MARKET WRAPS
STOCKS: Stocks rallied as the blockbuster Cerebras initial public offering stoked AI euphoria.
TREASURYS: Treasury yields were mixed, but the yield on the 30-year Treasury bond held above the psychologically significant 5% level.
FOREX: The U.S. dollar rose against rivals amid inflation concerns.
COMMODITIES: Oil futures ticked up, holding above $100-a-barrel in New York.
HEADLINES
Xi's Taiwan Warning to Trump Highlights Tensions in Beijing Summit
BEIJING-Chinese leader Xi Jinping warned President Trump that any mishandling of Taiwan could lead to "an extremely dangerous situation," directly raising a point of tension that has loomed over what the U.S. president said at the start could be "the best summit ever."
Xi's remarks, while in line with China's longstanding position, threatened to dim the mood of a visit both countries hoped would stabilize ties. The meetings that began Thursday morning at the Great Hall of the People in Beijing were billed as a gathering of superpowers to quell economic and trade disputes.
Those topics were indeed raised, including discussions of trade ties, U.S. access to the Chinese market, Beijing's investment in U.S. industries and its purchases of American agricultural products.
Cerebras Shares Soar in Hotly Anticipated Year for AI Debuts
Shares of Cerebras soared in their stock-market debut, setting the stage for what's expected to be a blockbuster year for artificial-intelligence IPOs.
The chip company's stock opened at $350 and quickly rose to $385, forcing the stock to briefly pause trading. Its shares more recently were trading 76% above their IPO price at $325 on the Nasdaq stock exchange under the ticker CBRS.
Cerebras Systems had priced its initial public offering at $185 late Wednesday-far above expectations-catapulting it to raise around $5.6 billion in the biggest IPO of the year so far. It had a market value of around $70 billion in recent trading.The excitement for Cerebras shares speaks to the investor fervor over AI, with chip stocks rallying in recent weeks to propel major U.S. stock indexes to new records.OpenAI and Anthropic-two of the biggest players in the industry-are looking at IPOs in the second half of this year. Elon Musk's SpaceX recently acquired xAI, maker of the Grok chatbot, and is aiming to go public in June. All three are expected to raise even more money than Cerebras in their IPOs.
Applied Materials Profit, Sales Rise on Demand for Semiconductor Equipment
Applied Materials logged higher profit and sales in its latest quarter as demand for artificial intelligence computing continues to rise.
The semiconductor-equipment maker on Thursday posted a fiscal second-quarter profit of $2.81 billion, or $3.51 a share, compared with $2.14 billion, or $2.63 a share, a year earlier.
Adjusted earnings per share were $2.86, compared with estimates of $2.68 a share according to analysts polled by FactSet.
Retailers' Sales Growth Cooled Last Month
Sales growth slowed for U.S. retailers in April, damped by a cooler increase in gasoline prices as the Iran conflict continued.
Retailers' sales grew by 0.5% last month to $757.1 billion, versus the 1.6% growth recorded in March, the Commerce Department said Thursday. The April numbers were in line with analysts' expectations.
The retail-sales numbers reflect total dollars spent, so recorded sales grew rapidly in March as people spent more for each gallon of gasoline. In April, gas-station prices weren't rising as fast, moderating overall sales growth for retailers.
U.S Jobless Claims Rose Last Week
U.S. jobless claims rose last week but were still relatively low, signaling employers held back from widespread layoffs.
The number of people who filed for unemployment benefits rose by 12,000 to 211,000 in the week through May 9, the Labor Department said Thursday. Economists surveyed by The Wall Street Journal were expecting to see 205,000 new claims.
Continuing claims, which scale with the total size of the unemployed population, rose to 1.78 million in the week through May 2 versus 1.76 million a week earlier. The data on continuing claims lag the initial-claims data by a week.
Cell Carriers Team Up to Boost Coverage Across the U.S.
AT&T, T-Mobile US and Verizon Communications are teaming up to boost coverage and connectivity in remote regions across the country.
The companies-which have been locked in an intense battle to win over customers-are setting aside their differences and forming a joint venture they said Thursday will help end wireless dead zones across the U.S., especially in rural and under-served areas.
In the joint venture, the cell carriers said they will use satellite-based technologies to address coverage gaps by pooling limited spectrum resources to increase capacity, improve customer experiences and help satellite providers reach more customers through a unified platform.
Versant Shares Rise as Company Beats Wall Street Expectations
Versant Media Group reported lower revenue and profit in its first quarter on Thursday, the company's second earnings report since being spun off from Comcast earlier this year.
Versant, which is home to cable networks including CNBC, MS NOW and E!, reported $1.69 billion in revenue, down 1.1% from a year earlier. Net income declined 22% to $286 million. The company's revenue and profit beat expectations of analysts polled by FactSet.
Versant shares rose about 4% in morning trading, after being up as much as 16% in premarket trading.
Brookfield Places $2 Billion Bet on SpaceX Ahead of IPO
Brookfield has picked up $2 billion in shares of Elon Musk's SpaceX ahead of its initial public offering as the investment firm taps into businesses that stand to benefit from the rapid adoption of artificial intelligence.
Brookfield said it has amassed SpaceX shares at the current pre-IPO mark, with about $1 billion of the shares owned directly and the remainder by its affiliates.
The satellite builder and rocket operator has confidentially filed IPO paperwork with the Securities and Exchange Commission, putting it on track to potentially list shares by July. SpaceX is aiming for an IPO that could raise between $40 billion and $80 billion, The Wall Street Journal has reported.
