US CPI surges to its highest since May 2023.
VIX Short-Term Futures Index jumped +3.77% on the CPI release, as inflation came in above expectations.
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AI infrastructure spending keeps climbing.
Amazon, Microsoft, Alphabet, and Meta are all planning well over $100B in AI-related capital expenditure for 2026.
CoreWeave stands out for a different reason: the scale of its spending relative to expected revenue.
The AI arms race is becoming increasingly capital-intensive.
Circle's quarterly revenue climbed from $365M in Q1 2024 to a peak of $770M in Q4 2025, before easing to $694M in Q1 2026.
Stablecoin adoption continues to reshape the digital payments landscape as competition in the sector intensifies.
What’s your outlook for Circle’s growth trajectory?
Alphabet is closing the gap.
While NVIDIA still leads the market cap race at $5.33T, Alphabet has surged to $4.69T, fueled by rapid AI adoption across its services.
AI is redefining the value of the world’s biggest companies.
Not all rallies are broad rallies.
The S&P 500 is up +8.2% in 2026, but beneath the surface the divergence has been extreme.
Some of the biggest movers so far:
This has become a market of stock pickers rather than index followers.
📌 For those of you who want to see a detailed breakdown of this information, find the full data here.
Moderna (MRNA) surged on hantavirus vaccine research.
Could renewed vaccine momentum become the next major catalyst for biotech stocks?
CRWV went from roughly $1.9B in annual revenue in 2024 to projected guidance of up to $12.5B in 2026.
The AI infrastructure race is turning hyperscale compute providers into some of the fastest-growing companies in the market.
Public companies now hold more than 1.2M BTC worth around $100B, with governments controlling another 619K BTC.
Bitcoin adoption is no longer just retail-driven. Corporations, sovereigns, and institutions are shaping the market structure.
Strategy alone holds 818.3K BTC, while the U.S. government remains the largest sovereign holder.
📌 For those of you who want to see a detailed breakdown of this information, find the full data here.
Palantir’s U.S. government business has accelerated sharply.
From ~$0.7B in contract obligations between 2015–2019 to ~$1.9B in 2020–2024, and already ~$1.7B across 2025–2026 so far.
Defense remains the leading driver, including a $227M U.S. Army contract - the company’s largest single government transaction to date.
Berkshire Hathaway’s cash pile reached a record $397B in Q1 2026.
That is now larger than the entire market cap of companies like Palantir and nearly 8x the size of Coinbase.
Buffett continues to sit on one of the biggest cash reserves in market history.
AI is reshaping semiconductor profits.
Nvidia leads with $42.3B in Q1 and close to $200B estimated for 2026.
Micron is recovering with ~$13.8B projected.
Broadcom remains steady at ~$7.3B.
AMD is still building, with ~$1.2B expected.
The gap across the sector is becoming more visible as AI investment accelerates.
This is a summarized version of a piece written by our Analyst, Sandeep Rao. Find the full article with more extensive data here.
Search giant Google Inc's (tickers: GOOG; GOOGL) Q1 2026 results – released on April 29, 2026 – beat consensus estimates for earnings per share (diluted) by posting $5.11 for the quarter against an expectation of $2.62-2.67. Given that the stock price rose by around 5% subsequently, breaking down how this was achieved becomes germane.
For a company as large and complex as Google, it bears noting that operating income can typically be considered as the best indicator of performance. Since FY 2021, the performance of operating income and net income have been at odds – sometimes they're directional, sometimes they're oppositional in terms of trends.
In Q1 2026, this can be attributable to its large portfolio of non-marketable equity securities comprised of startups and private tech firms. Relative to the net gain on equity securities in Q1 2025 which stood at a little under $9.8 billion, Q1 2026 recognized a gain of a little over $36.9 billion – a massive 278% growth.
