Nvidia Q1 results surpass Wall Street expectations thanks to massive AI chip demand
Artificial intelligence chipmaker Nvidia’s quarterly results blew past Wall Street’s expectations once again, fueled by massive demand for its high-end AI chips. The company said Wednesday it earned $58.32 billion, or $2.39 per share, in the February-April period. That is up from $18.78 billion, or 76 cents per share, in the same period a year earlier. Excluding one-time items, Nvidia earned $1.76 per share. Revenue jumped 85% to $81.62 billion from $44.01 billion. Analysts, on average, were expecting earnings of $1.75 per share and revenue of $78.91 billion, according to a poll by FactSet.
Asian shares surge after oil prices slip and Wall Street resumes its AI rally
Shares have rallied across Asia, tracking gains on Wall Street after pressure from the bond market eased and oil prices fell back. South Korea's Kospi soared 6.7%, helped by strong buying of technology shares. On Wednesday, the S&P 500 climbed 1.1% Wednesday for its first advance in four days. The Dow Jones Industrial Average added 1.3%, and the Nasdaq composite rallied 1.5%. Stocks got a lift from easing yields in the bond market. The yield on the 10-year Treasury fell below 4.60% as the price of Brent crude oil dropped more than 5%. Oil prices were slightly higher early Thursday.
SpaceX reveals plans for what could be the biggest-ever initial public offering
NEW YORK (AP) — Elon Musk announced plans Wednesday for one of the biggest sales of stock to the public ever for his space company that is currently losing billions of dollars year. A filing Wednesday shows his SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too. Still, the initial public offering is expected to rank among the largest ever, possibly surpassing the current title holder, Saudi Aramco, the oil giant that went public seven years ago. The stock sale could also make Musk, a major owner who founded SpaceX in 2002, the world’s first trillionaire. Forbes currently puts his net worth at $839 billion.
James Murdoch, media scion, strikes deal for New York Magazine and Vox
NEW YORK (AP) — Media scion James Murdoch has struck a deal with the Vox Media digital company to acquire New York magazine, the Vox Media Podcast Network and the Vox editorial brand. The deal with liberal-leaning Vox represents a major move toward his own media empire for the 53-year-old younger son of Rupert Murdoch, who himself owned New York Magazine from 1976 until 1991. It comes less than a year after the Murdoch family reached a deal on control of the 95-year-old mogul’s media empire after his death. Financial terms of the deal, expected to close within weeks, have not been disclosed.
Sherritt agrees to sell stake in Cuba mining business to company linked to former Trump adviser
TORONTO (AP) — Canadian miner Sherritt International Corp. has signed a non-binding agreement with Gillon Capital LLC. Gillon is a family office linked to a former adviser of U.S. President Donald Trump. The deal would allow Gillon to buy a majority stake in Sherritt as it navigates sanctions on its operations in Cuba. The announcement comes a day after Sherritt said is no longer pursuing a plan to dissolve its Cuban joint venture, reversing a decision it announced last week amid expanded U.S. sanctions on the country. Gillon is the family office for the Washburne family. Ray Washburne was appointed by Trump as head of the U.S. development bank from 2017 to 2019. He later served as a member of the president’s intelligence advisory board.
Australian judge fines X $465,000 for online safety breach after 3-year court battle
MELBOURNE, Australia (AP) — An Australian judge has fined X Corp. $465,000 for failing to provide information to an online safety watchdog about how it tackled child sexual exploitation content. The judge also ordered the Texas-based social media giant to pay eSafety Commissioner Julie Inman Grant’s court costs. Thursday's ruling ends a three-year court legal battle in which X had argued it was not obliged to answer eSafety’s questions. X admitted it contravened Australia’s Online Safety Act by failing to fully answer questions posed by eSafety in a transparency notice in 2023.
Single Gen Z women outpace Gen Z men to homeownership despite overall decline in first-time buyers
LOS ANGELES (AP) — Single Gen Z women are outpacing the men of their generation when it comes to buying a home. They accounted for 35% of all homebuyers in their generation, while single Gen Z men represented 18%, according to survey data from the National Association of Realtors. The survey covered homebuyers from July 2024 to June 2025. Single women across all generations made up a quarter of homebuyers, while single men accounted for 11%. The trend is the latest sign that single women are choosing to become homeowners — and overcoming affordability challenges many aspiring homeowners face — at greater rates than single men. Even so, older generations and married couples represent the largest share overall of homebuyers.
Trump discloses thousands of stock trades, some in companies directly influenced by his policies
NEW YORK (AP) — Recent presidents have stayed away from trading stocks in companies whose fortunes they could lift or scuttle with the stroke of a pen. But Donald Trump smashed that precedent in the first quarter of this year with more than 3,500 buy and sell orders, many of them involving companies whose profits have been directly impacted by his decisions as head of the government, according to a recent disclosure. Among the companies Trump traded in were Nvidia, Apple and some big defense contractors. The Trump Organization said the portfolio is managed by third parties and the president has no say in what stocks to buy and sell.
Target books strongest sales growth in 4 years with customers buying into refreshed lineup
NEW YORK (AP) — Target, which embarked on a turnaround plan under its new CEO earlier this year, reported the biggest increase for a widely watched measure of quarterly sales in four years. The retail chain embarked earlier this year on a $6 billion plan to reverse three consecutive years of declining sales. CEO Michael Fiddelke says that he is cautiously optimistic. Fiddelke took over as chief executive in February. The company is remodeling stores and trying to reclaim its reputation for stocking stylish affordable clothing. Target is one of the first major retailers to report financial results for February through April. Analysts will be listening for executives to comment on whether consumer behavior has changed due to surging gasoline prices.
George Soros’ foundations pledge $300M for US democracy amid attacks on nonprofits
NEW YORK (AP) — George Soros’ Open Society Foundations pledged $300 million Wednesday to initiatives it says will defend democratic rights and advance economic security in the U.S. over the next five years. The new strategy comes as President Donald Trump’s administration has lashed out at the Soros family as part of a broad effort to influence nonprofits and charitable funders. For example, Trump's allies in Congress have asked the Internal Revenue Service to investigate nonprofits that support protests or work on immigration or climate-related issues. Other major foundations have also recently announced large commitments to strengthen democracy. Foundations are not allowed to support candidates or political parties, but they can fund nonpartisan activities.
