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Tech stocks slid in early trading Thursday, after a positive day Wednesday that saw Nvidia NVDA) and Apple (AAPL) close at all-time highs.
AI chip maker Cerebras is expected to begin trading today, in what is anticipated to be a the first of many AI company initial public offerings this year. The company filed paperwork on Monday, increasing its initial public offering to 30 million shares with the goal of raising up to $4.8 billion, Bloomberg reported. The startup counts Amazon (AMZN) and OpenAI (OPAI.PVT) among its customers.
Nvidia’s Jensen Huang, Apple’s Tim Cook, and Tesla (TSLA) Elon Musk, are in China alongside President Trump for his meeting with Chinese President Xi Jinping.
And lawyers in Musk’s lawsuit versus OpenAI (OPAI.PVT) will lay out their closing arguments on Thursday, after two weeks of testimony that saw OpenAI CEO Sam Altman and president Greg Brockman, Microsoft CEO Satya Nadella, and Musk himself take the stand.
Musk’s lawsuit against one of the world’s most valuable private companies has provided a number of details about the inner workings of OpenAI and the relationships between Musk, Altman, president Greg Brockman, former chief technology officer Mira Murati, and former board member and mother of four of Musk’s children, Shivon Zilis.
LIVE 20 updates
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Dispute over Nvidia’s H200 chips raise stakes for Jensen Huang’s China trip
Nvidia CEO Jensen Huang will likely seek to open access to China’s AI market on his last-minute trip to the country, accompanying President Trump and a delegation of CEOs. It will be no small feat.
Reuters has reported that the US will allow about 10 Chinese firms, including Alibaba (BABA), Tencent (TCEHY), ByteDance, and JD.com (JD), to buy Nvidia’s second-most powerful AI chip, the H200. However, no H200 chips have been delivered in the country so far, according to people familiar with the matter.
Nvidia CEO Jensen Huang (left) stands with the US delegation and Tesla CEO Elon Musk prior to a welcome ceremony for US President Trump at the Great Hall of the People on May 14, 2026, in Beijing, China. (Alex Wong/Getty Images) · Alex Wong via Getty Images Any breakthroughs on the deal from the trip could net Nvidia a windfall, as Huang has estimated that China’s AI market could be worth $50 billion this year.
Nvidia used to almost completely own China’s advanced chip market, and 13% of the company’s revenue came from the country. But then the US tightened its chip export controls to block China’s access to artificial intelligence.
The US eased those restrictions somewhat to allow for the limited access to Nvidia’s lower-power chips, with the US government receiving a 25% cut of the proceeds.
However, no deals have been made as Chinese firms receive guidance from Beijing to focus on homegrown chips and block the orders.
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The Cerebras IPO is a bellwether for AI startups
Cerebras’ initial public offering this week could value the AI chipmaker at $48.8 billion, making it the biggest IPO in 2026 so far. At those levels, the IPO could send a strong signal about artificial demand to the market.
“I think it’ll be interesting to see if the market really gives it this valuation, and not only that, but whether it holds up after the fact,” Rainmaker Securities managing director Greg Martin told Yahoo Finance on Wednesday.
Martin noted that Cerebras has some sovereign risk concerns around its revenue concentration. According to Futurum Group, approximately 86% of Cerebras’ total revenue came from two sources in the United Arab Emirates: 62% of revenue comes from the Mohamed bin Zayed University of Artificial Intelligence, and 24% is derived from Group 42.
“So it’s not as clean as some of these other AI infrastructure companies,” he said. “So if they’re priced as well, I think it really bodes well for the AI trade and some big potential IPOs going forward in 2026.”
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Apple stock on track for record close as tech rebounds
Apple (AAPL) stock was on pace for a record close on Wednesday, up nearly 2% to just under $300 per share as tech stocks rebounded from a sell-off the previous day.
The shares have been rising alongside some other “Magnificent Seven” names in recent weeks as the AI trade resurges. Apple stock jumped after the company’s most recent quarterly results, released earlier this month, topped estimates on iPhone and China sales. The stock has gained more than 20% since the March 30 market lows.
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Ford stock surges as Morgan Stanley gets bullish on energy storage business
Ford (F) stock surged on Wednesday after Morgan Stanley said Ford’s new energy business could be a winner for the automaker, citing a significant competitive advantage in battery tech.
