1. Fuel: 29% of costs, and oil just gained another 20% Fuel represents approximately 29% of SIA's total expenditure — the largest single cost line. The conversation in early April was about US$100 oil threatening aviation recovery. By late April, $Brent Last Day Financial - main 2607(BZmain)$ hit US$120+, the highest level since 2022. Even with hedging, rolling exposure will show up in the numbers. The full-year picture absorbs a cost base that shifted materially in the back half.

Revenue $200.3M (+63.4% YoY), exceeding Goldman Sachs' expectations by +11.8%; Order backlog $2.22B, single-quarter QoQ +20%, YoY +108%, a doubling; Space Systems revenue +57% YoY, the core engine contributing to the beat. Q2 guidance midpoint $232.5M, exceeding Street estimates by approximately +16%. Neutron maiden flight maintains the 4Q26 schedule. Goldman Sachs maintains Neutral, price target $73 → $76, but the current $117 is 54% higher than the target—whether the valuation is reasonable is the biggest disagreement this quarter.

The Wall Street Journal confirmed the latest additions to Trump's business delegation for the China visit. $Tesla Motors(TSLA)$ CEO Musk, $Apple(AAPL)$ CEO Cook, $GE Aerospace(GE)$ CEO Larry Culp, and $Boeing(BA)$ CEO Kelly Ortberg are all attending.

OUE: Wholly owned subsidiary OUE Treasury on Tuesday proposed to issue S$150 million worth of 3.25 per cent green notes due in 2033. The notes will be issued at an issue price of 100 per cent of their principal amount, and will be payable semi-annually. Net proceeds from the issuance will go towards financing or re-financing eligible green projects. OUE shares closed Monday flat at S$1.10 before the news.

$NVDA$'s current NTM P/E trades at roughly a 10x discount to its 3-year median of 32x. Its premium vs. peers like $AVGO$, $AMD$, $MRVL$ is near historical lows. Goldman's take: the market is still valuing NVIDIA as a semiconductor cyclical, not as an AI infrastructure platform. The multiple hasn't caught up to the story.

Q1 revenue $14.7M, vs. Street expectations of $39M, a gap of over 60%. Loss per share $0.66, Street expected $0.24, loss nearly tripled. Operating expenses $164.1M, engineering and administrative expenses climbed significantly. Only bright spot: Full-year guidance maintained at $150–200M, cash reserves $3.5 billion, no short-term shortage of money. Obtained FCC authorization allowing 248 satellites to provide commercial services in the US. Technically, Block 1 satellites peaked at 98.9 Mbps download; Block 2 is expected to double. Market cap once reached 32 billion, while Q1 actual revenue was $14.73 million. Launch execution is the most critical variable this year—3 satellites in mid-June, followed by 20+. Blue Origin let a satellite enter the wrong orbit last month; execution risk is re

The S&P 500 rallied as 85% of companies reported results, with nearly 85% beating estimates by an average of 19%. Information technology led gains, fueled by massive investment in AI infrastructure. However, traditional sectors like energy and utilities lagged, highlighting a market increasingly bifurcated by technological adoption.

$KOSPI$ surged more than 5% intraday today, triggering a circuit breaker. SK Hynix jumped +12% to above ₩1.89M, +185% YTD. Samsung rose +6%, crossing the $1 trillion market cap threshold, +139% YTD. JPMorgan's latest strategy report names Korea its top pick in Asia-Pacific, raising the KOSPI target to 9,000 (base) / 10,000 (bull).

The core tension in AI investing: consumer AI monetization is the opposite of the internet flywheel. Internet era: more users → marginal cost → zero → higher margins. That's how Google and Meta were built. LLM era: more users → every query burns tokens → bigger GPU bills. More traffic can mean more losses. That's why "who makes money in consumer AI" is still an open question. But hardware cash flows have already landed: Hyperscalers building data centers; Servers shipping; HBM + NAND undersupply; AI PC rolloutIn the AI capex cycle, hardware is where capex converts to cash flow first.

All three beat Bloomberg consensus but also posted NII declines as SORA averaged just 1.07% in Q1 (vs 2.54% a year ago). The dividing line wasn't credit quality or margins — it was wealth management execution. And on that measure, the gap between the three is wider than the headlines suggest.

TSLA, very wonderful

Goldman Sachs raised S&P EPS forecasts to 2025: $268 (+11%) vs. 2026: $288 (+7%) and also lifted its year-end SPX target. At the same time, Goldman’s own data shows: Hedge funds have been net sellers of U.S. equities for 3 consecutive weeks Tech sector deleveraging is the largest in 10 years

$CME Bitcoin - main 2605(BTCmain)$ broke $80,000 on May 4 — its first time above that level since February 2026. $Circle Internet Corp.(CRCL)$ hit $120. Real drivers are institutional accumulation and regulatory clarity.

U.S. stocks fell Tuesday on renewed AI concerns ahead of major tech earnings. Options volume hit 53.6 million contracts (59% calls). AMD dropped 3.41%; institutional traders sold long-dated 250putsfor250putsfor3.74M, signaling long-term bullishness with a breakeven at 220.05.Oraclefell4.05220.05.Oraclefell4.05177.50 puts for $1.85M as a hedge or bearish bet, while others sold longer-dated puts to collect premium. Overall, near-term caution contrasted with medium-to-long-term neutral-to-bullish positioning.

$SPX$ hit an intraday high of 7369.22 yesterday, $IXIC$ reached 25,850.19, the Dow climbed back above 50,000, and $NVDA$ surged +5.77%, reclaiming a $5 trillion market cap.

$Intel(INTC)$ CEO Lip-Bu Tan on his call: AI is moving from foundation models to agents and inference — data center CPU demand is surging. INTC +17.6% in a single day, up +69% from its $67 low.

Gold futures prices rose. COMEX gold futures rose 0.73% to $4,566.70 per ounce. COMEX silver futures fell 0.41% to $73.22 per ounce.

Shares closed +3.4% at S$58.50. Non-interest income and wealth management fees both hit all-time highs. Dividend raised to S$0.81/share from S$0.75 a year earlier. In a lower-rate world, DBS proved the model works — just not the way the market expected.

April's final session: $S&P 500(.SPX)$ closed at all-time highs (+1%), $NASDAQ(.IXIC)$ +0.89%. Full month: S&P 500 +10.4%, Nasdaq +14.8% — the strongest single-month return since the post-COVID rebound in 2020.

Markets rally prompted by good earnings. Big Tech took turns proving the bull case, recovering March's tariff-driven selloff.