AI Chip Boom & Market Dynamics

$58.3BNvidia quarterly profit

211%Nvidia profit jump year-over-year

$10BAMD investment in Taiwan AI

Nvidia just posted a record $58.3 billion profit, cementing its role as the AI boom's biggest winner, even as it cedes the China market to Huawei.

Nvidia reported a record $58.3 billion profit in its most recent quarter, a 211% jump year-over-year, driven by extreme demand for its AI chips from major technology companies. New York Times Al Jazeera
Nvidia CEO Jensen Huang stated the company has "largely conceded" China's advanced AI chip market to Huawei, acknowledging the competitive landscape in the region. CNBC
AMD plans to invest $10 billion in Taiwan's AI industry, focusing on partnerships to advance chip packaging and manufacturing for next-generation AI infrastructure. CNBC
SoftBank Group shares surged 20% following Nvidia's strong earnings, reflecting the Japanese conglomerate's close ties to the AI boom through its stake in Arm Holdings. CNBC
Anthropic informed investors it expects to more than double its revenue to approximately $10.9 billion in its second quarter, positioning the AI startup for its first profitable quarter. TechCrunch CNBC

Tech Giants & AI Strategy

$6.4BxAI losses in 2025

$15BAnthropic annual payment to SpaceX

8,000Meta job cuts

Elon Musk's SpaceX IPO filing reveals a staggering $6.4 billion loss for xAI last year, underscoring the immense capital burn in the race for AI dominance.

SpaceX's IPO filing disclosed that Elon Musk's AI unit, xAI, burned through $6.4 billion in 2025 and plans a massive expansion for its Grok AI, offering the first public look at its financials. TechCrunch
The SpaceX IPO documents also revealed a lucrative deal with Anthropic, which is paying $15 billion annually to access SpaceX's data centers for GPU compute. Wired
Meta announced it is cutting 8,000 jobs as part of a strategic pivot towards artificial intelligence, despite significant investments in the technology. NPR
Intuit plans to lay off over 3,000 employees, approximately 17% of its workforce, to refocus on AI initiatives amid concerns from investors about generative AI's potential impact on software companies. TechCrunch CNBC
Google DeepMind has agreed to formal talks with UK unions, potentially leading to trade union representation, following staff concerns about the use of its AI by the US and Israeli governments for defense and intelligence. The Guardian

Geopolitics & Trump Administration

President Trump's administration is suing Minnesota over its prediction market ban, while Jeff Bezos praises Trump's "more mature" second term.

The Trump administration filed a lawsuit against Minnesota over its new law banning prediction markets, with the Commodity Futures Trading Commission (CFTC) asserting exclusive jurisdiction over platforms like Kalshi and Polymarket. The Hill
Jeff Bezos, Amazon founder and owner of The Washington Post, praised President Trump's second term as "more mature" and denied making changes at his companies to curry favor with the president. New York Times CNBC
Police officers involved in the January 6 Capitol riot are suing President Trump to block a $1.8 billion "lawfare" fund, which was created by the Justice Department to settle a lawsuit by Trump over the leak of his tax records. CNBC
Iran is reviewing a US peace proposal, as President Trump indicated he is willing to wait "a few days" to receive "the right answers" from Tehran regarding ongoing negotiations. CNBC
Taiwan's President Lai expressed willingness to speak with Donald Trump, a potential diplomatic shift given that US and Taiwan leaders have not held direct talks since Washington recognized Beijing in 1979. Al Jazeera

Global Markets & Consumer Economy

$100Oil price per barrel (below)

8%South Korea's KOSPI rise

£3.7BUK-Gulf states trade deal

Oil prices dipped below $100 on reports of a potential Iran deal, while Samsung shares soared after a major strike was averted.

Oil prices fell below $100 per barrel following reports that a deal with Iran could be close, with President Trump stating negotiations are in their "final stages." Investor's Business Daily CNBC
Samsung shares soared, and South Korea's benchmark KOSPI rose over 8% after a union suspended a planned strike at the memory chip maker following a tentative wage deal. Reuters Al Jazeera
The UK finalized a £3.7 billion trade deal with six Gulf states, which is expected to remove £580 million worth of tariffs from British exports, though human rights groups have criticized the agreement. BBC News
Walmart is set to report its first-quarter earnings, providing a key indicator of the health of the US economy and consumer spending habits. CNBC
Ubisoft shares plunged 14% after the Assassin's Creed maker warned of further annual profit losses, impacting its stock performance. CNBC

AI Ethics & Development

AI chatbots made "huge errors" in the Scottish election, prompting calls for new controls on misinformation.

A study found that ChatGPT and other AI bots made "huge errors" during the recent Scottish election, including inventing fake scandals and candidates, leading the Electoral Commission to call for new legal controls over AI misinformation. The Guardian
Anthropic co-founder Jack Clark predicted that an AI system will collaborate with humans to make a Nobel prize-winning discovery within 12 months, alongside the emergence of bipedal robots assisting tradespeople in two years. The Guardian
OpenAI CEO Sam Altman offered to invest in every startup in the current Y Combinator class, providing tokens for equity in a "mic drop" move. TechCrunch
Researchers at POSTECH and David Baker's lab have used AI to design quasisymmetric two-component protein cages, mimicking viruses for potential applications in vaccine delivery. Nature
Stability AI released a new audio model capable of creating six-minute songs, further advancing AI's capabilities in music generation. TechCrunch

Quick Shots

🇪🇺 The EU is experiencing a "Trump-fueled breakup" with Big Tech, as countries like France opt for homegrown alternatives to US software. Wired
👶 Ofcom declared TikTok and YouTube "not safe enough" for children, despite both platforms highlighting their safety features. BBC News
💰 Wes Streeting is proposing reforms to capital gains tax as part of his pitch for the Labour leadership, pledging a "wealth tax that works." BBC News
🎢 Disney faces a lawsuit over its use of facial recognition technology at theme park entrances, with a California woman alleging privacy law violations. The Hill
🇮🇳 Indian travel fintech Scapia more than doubled its valuation to over $500 million, securing a $63 million investment led by General Catalyst. TechCrunch

Thursday, May 21, 2026