Canada, Alberta to Unveil Pipeline Pact Friday
OTTAWA-Canadian Prime Minister Mark Carney said he will unveil on Friday an agreement with the oil-rich province of Alberta that sets the stage for federal support for a new crude-carrying pipeline.
However, the Canadian leader said this did not mark a final deal. "There are multiple preconditions for that pipeline moving forward," Carney said at a press conference related to electricity policy. Those conditions include the pipeline having a private-sector backer, a more stringent industrial-carbon pricing regime in Alberta and the building of a carbon-capture project known as Pathways.
"That's why I chose carefully the word advancing, as opposed to concluding" an agreement, Carney said. He didn't provide further details. A spokesman for Alberta Premier Danielle Smith did not immediately respond to a request for comment.
Chevron to Sell Some Asia-Pacific Assets to Japan's Eneos for $2.17 Billion
Chevron has agreed to sell several Asia-Pacific refining and retail assets to Japan's Eneos for $2.17 billion, as it continues to streamline its international portfolio.
Eneos, one of Japan's largest energy companies, will buy Chevron's downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, it said Thursday.
This includes Chevron Singapore's 50% interest in the Singapore Refining Co., which operates a refinery on Jurong Island in the city-state. The remaining 50% stake is indirectly held by Chinese oil major PetroChina.
TALKING POINT It's a More Secret Version of Bitcoin and It's on a Tear
Bitcoin die-hards think they have found the hot new thing.
Some longtime crypto enthusiasts are souring on bitcoin as it goes mainstream, frustrated that it no longer provides the privacy they value. Others are disenchanted with how politicians and celebrities are suddenly embracing bitcoin-or they are just fed up with the token's slumping price.
Now, bitcoin's early evangelists are getting behind another digital token: Zcash.
Tyler and Cameron Winklevoss are among the bitcoin pioneers betting big on what is called the privacy token, which lets users shield their transaction details.
Zcash's emphasis on anonymity reminds some of crypto's early days, when privacy was championed as a ticket to personal freedom.
"It feels like bitcoin circa 2013," said Barry Silbert, founder of Digital Currency Group and Grayscale Investments, which set up the first publicly traded bitcoin fund.
This year, DCG made Zcash one of its largest holdings, according to a person close to the matter. In November, Grayscale told regulators that it plans to convert its Zcash trust into an exchange-traded fund, making it more easily accessible to everyday investors. The move helped supercharge the token's rally.
--Gregory Zuckerman and Vicky Ge Huang
Expected Major Events for Friday
06:00/JPN: Apr Preliminary Machine Tool Orders
08:00/ITA: Apr CPI
12:15/CAN: Apr Housing Starts
12:30/US: May Empire State Manufacturing Survey
12:30/CAN: Mar Monthly Survey of Manufacturing
12:30/CAN: Mar International transactions in securities
13:00/RUS: Weekly International Reserves
13:15/US: Apr Industrial Production and Capacity Utilization
14:00/US: ISM Semiannual Supply Chain Planning Forecast
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
ARS Pharmaceuticals Inc $(SPRY)$ is expected to report $-0.49 for 1Q.
Abaxx Technologies Inc (ABXX.GR) is expected to report for 1Q.
AgEagle Aerial Systems Inc (UAVS) is expected to report for 1Q.
Arrive AI Inc (ARAI) is expected to report for 1Q.
Bally's Corp $(BALY)$ is expected to report for 1Q.
Canlan Ice Sports Corp (ICE.T) is expected to report for 1Q.
Cenntro Inc $(CENN)$ is expected to report for 1Q.
Chaince Digital Holdings Inc $(CD)$ is expected to report for 1Q.
ComScore Inc $(SCOR)$ is expected to report for 1Q.
ContextLogic Holdings Inc (LOGCD) is expected to report for 1Q.
DNA X Inc $(SONM)$ is expected to report for 1Q.
Flexible Solutions International Inc (FSI) is expected to report $-0.05 for 1Q.
HLS Therapeutics Inc (HLS.T) is expected to report for 1Q.
Hyperscale Data Inc (GPUS) is expected to report for 1Q.
Immuneering Corp (IMRX) is expected to report for 1Q.
Jasper Therapeutics Inc (JSPR) is expected to report $-0.34 for 1Q.
Koil Energy Solutions Inc (KLNG) is expected to report for 1Q.
Lument Finance Trust Inc (LFT) is expected to report $0.01 for 1Q.
Mastech Digital Inc $(MHH)$ is expected to report $0.02 for 1Q.
McCoy Global Inc (MCB.T) is expected to report for 1Q.
Noble Romans Inc (NROM) is expected to report for 4Q.
Northern Dynasty Minerals Ltd (NAK,NDM.T) is expected to report for 1Q.
Onex Corp (Canada) (ONEX.T) is expected to report for 1Q.
PrimeEnergy Resources Corp $(PNRG)$ is expected to report for 1Q.
ProKidney Corp $(PROK)$ is expected to report for 1Q.
RBC Bearings Inc (RBC) is expected to report $2.72 for 4Q.
Ravelin Properties REIT (RPR.UN.T) is expected to report for 1Q.
Skillz Inc (SKLZ) is expected to report for 1Q.
Smith-Midland Corp $(SMID)$ is expected to report for 1Q.
Solana Co (HSDT) is expected to report for 1Q.
Spanish Broadcasting System Inc - Class A (SBSAA) is expected to report for 4Q.
Streamex Corp $(STEX)$ is expected to report for 1Q.
Tofutti Brands Inc (TOFB) is expected to report for 1Q.
Tree Island Steel Ltd (TSL.T) is expected to report $0.00 for 1Q.
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(END) Dow Jones Newswires
May 14, 2026 16:45 ET (20:45 GMT)
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