Morgan Stanley’s Andrew Percoco wrote in a note published late Tuesday that Ford’s $2 billion battery-storage bet, announced late last year alongside a $20 billion writedown of its electric-vehicle assets, could put a dent in those big losses.
The main thrust comes from Ford’s deal with Chinese battery maker Contemporary Amperex Technology Co., Limited (CATL).
“We believe Ford’s relationship with CATL is an under-appreciated strategic competitive advantage for its Energy Storage business [ESS],” the analysts wrote, calling Ford one of the few “semi-vertically integrated domestic ESS suppliers” with access to best-in-class lithium iron phosphate [LFP] technology.
Percoco argues the ESS business could be worth as much as $10 billion on its own. Ford shares jumped 14% in midday trade a day after the note’s release.
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Anthropic debuts Claude for Small Business as it continues its enterprise software push
Anthropic (ANTH.PVT) is continuing its drive into the enterprise software market with its new Claude for Small Business offering.
The product, which the company says allows small business owners to add its Claude AI to existing apps, including Intuit’s (INTU) QuickBooks, DocuSign (DOCU), PayPal (PYPL), Microsoft 365 (MSFT), and Google Workspace (GOOG, GOOGL), is Anthropic’s latest effort to expand its services across common enterprise use cases.
FILE PHOTO: Anthropic logo is seen in this illustration taken March 1, 2026. REUTERS/Dado Ruvic/Illustration/File Photo · Reuters / REUTERS According to Anthropic, Claude for Small Business allows users to toggle on Claude within popular apps, where it can perform tasks across payroll, reconciling books, getting business insights, and spotting trends, among other capabilities.
Anthropic’s services have increased concerns on Wall Street that AI companies will supplant existing software vendors, sending software stocks sliding over the last several months.
Salesforce (CRM), ServiceNow (NOW), Intuit, DocuSign, and Box (BOX) are among some of the stocks that have declined both year to date and over the last 12 months.
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Micron just gave chip bulls a $100 billion stress test
Micron stock recovered on Wednesday, rising more than 3% after the stock faced selling pressure on Tuesday. Yahoo Finance’s Jared Blikre reports:
Micron (MU) wiped out roughly $100 billion in market value at Tuesday’s low — and chip bulls still bought the dip.
The stock was tracking its worst day in more than a year before buyers stepped in, turning a near-breakdown into the latest stress test for the AI-memory trade.
The latest supply scare added fuel to the Micron rebound. Samsung’s labor standoff has raised the risk of an 18-day strike that could hit memory-chip production, reinforcing the buy-the-dip case for MU.
Micron has become a bellwether for the AI-memory trade, and Tuesday’s flush showed traders are still leaning into that scarcity story instead of walking away from it.
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French AI lab Mistral working with European banks on answer to Anthropic’s Mythos
The French artificial intelligence lab Mistral AI is working with European banks to develop and deploy a cybersecurity-focused AI model like Anthropic’s Mythos, per Bloomberg.
Anthropic’s announcement of the cybersecurity and hacking capabilities of Mythos — and the US lab’s subsequent decision to limit access to just a handful of major US companies — sparked a panic around the consequences of AI powerful enough to find exploits in highly critical software, such as in the financial services industry.
Mistral has been developing a similar cybersecurity-focused model and is now in discussions with major European banks about access once the model is ready for use, Bloomberg reported.
While Anthropic has limited access to a small circle of primarily major US companies, the EU is in talks with the company about using the Mythos model to test European banks and other major firms for security violations.
“We must have control over this technology,” said Mistral CEO Arthur Mensch at a National Assembly hearing in France on Tuesday.
“You can’t have the French military’s source code scanned by Mythos. That creates such an irreparable dependency that we absolutely must find solutions.”
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SpaceX, Google in orbital data center talks: Report
Alphabet’s (GOOG) Google and SpaceX (SPAX.PVT) are in advanced discussions to launch data centers in space, the Wall Street Journal reported on Tuesday.
The talks come as SpaceX prepares for what is expected to be the largest initial public offering in history this summer. Orbital data centers have become a big piece of SpaceX’s pitch to prospective investors, with CEO Elon Musk positioning them as the company’s next major commercial product.
A partnership with Google, which already owns 6.1% of SpaceX per the latest filings, would boost that pitch ahead of the company going public.
