🏭 Nvidia’s $500B AI Bet on America

Good afternoon! Katy Perry and Lauren Sánchez just became space tourists. The two were part of Blue Origin’s latest suborbital launch—an 11-minute flight that marked the first all-female crew in over 60 years. The capsule briefly reached the edge of space, offered a few minutes of weightlessness, and safely returned to the Texas desert, where Perry kissed the ground and lifted a daisy skyward in honor of her daughter.

The group also included CBS’s Gayle King, former NASA rocket scientist Aisha Bowe, civil rights activist Amanda Nguyen, and producer Kerianne Flynn. While Blue Origin hasn’t disclosed pricing, estimates suggest seats on the New Shepard rocket run upwards of $150,000, reigniting debates over the purpose and optics of high-cost space tourism.

MARKETS

• Markets kicked off the week on a high note as a surprise tariff exemption for consumer tech lifted investor spirits. The Dow climbed 312 points, while the S&P 500 and Nasdaq each added around 0.8% in a session that swung between gains and losses.

• Tech stocks led the charge after smartphones, computers, and chips were spared from the latest round of levies. Automakers also rallied after Trump floated the idea of extending exemptions to the auto industry.

STOCKS
Winners & Losers

What’s up 📈

• WeBull exploded 374.72% after going public via SPAC merger, as investors piled into the online investment platform. ($BULL)

• Verve Therapeutics soared 26.38% after reporting no safety concerns in trials of its new gene-editing tech. ($VERV)

• Viking Therapeutics surged 10.58% following Pfizer’s decision to halt development of its own weight-loss pill, sparking acquisition speculation. ($VKTX)

• Auto Stocks jumped on President Trump’s remarks that carmakers “need a little bit of time.” Stellantis rose 5.64% ($STLA), Ford climbed 4.13% ($F), and General Motors gained 3.48% ($GM).

• Chinese Tech Stocks rallied after U.S. tariff exemptions on smartphones and semiconductors. Alibaba, PDD Holdings, and JD .com gained 5.80%, 4.70%, and 4.80%, respectively. ($BABA, $PDD, $JD)

• Palantir Technologies climbed 4.60% after securing a NATO contract for its AI-powered Maven Smart System. ($PLTR)

• Dell Technologies added 4.00% after weekend news that tariffs on tech imports from China were temporarily rolled back. ($DELL)

• Intel increased 2.89% after announcing plans to sell a majority stake in Altera to Silver Lake. ($INTC)

• Apple gained 2.20% after the White House exempted several electronic components from tariffs, benefiting its China-heavy supply chain. ($AAPL)

What’s down 📉

• LVMH sank 6.39% after reporting a 3% decline in sales, missing analyst expectations for 2% growth. ($LVMUY)

• Meta Platforms fell 2.22% as its antitrust trial kicked off, with potential forced divestitures of Instagram or WhatsApp looming. ($META)

• DaVita dropped 3.03% after revealing a ransomware attack on its systems. ($DVA)

• Hilton Worldwide slipped 1.10% after a Goldman Sachs downgrade, citing expected weakness in travel spending. ($HLT)

• Marriott International dipped 0.77% following the same downgrade from Goldman. ($MAR)

• Pfizer rose 0.96% despite discontinuing its weight-loss pill over liver injury concerns. ($PFE)

AI
Nvidia Says It Will Build Up to $500 Billion of AI Gear in US

Nvidia just dropped a silicon-sized bombshell: it’s planning to build up to $500 billion worth of AI infrastructure in the U.S. over the next four years. That includes chip production, supercomputer assembly, and advanced packaging—all happening stateside for the first time.

Production of Nvidia’s newest Blackwell AI chips has already kicked off at TSMC’s Phoenix plant, while Foxconn and Wistron will handle full-scale supercomputer manufacturing in Texas. It’s a major shift for Nvidia, which designs chips but usually relies on Asia for fabrication and testing.

Why Now? Think Tariffs.

The timing is no coincidence. Trump’s recent wave of reciprocal tariffs, including a 32% hit on Taiwan and 145% on China, sent tech giants scrambling. While some tech products were temporarily exempted, Trump has hinted that semiconductors are next.

Though Nvidia didn’t directly credit the policy, it’s hard to ignore the backdrop. CEO Jensen Huang framed the move as a strategic one to boost supply chain resilience and meet surging demand from cloud players like Amazon, Meta, and Microsoft, which are set to pour $371B into AI spending this year alone.

Supercomputers, Made in America

Nvidia says this will be the first time AI supercomputers are built entirely in the U.S. Mass production at the new Texas sites is expected in 12 to 15 months, with Nvidia also creating “digital twins” and automation robots to streamline operations.