These holdings are collectively referred to as "Other Bets", within which the standout in valuation has been Waymo, which concluded a $16 billion funding round in February 2026 that took its overall valuation to an eye-watering $126 billion. Google also holds a multi-billion-dollar stake in Anthropic, where some reports suggest that it's trending towards a nearly trillion dollars in long-term trajectory.
It isn't entirely unreasonable to estimate a trend of a potential 8-12% EPS (diluted) growth for the entirety of FY 2026. This becomes apparent when considering operating margins across the company's segments in Year-on-Year (YoY) terms: "Other Bets" went from -272% in Q1 2025 to -511% in Q1 2026, "Services" went from 42% to 45% while "Cloud" went from 18% to 33%.
A strong question to ask at this point would be: is AI helping bring efficiencies in the company's data- and compute-intensive "Search" business? "Search" is the company's mainstay: in Q1 2025, "Search" is 75% of advertising revenue, 66% of "Services" revenue, and 56% of total revenue; in Q1 2026, it stood at 78%, 67% and 55% respectively. While the company hasn't presented a quantified answer to this question, it did add context by stating that "Search" had a strong quarter that was driven by AI experiences and queries reaching an all-time high, leading to a 19% YoY revenue growth.
So, with volatility from "non-market" investments and AI-driven "Search" efficiencies potentially leaving "Search" flat in contribution for FY 2026, the true driver of interest should (and is) the "Cloud" segment which, as evidenced by the burst in operating margin efficiency, should be in focus. The company stated that revenues for "Cloud" has a backlog that has nearly doubled QoQ to nearly $460 billion. It also highlighted that the Gemini App saw its strongest ever quarter for consumer AI plans while Gemini Enterprise has shown 40% QoQ growth in paid monthly active users.
However, it bears noting that "Cloud" has gone YoY from 14% of total revenue to 18%. While the AI story is interesting and potentially meaningful, "Search" still dominates overall revenue and profitability for the company.
In Conclusion
If "Search" is trending flat, "Cloud" will have to do the heavy lifting for the rest of the FY. With nearly half of all datacenter projects cancelled or delayed in 2026, Google's "Cloud" facilities/partner network might be able to command stronger pricing going forward if enduring enterprise demand continues.
Given that it is a "Big Tech" company, valuations were already stretched. In the month leading up to the earnings, the company had piled on nearly 20% in value already. Given all of that, profit-taking – and some fairly intensive price discovery – is almost inevitable over the next 2-3 weeks.
Professional investors in Europe might consider the +3x Long Alphabet ETP (GOO3) and the -3x Short Alphabet ETP (GG3S) during bullish and bearish trends in Google's stock price.
Buffett’s portfolio, visualized.
Top 5 holdings drive the majority of Berkshire’s equity exposure with AAPL leading, alongside long-time pillars AXP and KO.
Concentration, patience, and conviction over decades.
AI revenue is concentrating fast.
Hyperscalers scaling next:
~$800B AI revenue by 2029.
📌 For those of you who want to see a detailed breakdown of this information, find the full data here.
Which Fed Chair really kept the economy on track?
Every Fed chair inherited a different economy and left a different one behind.
Each bubble plots average inflation against average unemployment.
Bottom-left is the Fed’s target. Bubble size = years of tenure.
Powell chaired his final FOMC on April 29, 2026, closing 8 years that spanned COVID, the steepest hiking cycle in 4 decades, and a renewed inflation fight.
Bitcoin has responded with a selloff to every Fed chair transition since 2014.
Now Powell steps down on May 15. Kevin Warsh steps in, inheriting 3.50% rates and just one rate cut projected for the rest of 2026.
Today was Powell's final FOMC meeting as Fed Chairman.
Is Bitcoin about to repeat the pattern?
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Amazon, Alphabet, Meta, and Microsoft reported Q1'26 earnings
All 4 beat Wall Street estimates on revenue and EPS.
CapEx surged, as all 4 doubled down on AI infrastructure.
Post-market reaction:
Alphabet surged nearly 7% on Google Cloud's 63% growth and a raised CapEx outlook.