Google’s interest in orbital computing is not new. Last year the search giant announced Project Suncatcher, the Journal noted, a moonshot initiative aimed at launching prototype satellites by 2027. The company is working with Planet Labs to build those satellites.
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Financial Times: OpenAI’s vote of confidence in Cerebras comes with a big price tag
The Cerebras IPO slated for later this week looks a lot different from the one planned 18 months. And it’s the AI chipmaker’s relationship with OpenAI (OPAI.PVT) that has made much of the difference.
Cerebras and OpenAI have a deal under which Cerebras will provide OpenAI with 750 megawatts of computing power for three years.
The Financial Times reports:
Gaining access to AI’s commanding heights doesn’t come cheap. Cerebras is handing OpenAI warrants, over time, that could give OpenAI a 10th of the company’s shares. Based on a share price of $155 at the midpoint of its IPO range, that is worth about $5bn. Cerebras is, in other words, giving half of the deal’s profit back in return for joining Altman’s magic circle — presumably hoping that, where OpenAI goes, others will follow.
This is, by now, a well-trodden path for OpenAI. It did a similar deal with Advanced Micro Devices last October; AMD’s shares have since tripled. An earlier alliance with Nvidia, the dominant AI chipmaker, saw Nvidia invest in OpenAI’s stock, through a recent $30bn fundraising. Altman gets access to data centres to train and run his AI models; he also widens the group of companies and investors with a vested interest in helping OpenAI succeed.
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Amazon to offer 30-minute delivery in dozens of US cities
Amazon (AMZN) is launching its 30-minute Amazon Now service in dozens of US cities. The offering, which ensures customers get deliveries in half an hour, is available in Atlanta, Dallas-Fort Worth, Philadelphia, and Seattle, with plans to expand to other cities, including Austin, Denver, Orlando, and Phoenix.
According to Amazon, the option will allow customers to order items ranging from groceries to electronics, with most areas providing services 24 hours a day.
Velizy-Villacoublay, France – May 28, 2022: Exterior view of the Amazon Logistics delivery agency in Velizy-Villacoublay, serving the south of the Paris region · HJBC via Getty Images Don’t expect to get your deliveries for free, though. Amazon says Prime subscribers will pay $3.99 per order, while non-subscribers will pay $13.99.
Smaller orders will cost Prime members an additional $1.99 charge. Non-Prime members will have to pay a $3.99 fee on similar orders.
“Amazon Now is for when you need or want the convenience of getting your Amazon order delivered in 30 minutes or less,” Udit Madan, senior vice president of Amazon Worldwide Operations, said in a statement.
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Chip stocks in the red as rally pauses
Chip stocks are having their worst day in seven months.
In a sharp reversal from the massive chip rally over the past couple of days that has driven stocks to record highs, the PHLX Semiconductor index (^SOX) is down roughly 5% on Tuesday.
Shares of AMD (AMD), Micron (MU), and Marvel (MRVL) saw mid-single-digit percentage declines as investor sentiment turned risk-off. Qualcomm (QCOM) stock fell nearly 12%. Intel (INTC), which is up around 430% over the past year, declined 9% on the day.
Chip stocks were a sea of red on Tuesday. Investors were likely taking some profits after a significant run-up in semiconductor names.
The downturn has only made a small dent in the index’s 2026 gains: The SOX remains up 4% over the past five days, 29% over the past month, and 60% since the beginning of the year.
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OpenAI chief Altman to take stand in OpenAI-Musk trial on Tuesday
Reuters reports:
OpenAI (OPAI.PVT) Chief Executive Officer Sam Altman will take the witness stand on Tuesday and Wednesday, the California court said, in a clash of tech titans over Elon Musk’s lawsuit against the company.
The trial, in its third week, may determine the future of OpenAI and its leadership, at a time when the company has raised hundreds of billions of dollars from large tech companies and investors, seeking to build out its computing power ahead of a potential trillion-dollar IPO.
Musk’s lawsuit alleges Altman and the AI startup persuaded him into giving $38 million to nonprofit OpenAI, only for the organization to abandon its charitable mission to benefit humanity and instead become a for-profit corporation. OpenAI says Musk knew about the for-profit plan but wanted control.