Even at sky-high prices—each Blackwell server can cost millions—that $500B figure points to a massive expansion. Shares of Nvidia initially rose but later dipped as tech stocks gave back early gains. Still, if you’re betting on the AI boom, it’s clear: Nvidia is going all-in, and this time, it’s doing it on home turf.

NEWS
Market Movements

• 💸 Intel Sells Majority Stake in Altera to Silver Lake: Intel agreed to sell a 51% stake in its Altera programmable chips unit to Silver Lake, valuing the business at $8.75 billion. The move will net Intel around $3.4 billion in cash while retaining a 49% stake. This deal, part of CEO Lip-Bu Tan’s plan to offload non-core assets, comes as Intel looks to sharpen focus, cut costs, and regain footing in a semiconductor market increasingly dominated by Nvidia. ($INTC)

• 🧪 Pfizer Ends Development of Obesity Pill After Safety Scare: Pfizer scrapped its once-daily oral obesity drug danuglipron after a clinical trial patient showed signs of liver injury. The failure pushes Pfizer further behind rivals Novo Nordisk and Eli Lilly and adds pressure on CEO Albert Bourla to make a multibillion-dollar acquisition. With $15 billion set aside for deals in 2025, analysts believe Pfizer may target firms like Viking Therapeutics or Structure Therapeutics to regain its place in the lucrative weight-loss market. ($PFE)

• 📈 Hassett Dismisses Recession Fears, Says Trade Offers Are “Amazing”: National Economic Council Director Kevin Hassett said Monday the U.S. has received over 10 strong trade deal offers since Trump imposed new tariffs. He also insisted the U.S. economy is “100% not” heading toward a recession, contradicting forecasts from executives and investors. Amid accusations of insider trading tied to the tariff pause, Hassett denied any wrongdoing within the White House. (No ticker)

• 📱 Apple Regains $3 Trillion Market Cap After Tariff Exemption: Apple shares climbed over 2% after the Trump administration exempted phones, computers, and chips from new tariffs. The move could save Apple an estimated $37 billion annually, cutting its potential tariff burden from $44B to $7B, according to Morgan Stanley. Despite a rough start to the year, Apple reclaimed its spot as the most valuable U.S. company. ($AAPL)

• 🛰️ Palantir Stock Jumps on NATO AI Defense Deal: Palantir surged 4.6% after NATO finalized its purchase of the company’s Maven Smart System, which uses AI for real-time military data analysis and target identification. The system will roll out within 30 days, adding to Palantir’s growing list of international defense clients. Analysts see this as a key validation of U.S. defense sector strength amid European tensions. ($PLTR)

• 💰 Goldman Sachs Beats Q1 Estimates on Trading Surge: Goldman Sachs reported earnings of $14.12 per share on $15.06 billion in revenue, surpassing analyst expectations. A 27% boost in equities trading offset declines in investment banking and asset management. The strong quarter highlights the firm’s ability to thrive in volatile markets. ($GS)

• ⚖️ Meta Faces Antitrust Trial Over Instagram and WhatsApp Acquisitions: Meta’s legal showdown with the FTC began today, with Mark Zuckerberg expected to testify. The agency argues that Meta’s acquisitions of Instagram and WhatsApp stifled competition and should be unwound. The case could reshape the company’s structure and set new antitrust precedents for tech. ($META)

• ✈️ Frontier Shares Plunge After Cutting Guidance: Frontier Airlines slashed its Q1 guidance and withdrew its full-year outlook, citing weak demand in March and widespread fare discounting. The company blamed economic uncertainty and low consumer confidence for the sudden drop. Shares tumbled 6.23% today. ($ULCC)

AUTOS
Auto Stocks Rise As Trump Says He Wants To ‘Help’ Some Car Companies

The auto industry might’ve gotten a yellow light instead of a red one.

On Monday, President Trump said he’s considering temporary exemptions for imported auto parts, hinting at relief for carmakers scrambling to meet his 25% tariff demands. “They need a little bit of time,” he told reporters, noting companies like Ford and GM are shifting production from Canada and Mexico back to the U.S. But like most Trump tariff updates, the lack of specifics left markets spinning.

Investors, however, didn’t wait. Shares of Ford (+4.07%), GM (+3.46%), and Stellantis (+5.64%) all rallied after his comments, reversing earlier losses. Rivian rose 4.88%, while Toyota, Honda, and Lucid also climbed.

Price Tags and Panic Buttons

Tariffs on vehicles are already live, and parts tariffs kick in May 3. Automakers have warned of job cuts and soaring car prices if the policy isn’t eased. Some luxury vehicles could see an added $20,000 price tag, while even economy models might jump by $2,500–$4,500, per Anderson Economic Group.

Ford and Stellantis have rolled out employee pricing promos to cushion the blow. GM, meanwhile, canceled downtime at a Tennessee plant to ramp up domestic output.

