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.

HDD and NAND are different technologies, but they share the same demand driver: AI data center capex from hyperscalers Seagate just told the market: Demand is not just growing — it is already pre-booked into next year Pricing power can be sustained under intentionally constrained supply

Crude oil price movement: latest price is $107.53 per barrel, up from the previous settlement price of $106.88, an increase of $0.65, or about 0.61%. Intraday high reached $109.64, intraday low touched $106.45.

Despite a significant expansion in investment scale, the company still generated $45.8 billion in operating cash flow in the first quarter, with free cash flow of approximately $10.1 billion.

Singapore stocks opened marginally higher on Tuesday, with STI up 0.1%. YZJ Maritime rose 3%, ST Engineering gained 2%, iFast added 0.6%, and OCBC rose 0.3%. ST Engineering secured S4.8billioninnewcontractsinQ12026.CapitaLandAscendasReitexpandedwithS4.8billioninnewcontractsinQ12026.CapitaLandAscendasReitexpandedwithS1.6 billion in acquisitions. Mapletree Pan Asia Commercial Trust's Q4 DPU fell 2.6%. Yangzijiang Maritime ordered 10 new vessels. Stoneweg Europe Stapled Trust posted 1.5% higher DPU. Addvalue Technologies secured US$2.9 million in orders. GSH announced CEO and director retirements.

Tonight at 2 PM ET, the FOMC will announce its decision. Rates are expected to remain unchanged at 3.5–3.75%, marking the third consecutive pause, which is almost fully priced in. What’s really keeping the market on edge is not the number itself, but the Fed’s forward stance. $NASDAQ(.IXIC)$

$DBS(D05.SI)$ reports Q1 2026 results this Thursday, April 30. The stock has pulled back from its record highs since the FY2025 earnings miss in February — when DBS posted net profit of S$11.033B, falling short of the Bloomberg consensus of S$11.375B and down 3% YoY. 4Q FY2025 net profit of S$2.358B also came in 10% below the prior year.

The market is already concerned about Microsoft’s AI spending. If this additional capex is not matched by accelerating Azure growth, the market will punish the stock immediately. Citi’s valuation framework: Bull case $650: Azure >39% growth, AI Copilot revenue exceeds expectations Base case $600: steady growth, moderate multiple expansion Bear case $380: Azure slows from 39% to 35%, capex pressure not offset by revenue

At the same time, the Nasdaq hit a new all-time high, but $Cboe Volatility Index(VIX)$ fear index rose to 18 (from a low of 13.38 earlier this month), and market breadth deteriorated to the second worst level in history — this rally has been almost entirely driven by NVDA alone.