The faceoff has generated interest throughout Silicon Valley and beyond, with testimony at times focusing on the personalities and leadership styles of the two men. Former OpenAI chief scientist Ilya Sutskever testified on Monday that he spent about a year gathering evidence for the ChatGPT maker’s board that Altman had displayed a “consistent pattern of lying,” for instance.
OpenAI CEO Sam Altman (R) and Greg Brockman, OpenAI president and co-founder, arrive at the federal courthouse during proceedings in the trial over his lawsuit against OpenAI in Oakland, California, on April 30, 2026. (JOSH EDELSON / AFP via Getty Images) · JOSH EDELSON via Getty Images -
China’s tech comeback faces a test as Trump-Xi meeting looms: Chart of the Day
Yahoo Finance’s Jared Blikre reports:
Chinese tech stocks have rallied back to a key level, just as the headlines are heating up.
The Invesco China Technology ETF (CQQQ) is pressing into a long-term downward-sloping trend line that starts at its February 2021 peak and captures both the 2025 and 2026 highs.
The ETF is still down nearly 50% from that peak, but a break above the yellow trend line in the chart below would likely generate momentum for the bulls. Still, another technical hurdle looms just overhead: the $60 level around the 2025 high. A rally above that zone could force bearish bets to unwind, potentially leading to a short squeeze.
Invesco China Technology ETF (CQQQ) at a crossroad · Yahoo Finance If the Invesco China Technology ETF rolls over instead, it has minor support near $50 and a slightly deeper support zone around $45.
Trump is set to visit China from Wednesday through Friday, with high-stakes talks with Chinese President Xi Jinping expected to focus on trade, AI, chips, and rare earths. China’s 15th Five-Year Plan also gives the setup a policy tailwind, with Beijing prioritizing tech self-sufficiency, AI, robotics, and advanced manufacturing as core growth drivers.
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Microsoft’s Satya Nadella was never given ‘clarity’ about why OpenAI’s board fired Sam Altman
Microsoft (MSFT) CEO Satya Nadella took the stand in US District Court in Oakland, Calif., on Monday as part of Elon Musk’s ongoing lawsuit against OpenAI (OPAI.PVT).
Nadella testified about his relationship with Musk, Microsoft’s work with OpenAI, and questions about how the companies’ tie-up has benefited Microsoft.
Microsoft CEO Satya Nadella enters a U.S. federal courthouse as the trial in Elon Musk’s lawsuit over OpenAI’s for-profit conversion continues, in Oakland, California, U.S., May 11, 2026. REUTERS/Manuel Orbegozo · REUTERS / REUTERS The CEO also responded to questions about OpenAI’s brief ouster of CEO Sam Altman in November 2023.
Microsoft has been one of OpenAI’s largest backers, investing billions of dollars in the company in exchange for using its technology across Microsoft’s products.
During his testimony, Nadella said that, despite asking for a reason for OpenAI’s firing of Altman, he was never given a full explanation for the move. The CEO also said he wasn’t made aware of the decision to terminate Altman in advance, but was instead pulled out of a meeting and informed of the move.
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Rocket Lab stock jumps for second day as SpaceX IPO looms
Rocket Lab (RKLB) stock extended its surge for a second consecutive trading day on Monday, as investors continue buying following the company’s strong quarterly report – and with a SpaceX (SPAX.PVT) IPO on the horizon.
Rocket Lab shares rocketed 30% on Friday on the back of strong first quarter results released after the close on May 7th. Monday’s session carried that momentum forward, with shares jumping another 12%, hitting a new all-time high.
With today’s move, Rocket Lab is up an eye-popping 70% year to date.
Q1 results came along the backdrop of a flurry of new deals. CEO Peter Beck said Rocket Lab booked 31 Electron and HASTE rocket missions during the quarter — the most ever signed in a single quarter — and the company now has more than 70 launches in backlog across those programs.
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Intel CEO touts ‘exciting new products’ with Nvidia
Intel (INTC) stock rose on Monday, a day after CEO Lip-Bu Tan posted on X that the company and Nvidia (NVDA) are working to “develop exciting new products.”
Tan initially wrote the post to congratulate Nvidia CEO Jensen Huang on receiving an honorary doctoral degree in science and technology from Carnegie Mellon University on Sunday. Tan draped the doctoral hood over Huang.
Intel stock was up more than 2% in early trading. The chipmaker’s stock price has rocketed more than 245% year to date and 494% over the last 12 months.