The bottom line? Tariffs are already reshaping production schedules, analyst price targets, and your future car bill—yet the policy itself is still very much... under construction.

Calendar
On The Horizon

Tomorrow

It’s a light week for economic data, but one sleeper report worth watching Tuesday is the Import/Export Price Index (MXP). Normally a background player, this index has become more relevant as tariffs ripple through global trade, reshaping the cost of everything from electronics to agriculture.

The MXP tracks how prices are moving for goods coming into and going out of the U.S.—a handy snapshot of America’s trade dynamics and the inflationary pressure from imports. Meanwhile, earnings season is ramping up with a fresh batch of results set to roll in. On deck tomorrow: Citigroup ($C), PNC Financial Services ($PNC), Johnson & Johnson ($JNJ), Albertsons ($ACI), JB Hunt Transportation Services ($JBHT), and Interactive Brokers Group ($IBKR).

Before Market Open:

• Bank of America will wrap up big bank earnings this week, but unlike its trading-heavy peers, BofA leans on loan profits. Its bread and butter is net interest income—how much it earns from lending versus what it pays out. The problem? Loan demand may be slowing as consumers and businesses grow cautious, which could crimp BofA’s margins. Consensus calls for $0.82 EPS on $26.91 billion in revenue. ($BAC)

After Market Close:

• After the bell, United Airlines will report, and all eyes are on its international exposure. As the top U.S. airline for overseas flights, that’s usually a revenue boost—but not when tariffs and trade uncertainty are rattling global demand. With consumer spending also cooling, United may be staring down some turbulence ahead. Analysts expect $0.77 EPS on $13.26 billion in revenue. ($UAL)

NEWS
The Daily Rundown

• 🎰 Professional Gambler Scores $57.8M Texas Lottery Jackpot Using Math: Zeljko Ranogajec and a team bought 26 million tickets to cover 99.3% of combinations, guaranteeing a win. They walked away with $57.8 million after expenses. A lawsuit and a governor-ordered investigation followed, questioning the legality of the scheme.

• 📱 Tariff Exemptions Offer Temporary Relief for Tech Imports: President Trump clarified that 20 categories of electronics, including semiconductors and smartphones, are exempt from the 125% reciprocal tariff. However, they still face existing 10% blanket import duties and a 20% China-specific tariff, with semiconductor-specific tariffs coming soon. Commerce Secretary Howard Lutnick said the exemption is temporary and grounded in national security needs.

• 🏠 Arson Attack on Pennsylvania Governor’s Mansion Prompts Arrest: Around 2am, an intruder broke into Governor Josh Shapiro’s home and started a fire while the family and guests were inside. Everyone was safely evacuated, but the mansion sustained significant damage. A man was later arrested and charged with terrorism, attempted murder, and arson.

• 🧾 Retailers Start Adding Tariff Fees to Customer Receipts: Some companies are now tacking “tariff surcharges” onto invoices, blaming higher costs on recent U.S. trade policies. One sexual wellness brand is charging $5 per order, citing China dependence and rising costs. Customers are split on whether the move informs or alienates buyers.

• ⛳ Rory McIlroy Wins The Masters in Career-Defining Finish: McIlroy secured his first green jacket in a dramatic playoff against Justin Rose, completing a career Grand Slam. Only five other players have achieved the feat during the Masters era. His emotional victory comes after 17 attempts at Augusta.

• 🌿 Pope Francis Makes Public Appearance for Palm Sunday Despite Health Issues: Recovering from double pneumonia, Pope Francis greeted thousands at the Vatican in a wheelchair without oxygen support. His participation in Palm Sunday events marks a positive step in his recovery. The 88-year-old pontiff offered blessings and brief remarks.

• 🗞️ Sarah Palin’s Defamation Retrial Against NYT Begins: Palin’s revived lawsuit claims a 2017 editorial wrongly linked her political rhetoric to a mass shooting. A previous trial was dismissed but is now back in court after an appeals ruling. The case reopens debates over media responsibility and political blame.

• 🎙️ Stephen A. Smith Considers Running for President: The ESPN personality revealed he's seriously exploring a presidential bid, citing dissatisfaction with both political parties. Smith emphasized the need for “real change” in leadership. He hasn't formally launched a campaign but is weighing the decision publicly.

• 🧸 Report Shows U.S. Still Deeply Dependent on Chinese Goods: A Financial Times report highlights that even basic household items like toys and microwaves are still largely sourced from China. The findings come as the U.S. government pushes for supply chain diversification. Ongoing tariffs have yet to significantly alter trade dependencies.

• 📋 Trump Declared in ‘Excellent Health’ After Annual Physical: President Trump’s medical report highlighted improved cholesterol, stable weight, and mental acuity. The 78-year-old was also credited for staying active through regular golf games. His doctor said Trump remains in excellent condition for his age.

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