Good morning!

Another melt-up. The AI trade pushed $GSPC +0.8% through 7,500 for the first time, $IXIC +0.9% to a new record, and $DJI +0.8% to close above 50,000 for the first time.

Light calendar today keeps focus on Trump's China visit and momentum. Data: Empire manufacturing, industrial production.

1. $NVDA hits record and gets China green light

Nvidia surged 4% to a $5.7T market cap, a new ATH ahead of earnings next week.

The catalyst: Commerce cleared Nvidia to sell H200 chips to China again. After the US ban, Jensen Huang said China share went from 95% to zero, costing ∼15% of revenue.

Now 10 buyers are approved for 75,000 H200s, including $BABA, Tencent $0700.hk, ByteDance, and $JD. It is only a toe in the water, but it cracks open the world's second AI market. $NVDA is +25% YTD and +74% in 12 months even without China.

2. Biggest IPO of 2026: $CBRS rips 68%

Cerebras stole the show from Nvidia. Priced at $185, $CBRS hit $370 intraday and closed at $311, +68% on debut.

Why the hype: a chip "the size of a dinner plate," 58x larger than anything before, which Cerebras claims is 15x faster than Nvidia. Customers already include $AMZN and OpenAI. Perfect timing into a record market and AI infrastructure boom.

3. OpenAI vs $AAPL

Two-year partnership turning sour. Bloomberg reports OpenAI is frustrated that Apple never really integrated ChatGPT into Siri or drove subscriptions, and may send a formal letter or sue.

Apple is wary too, given privacy brand risk and OpenAI's hardware push with Jony Ive. Nothing happens until the Musk trial ends, but another Big Tech legal fight is brewing.

4. $HMC posts first loss in 70+ years, stock doesn't care

Honda broke a seven-decade profit streak with a $10B EV loss. Investors cheered the pivot, not the print. Like $F and GM, Honda is refocusing on hybrids, promising 15 new hybrid models by 2030. The market likes capital discipline over EV hype.

Radar

• $NFLX could get +30% boost from NFL deal, analyst says

• Retail traders surprisingly buying $PLTR and $MSFT software dip

• $F pops ∼20% in two days on AI-adjacent energy storage bet

• $CSCO jumps on booming AI orders plus job cuts

• $BA: Trump says China agreed to buy 200 Boeing jets during Xi summit

• Tax refunds lifted April retail sales, but inflation drag looms

• Oil dips as Iran says some Hormuz traffic resuming

Bottom line: $GSPC 7,500 and $DJI 50k are psychological milestones, but the real story is AI infrastructure. $NVDA gets China back, $CBRS proves appetite for Nvidia alternatives is massive, and even old-economy names like $HMC are rallying on the AI-adjacent pivot.