In September, the company and Nvidia announced they are collaborating on products for data centers, including the ability to connect Nvidia’s GPUs to Intel’s CPUs for AI workloads.
The companies are also teaming up to produce Intel chips for consumer PCs that integrate Nvidia’s RTX GPU chiplets into Intel’s system-on-a-chip.
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Nvidia hits all-time intraday high
Nvidia (NVDA) stock jumped 2.8% on Monday, hitting an all-time high as chip stocks resumed their rally from Friday.
The world’s largest company had a market cap of $5.3 trillion. On Monday, Reuters reported that Nvidia CEO Jensen Huang is not joining President Trump’s trip to China this week.
Several other chip stocks — Micron Technology (MU), Intel (INTC), and Qualcomm (QCOM) — opened at record highs this morning. Semiconductor names have been riding a momentum wave in recent sessions, as memory chips prove to be the latest catalyst in the artificial intelligence boom.
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AI communication with China in focus as Trump heads to Beijing
When President Trump meets with Chinese President Xi Jinping this week in China, artificial intelligence will be a key agenda item.
My colleague Ben Werschkul reports:
Another key question: whether the US and China use this trip to launch official talks on AI guardrails, as the Wall Street Journal recently reported, amid fears that AI could become an arms race in the digital era.
A top US technology official recently accused China of “industrial-scale distillation campaigns to steal American AI.” Trump officials reiterated over the weekend that this is an active area of concern, but it remains far from certain what the trip will yield.
The US official said AI would likely be a topic of discussion but that China’s record on cybersecurity broken promises means there’s “not a lot of confidence in anything that would be unenforceable and unverifiable.”
But any progress in this area, even the prosaic establishment of more formal communication channels, could be a significant development, the Brookings Institution recently noted.
“The United States and China hardly talk about AI, at least at the official level,” the analysis noted, calling any new communication channels “a crucial first step toward addressing an increasingly high-stakes issue.”
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Cerebras to raise IPO price range to $150-$160 as demand surges, sources say
United Arab Emirates-based artificial intelligence chipmaker Cerebras Systems is set to raise the size and price of its initial public offering amid hot demand for shares of the AI company, according to Reuters.
Reuters reports:
The company is considering a new IPO price range of $150-$160 a share, up from $115-$125 a share, and raising the number of shares marketed to 30 million from 28 million, said the sources, who asked not to be identified because the information isn’t public yet.
At the top of the new range, Cerebras would raise roughly $4.8 billion, up from $3.5 billion under its original terms, though the figures remain subject to change before pricing, the people said.
The increase follows a broader surge in AI adoption that has driven sharp demand for high-performance chips and turned semiconductors into a key bottleneck in the technology supply chain. Cerebras’ IPO has drawn orders for more than 20 times the number of shares available, the people said, as the chipmaker looks to manage surging interest ahead of its May 13 pricing.
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Everything you need to know from the first 2 weeks of the Musk v. OpenAI trial
The trial between Tesla (TSLA) CEO Elon Musk and OpenAI (OPAI.PVT) picks back up on Monday.
Musk is seeking damages and a reversal of OpenAI’s transition to a for-profit.
He contends that OpenAI’s CEO Sam Altman and president Greg Brockman duped him into donating millions of dollars to get the company off the ground with the understanding that it would remain a nonprofit. OpenAI, however, says Musk is angry that the company rejected his offer to merge it with Tesla (TSLA) and name him CEO of the new entity.
OpenAI CEO Sam Altman arrives at the Ronald V. Dellums Federal Building on April 30, 2026, in Oakland, Calif. (Benjamin Fanjoy/Getty Images) · Benjamin Fanjoy via Getty Images Yahoo Finance’s Daniel Howley recaps the biggest moments so far in the trial:
OpenAI filed court documents claiming that Musk tried to gauge Brockman’s interest in a settlement before the start of the trial. When Brockman suggested both sides drop their claims against each other, Musk allegedly told Brockman he would turn him and Altman into “the most hated men in America.”
The case will decide the future of OpenAI and whether it will continue to operate as a for-profit entity or revert to a nonprofit structure.
During his testimony this week, Brockman claimed Musk wanted to become CEO of OpenAI because he needed $80 billion to build a city on Mars.
Brockman also disclosed that he holds a roughly $30 billion stake in the AI company, as well as holdings in other Altman-backed companies.
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