Listen below or on the go via Apple Podcasts and Spotify

Nvidia (NVDA) ‘largely conceded’ China AI chip market to Huawei, Huang says. (00:14) SpaceX (SPCX) IPO filing shows company built around Elon Musk, Starlink, AI Age. (01:52) PepsiCo (PEP) eyes selective price increases due to increased costs. (03:59)

This is an abridged transcript.

Nvidia (NVDA) closed the day Wednesday 1.3% higher ahead of its earnings release and is up 0.2% in premarket action.

Nvidia reported another blockbuster quarter, beating estimates, with revenue surging 85% year-over-year to $81.62B. The company also unveiled an $80B share buyback program and raised its dividend by 2400% from a penny to a quarter.

Looking ahead to the fiscal second quarter, Nvidia expects revenue to be $91B, plus or minus 2%. The company also said that it does not expect any revenue from China for the period. Analysts had expected the company to generate $87.3B in revenue.

CEO Jensen Huang said the company has “largely conceded” China’s artificial intelligence chip market to Huawei, as U.S. export restrictions continue to reshape the global AI semiconductor landscape.

“The demand in China is quite large,” Huang told CNBC’s Sara Eisen. “Huawei is very, very strong. They had a record year, they’ll likely, very likely, have an extraordinary year coming up, and their local ecosystem of chip companies are doing quite well, because we’ve evacuated that market.”

“We’ve really largely conceded that market to them,” he added.

In the interview with CNBC, Huang struck a cautious tone on prospects for any near-term reopening of the Chinese market, saying Nvidia (NVDA) told investors to “expect nothing” regarding approvals to sell advanced chips into the country.

SpaceX’s (SPACE) long-awaited S-1 filing is giving investors their clearest look yet at a company that is no longer just a rocket launch provider.

The filing outlines a sprawling business tied to satellite internet, military and government contracts, artificial intelligence infrastructure and Elon Musk’s broader ambition to build a multi-planetary economy.

The filing shows SpaceX’s Connectivity segment, driven primarily by Starlink, has become the company’s financial engine. The segment generated $11.4 billion in revenue during 2025, along with $4.4 billion in operating income and $7.2 billion in adjusted earnings before interest, taxes, depreciation and amortization. The company said the business benefited from subscriber growth, wider enterprise adoption and improved network efficiency, with operating income rising more than 120% year over year.

By contrast, the company’s newly acquired AI segment is consuming cash at a remarkable pace. The AI business generated $3.2 billion in revenue during 2025 but posted an operating loss of $6.4 billion. Capital expenditures tied to the AI segment reached $12.7 billion during the year, far exceeding spending in the Space and Connectivity businesses.

The filing is important for investors because it offers the first detailed public accounting of the finances, governance structure and risks behind what could become the largest IPO in market history, with valuations discussed between roughly $1.75 trillion and $2 trillion. Investors are expected to scrutinize Starlink’s profitability, SpaceX’s heavy spending on Starship and the company’s unusual governance terms that give Musk extraordinary control.

This is only a snippet of the deep dive that we’ve taken into this filing. Here’s a link to a comprehensive view of the S-1 filing. The SpaceX IPO is also the top story in the Wall Street Breakfast newsletter.

PepsiCo (PEP) is reportedly on the verge of increasing prices on some of its smaller bags of chips.

Sources told Bloomberg that the company plans to hike prices by $0.10 to $0.20 on certain single-serve bags that are now retailing for $2.69. The price increase on the single-serve products is expected to begin in late June.

The company confirmed that planned price increases are in reaction to higher production, distribution, and retail expenses in the U.S. It was noted that the U.S. food business had held the price of some of its single-serve bags for nearly 15 years.

What’s Trending on Seeking Alpha

Iran deal looks like a 30-day ceasefire extension - Eurasia Group

Traders bet big on OpenAI beating Anthropic to IPO first

OpenAI prepares to possibly file for IPO as soon as Friday: report

JPMorgan to hire more AI specialists, fewer bankers, Dimon says

Catalyst watch:

• Notable events include Stellantis' (STLA) Investor Day, Amkor's (AMKR) Investor Day, Cummins' (CMI) Analyst Day, Badger Meter's (BMI) Investor Day, and Tenable's (TENB) Investor Day.

• Take-Two Interactive (TTWO) will hold its earnings call at 4:30pm. The stock could be volatile amid growing speculation that the company will release a new trailer for Grand Theft Auto 6 during the week and allow retailers to start taking pre-orders. Options trading implies a post-earnings move of more than 9%.

The biggest movers for the day premarket: AEVEX (AVX) +6% - Shares gained after the company secured $15.6M in U.S. Air Force contracts tied to unmanned aircraft mission capabilities and airborne system integration.

Economic calendar:

• 8:30 am Housing Starts and Permits

• 8:30 am Jobless Claims

• 8:30 am Philadelphia Fed Manufacturing Index