The artificial intelligence chipmaker Nvidia delivered quarterly financial results that dramatically exceeded Wall Street forecasts once more, powered by enormous demand for its advanced AI processors. The technology giant announced Wednesday that it generated $58.32 billion in earnings, equivalent to $2.39 per share, during the February through April quarter. This represents a significant increase from the $18.78 billion, or 76 cents per share, recorded in the corresponding quarter last year. When one-time charges are excluded, Nvidia posted earnings of $1.76 per share. The company’s revenue surged 85% to $81.62 billion compared to $44.01 billion in the prior year period. Financial analysts had projected earnings of $1.75 per share and revenue of $78.91 billion on average, based on FactSet polling data.
Wall Street stocks rebounded Wednesday as bond market tensions subsided and oil prices retreated from recent gains. The S&P 500 index rose 1.1% for its first positive session in four trading days, approaching the record high established last week. The Dow Jones Industrial Average gained 1.3%, while the Nasdaq composite index advanced 1.5%. Equity markets received support from declining bond yields, which ended their recent sharp increases tied to inflation concerns. The benchmark 10-year Treasury yield dropped back under 4.60% as Brent crude oil prices fell more than 5%.
Elon Musk unveiled plans Wednesday for what could become one of the largest public stock offerings in history for his aerospace company, despite the firm currently posting billions in annual losses. Wednesday’s regulatory filing revealed that his SpaceX recorded $2.6 billion in operational losses last year against $18.7 billion in revenue, with losses continuing to accumulate in early 2025. Nevertheless, the planned initial public offering is anticipated to rank among the largest on record, potentially exceeding the current record holder, Saudi Aramco, the petroleum company that went public seven years ago. The stock sale might also elevate Musk, a major shareholder who established SpaceX in 2002, to become the world’s first trillionaire. Forbes currently estimates his wealth at $839 billion.
Media heir James Murdoch has finalized an agreement with the digital media company Vox Media to purchase New York magazine, the Vox Media Podcast Network and the Vox editorial brand. The transaction with the liberal-oriented Vox represents a significant step toward building his independent media empire for the 53-year-old younger son of Rupert Murdoch, who previously controlled New York Magazine from 1976 to 1991. The deal follows less than a year after the Murdoch family settled arrangements for control of the 95-year-old media mogul’s empire following his eventual death. The agreement’s financial details, with completion expected in the coming weeks, remain undisclosed.
Young single women from Generation Z are surpassing their male counterparts in home purchasing rates. These women comprised 35% of all homebuyers within their generation, compared to 18% for single Gen Z men, based on National Association of Realtors survey information. The research examined homebuyers from July 2024 through June 2025. Single women across all age groups constituted a quarter of homebuyers, while single men represented 11%. This pattern demonstrates that single women continue choosing homeownership and successfully addressing affordability obstacles at higher rates than single men. However, older generations and married couples still comprise the majority of overall homebuyers.
Canadian mining company Sherritt International Corp. has entered into a preliminary agreement with Gillon Capital LLC. Gillon operates as a family office connected to a former adviser of U.S. President Donald Trump. The arrangement would enable Gillon to acquire a controlling interest in Sherritt as it manages sanctions affecting its Cuban operations. This announcement follows Sherritt’s Tuesday statement that it abandoned plans to dissolve its Cuban joint venture, reversing last week’s decision amid expanded U.S. sanctions on the nation. Gillon serves as the family office for the Washburne family. Ray Washburne received a Trump appointment to lead the U.S. development bank from 2017 to 2019 and subsequently served on the president’s intelligence advisory board.
Target, which launched a turnaround strategy under new leadership earlier this year, posted its largest quarterly sales increase for a key metric in four years. The retail company initiated a $6 billion plan earlier this year to reverse three straight years of sales declines. CEO Michael Fiddelke expressed cautious optimism about the results. Fiddelke assumed the chief executive role in February. The company is renovating stores and working to restore its reputation for offering fashionable, affordable apparel. Target ranks among the first major retailers to announce financial results for the February-April period. Analysts will monitor executive commentary regarding potential consumer behavior changes due to rising gasoline costs.
A House committee examined the Transportation Security Administration’s future as the Trump administration promotes replacing TSA officers with private contractors. House Committee on Homeland Security members conducted a hearing on TSA modernization approaches nearly 25 years after its establishment following the Sept. 11 attacks. They demonstrated bipartisan support for guaranteeing TSA worker compensation during future government shutdowns and providing them with current technology. However, concerns about TSA officer morale following unpaid work during recent shutdowns and Trump’s proposal to replace workers at 250 smaller airports dominated discussions about improved equipment and stable funding.
