027. Meanwhile, Verizon (VZ) posted modest subscriber losses under new CEO Dan Schulman, Caterpillar (CAT) beat estimates on surging AI-related energy equipment demand, and Fiserv (FI) plunged after slashing guidance and announcing a board shake-up.

Takeaways:

Nvidia becomes the first company ever to hit $5 trillion market cap

Fed expected to cut rates by 25 bps; investors eye Powell’s tone

Boeing posts $4.9B charge, delays 777X to 2027

Verizon, Caterpillar, and Fiserv move on earnings results

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