Good morning, investors. Nvidia was rightly the biggest news of the evening Wednesday, but the only potential headline that has a shot of overshadowing it happened to break the same hour as earnings.

SpaceX filed for its highly anticipated IPO, hijacking the online discourse and drawing attention toward its billions in revenue and billions in bitcoin and away from Jensen Huang.

Nonetheless, Huang is the one who saved the day.

Nvidia once again crushed Wall Street’s earnings estimates and reset the AI bubble fears for at least another quarter.

Every debate and bearish forecast about hyperscaler capex, the data center buildout and tech leadership collapsed into one remarkable balance sheet.

In its fiscal first quarter, Nvidia posted:

That makes 12 quarters in a row of a record-breaking quarterly revenue.

Data center business alone accounted for $75.2 billion, roughly 92% of the total revenue.

Hyperscale buyers contributed $38 billion, and the newly broken-out AI Clouds, Industrial and Enterprise segment delivered $37.2 billion at 31% sequential growth.

The new segmentation across cloud, industrial and enterprise suggests that Nvidia is telling investors that it’s no longer just a handful of hyperscalers driving business.

Management forecasted $91 billion in revenue for the quarter ahead — also above Wall Street estimates — and reiterated full-year gross margin guidance of 75%, shrugging off concerns of pricing power risks.

Meanwhile, Nvidia raised its quarterly dividend 25-fold to $0.25 a share and authorized $80 billion in fresh buybacks on top of $39 billion already on the books.

It returned a record $20 billion in the quarter.

CFO Colette Kress said the company expects $1 trillion in combined Blackwell and Rubin revenue from 2025 through 2027, flagging nearly $20 billion in standalone Vera CPU revenue this year.

While every S&P 500 investor braces for Nvidia to beat earnings expectations each quarter, so far the company has given little reason to worry.

The numbers say that’s unlikely to change soon.

🚀 SpaceX filed for its IPO late Wednesday. The company is looking to raise $80 billion or more, which would make it by far the largest IPO in history, beyond Saudi Aramco’s $26 billion. (WSJ)

🤖 OpenAI could IPO before Anthropic. Reports emerged Wednesday that the ChatGPT-creator could file an IPO as soon as this week, flipping the odds that its AI rival would debut to investors first. (CNBC)

🛢 Oil dropped below $100 after Trump said Iran talks were in their final stages. Crude prices tumbled on hopes that Strait of Hormuz traffic could resume, though Citi still sees Brent climbing toward $120 if shipping stays restricted. (CNBC)

🪙 Trump Media withdrew its planned Bitcoin ETF after pulling SEC registrations. Analysts say a crowded spot market and 14-basis-point fees from BlackRock and Morgan Stanley left no room for a Truth Social-branded fund to win flows. (Yahoo Finance)

International stocks are booming. I sat down with Gabriela Santos, chief market strategist for the Americas at JPMorgan Asset Management, to discuss the AI trade going global, Korea and Taiwan equities, the bull case for US exceptionalism, and what comes next for the bull market.

Tune in on Spotify, Apple Podcasts, or YouTube.

🗓 May 21, 2012: Facebook closed below its $38 IPO price for the first time, falling 11% to $34.03 on its first full trading day.

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