Amazon up 4% on a strong AWS beat.
Microsoft was little changed despite solid Azure growth of 40%.
Meta fell around 6% due to the raised 2026 Capex to $125-145B
Apple is taking a different route in AI.
While hyperscalers are scaling toward $150B–$230B in annual spend by 2030E, Apple remains around $18B.
Different approach. Different priorities.
Visa reports fastest revenue growth since 2022
Q2 FY26 Net Revenue: $11.2B, +17% YoY
Net Income: $6B, +32% YoY
EPS: $3.31, +20% YoY
The standout - Other Revenue surged 41% YoY due to the firm's expansion in value-added services and its Visa as a Service stack.
The board authorized a $20B buyback.
The stock rallies.
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This is a summarized version of a piece written by our Analyst, Violeta Todorava. Find the full article with more extensive data here.
Elon Musk-led Tesla, Inc's (ticker: TSLA) release of its first quarter (Q1) earnings for its Fiscal Year (FY) 2026 after market close on the 22nd of April didn't immediately reverse the trend in the stock, which was down 14% relative to start of the year as of the day before the release. The stock was essentially flat on the day of the release and went on to drop 3.6%. However, there is potentially some qualified solace for long-time Tesla bulls: early trends in FY 2026 – strictly in balance sheet items – indicate that it will (at best) mirror trends in the previous two FYs, without any immediately apparent signs of worsening.
Early trends indicate that overall revenue is poised to be weakly negative-to-flat relative to the past two FYs. While total cost of revenue is inching towards showing signs of improved efficiency, spends on R&D takes overall operating expenses towards at least a 20% growth over the previous FY. If early trends in the bottom line continue, net income shrinking will largely mirror the past two FYs with a 48% reduction relative to previous FY.
Like the previous FY, automotive sales and leasing account for a little over 70% of all revenue. In overall production and delivery mix, little has changed since FY 2025. Model 3/Y continue to account for 97% of all vehicles produced and overall production is almost exactly a fourth of volumes produced across FY 2025.
This "lack of worsening" did appear as a surprise relative to analysts' consensus estimates. While it ordinarily would have registered as a positive signal for the stock, the market likely digested the news in context; alongside an overall chill in new vehicle sales evident across the U.S. and the massive premium the stock enjoys relative to other carmakers, there was little impetus to or appetite for the stock.
A positive development in the quarter was a strong $1.44 billion in free cash flow. However, CFO Vaibhav Taneja cautioned that free cash flow will be negative for the rest of the year as the company spends on its ongoing endeavours that support Musk's bid to reframe the Tesla story: its ongoing work in AI, robotics, autonomous driving and – now – chip fabrication.
The first-generation production line for its Optimus humanoid robots – with a designed capacity of 1 million robots a year, will be replacing the Model S and Model X lines in Fremont and scheduled to begin in Q2 2026. The second-generation line under development in Gigafactory Texas is designed for long-term annual production capacity of 10 million robots. In April, the company completed the final chip design of its next-generation AI5 inference processor and, in partnership with SpaceX, is preparing to build the world's largest chip fabrication facility.
In line with the upcoming launch of the Tesla Semi, the company also announced that it will be deploying public Megachargers: ultra-fast, high-power charging stations specifically designed for the Tesla Semi.
The overall picture is decidedly a mixed bag. The large-scale commitment to manufacturing humanoid robots is a bold and risky bet, especially when the question remains if the combined cost of AI compute and the robot fleet truly provide a cost differentiator against human labour. On the other hand, owning and operating a chip fabrication facility alongside a design lab is a definite long-term positive that opens up multiple addressable markets. Another positive is the buildout of battery manufacturing for both vehicles and energy grid solutions.
The fact remains that early trends in production volume stability indicate that the company is at an impasse in passenger EVs while other brands are registering some growth. All in all, it's a company promising potential like it did during the 2010s while the market expects a steady translation of market share into value and the company sinks cash into new, bold, and potentially risky endeavours.