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AI chipmaker Cerebras plans to raise $3.5B with initial public offering. (0:15) Norwegian Cruise faces fuel costs and softer Europe demand. (1:35) BlackBerry rallies as QNX software powers millions of vehicles. (1:50)

This is an abridged transcript of the podcast:

Our top story so far, Artificial intelligence chipmaker Cerebras Systems (CBRS) is seeking to raise up to $3.5B in its upcoming initial public offering.

The company plans to sell up to 28M shares priced between $115 and $125, according to an amended S-1 filing with the SEC. At the midpoint, Cerebras would be valued at roughly $26.5B. The company competes with Nvidia (NVDA) and AMD (AMD), which is also a backer.

Cerebras signed significant agreements with OpenAI (OPENAI) and Amazon Web Services (AMZN) ahead of the offering, underscoring its push into AI infrastructure.

Revenue rose 76% year over year to $510M in 2025, according to the filing. The company posted net income of $237.8M in 2025, compared with a net loss of $481.6M in 2024.

Cerebras’ chips are focused on inference workloads, an increasingly important segment as AI models shift from training to real-world deployment.

The company initially filed for an IPO in September 2024, but the process stalled amid a federal review of its ties to Abu Dhabi-based AI firm G42. Cerebras withdrew its plans in October 2025 and said last month that the issue had been resolved. G42 is no longer listed as a commercial partner or minority investor.

Among active stocks, Churchill Downs (CHDN) reported that all-sources handle for Derby Week climbed to a record $487M, up 3% from last year’s high.

Norwegian Cruise Line Holdings (NCLH) is under pressure after posting mixed first-quarter results.

Looking ahead, the cruise operator said it is facing headwinds tied to Middle East disruptions, including higher fuel costs and signs of softer demand as consumers reassess travel plans — particularly to Europe.

BlackBerry (BB) is rallying after QNX unit head John Wall told the Wall Street Journal that the company’s core asset is no longer hardware but its embedded QNX software, now installed in roughly 275M vehicles worldwide. The platform powers advanced driver assistance systems, digital cockpits, and infotainment systems.

In other news of note, with fans marking Star Wars Day and “The Mandalorian and Grogu” set to hit theaters later this month, the franchise is back in focus — and its box office history traces a clear arc from record highs to more uneven recent results.

The top performer remains “Star Wars: Episode VII – The Force Awakens” (2015), which grossed about $2.07B worldwide, fueled by nostalgia and a decade-long gap between theatrical releases.

The original “Star Wars: Episode IV – A New Hope” (1977) helped define the modern blockbuster era, earning about $775M at the time — alongside Jaws. Adjusted for inflation, its lifetime total is estimated at roughly $3.8B.

At the other end of the spectrum sits “Solo: A Star Wars Story” (2018), which brought in about $393M worldwide — the franchise’s only clear box office miss.

And in the Wall Street Research Corner, William Blair refreshed its 2026 conviction stock list, adding three new names.

The firm added Somnigroup International (SGI) following constructive survey data pointing to rising mattress replacement intent.

Devon Energy (DVN) also joins the list, with the firm citing expected incremental free cash flow driven by operational efficiencies.

And Amazon (AMZN) was added based on what analysts described as a clear “line of sight” to roughly 30% AWS growth.

The new additions replace Viper Energy (VNOM), Compass Therapeutics (CMPX), and Klaviyo (KVYO).

You can see the full list in our story.