What you Need to Know for May 6th

Welcome back.

The market is continuing to rip higher as 1) AI spending forecasts are rising higher (sending the chip stocks to new records) and 2) headway is being made in resolving the U.S. and Iran war.

Early this morning, futures are rallying sharply and oil is down on news that a deal to end the war could be coming shortly.

President Trump had announced yesterday that the blockage will continue in the short term due to his belief that he’s close to a complete and final agreement with Iran.

Let’s get into it.

Here’s a look at the earnings still to come this week:

• Wednesday: Arm Holdings, Walt Disney, Uber, AppLovin, DoorDash, Novo Nordisk, Fortinet, Coherent Corp, Axon Enterprise, Zillow, Marriott, Warner Bros, Dutch Bros, Restaurant Brands International, Apollo Global, Beyond Meat, CVS

• Thursday: McDonald's, Gilead Sciences, Airbnb, Monster, Cloudflare, Cheniere Energy, CoreWeave, Vistra Corp, Datadog, Expedia, DraftKings, Wynn Resorts, Cars.com, Krispy Kreme, Expensify, Lifetime Brands, U.S. Energy Corp

• Friday: Fidelity National, Brookfield Asset Management, Enbridge, Wendy's

Here’s a look at economic data set to be released this week:

• Wednesday: ADP employment (98,000)

• Thursday: Initial jobless claims (205,000), U.S. productivity (1.5%), Construction spending delayed report (-0.1%), Construction spending (0.4%), Consumer credit ($12.5B)

• Friday: U.S. employment report (53,000), U.S. unemployment rate (4.3%), U.S. hourly wages (0.3%), Hourly wages y/y (3.8%), Wholesale inventories (1.4%), Consumer sentiment prelim (49.5)

Earnings Corner 💸 

• Palantir $PLTR ( ▼ 6.93% ) Top and bottom line beat with revenue of $1.63B vs. 1.54B up 85% y/y and EPS at $0.33, driven by strong U.S. demand as both government and commercial segments scaled rapidly on AI adoption. The company also raised full year guidance to $7.65B, with contract value and deal activity expanding sharply, reinforcing momentum. Despite the strength, the results did little to exceed already elevated expectations.

• AMD $AMD ( ▲ 4.02% ) revenue beat at $10.25B vs. $9.89B and EPS beat at $1.37 vs. $1.29, driven by surging AI demand with data center revenue up 57% y/y to $5.8B. Growth was fueled by strong demand for both GPUs and CPUs as AI workloads scale, with AMD gaining share in servers. The company also guided 2Q revenue above expectations at $11.2B vs. $10.5B, reinforcing AI-driven data center demand.

• KKR $KKR ( ▼ 1.29% ) revenue beat at $1.47B vs. $1.43B and EPS beat at $1.39, driven by higher fee related earnings as AUM growth and $28B fundraising expanded its fee base. Demand for alternatives (especially private credit) remained strong, supporting steady inflows and more durable earnings despite market uncertainty.

• Norwegian Cruise Line $NCLH ( ▼ 1.51% ) revenue missed at $2.33B while EPS beat at $0.23, as weaker demand in Europe and softer U.S. bookings effected sales. Management cut full year guidance as higher fuel costs and declining yields weigh on margins

• Anheuser-Busch InBev $BUD ( ▲ 8.74% ) revenue beat at $15.27B vs. $14.7B up 12% y/y and EPS beat as volumes returned to growth for the first time since 2023. Growth was driven by strength in key brands like Corona and Michelob Ultra and solid performance in markets like Mexico, marking a clear recovery in beer demand.

• Live Nation $LYV ( ▼ 0.2% ) revenue beat at $3.8B vs. $3.57B (+12% y/y) but EPS missed due to a $450M charge tied to antitrust litigation. Growth was driven by strong concert demand, with ticket sales up 11%, over 85% of large venue shows already booked, and deferred revenue up 22%, signaling continued momentum.

On The Move 📈 📉

• Pinterest $PINS ( ▲ 6.86% ) stock surged after outperforming on Q1 2026 earnings and raising guidance, diverging from the broader Communications Services sector weakness.

• Micron Technology $MU ( ▲ 11.06% ) jumped as broader demand for AI-driven memory chips continues to soar.

• PayPal $PYPL ( ▼ 7.74% ) fell on poor guidance and plans to cut 20% of its workforce in the next two to three years.

• Coinbase $COIN ( ▼ 2.58% ) slid after cutting 14% of its workforce to manage costs, with plans to increase AI integration within the company.

IPO Roundup 📍 

• Leo Pharma is eyeing acquisition targets with $800mm to spend on dealmaking as it positions itself for an IPO. The Danish drugmaker purchased gene therapy company Replay last week.

• Fervo Energy Co. is looking to raise $1.33B in a U.S. IPO, with plans to market shares for $21 to $24 each. The top of that range giving the company a market value of $6.5B.

• Blackstone Digital Infrastructure Trust is targeting $1.75B in a U.S. IPO. The REIT will buy newly built data centers that are already leased to hyperscalers, offering investors a way to capitalize on what Blackstone estimates is a $1 trillion industry.

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Today’s Headlines 📖🍿 

• Anthropic pushes AI agents into finance workflows: The firm launched ready-to-run tools for modeling, KYC, and pitchbooks across Excel and PowerPoint, accelerating the automation of analyst-heavy tasks across banking, credit, and operations.

  • For anyone who is an Analyst, or future Analyst, I’m sorry, but this is being done to set up Claude Managed Agents to do a lot of the work that Analysts have historically done. The role of an Analyst is set to evolve.

  • Connectors include S&P, MSCI, PitchBook, Morningstar, LSEG, and more. Several of these stocks like FactSet $FDS ( ▼ 2.24% ) sharply traded lower before recovering later in the day.

• Ken Griffin doubles down on Miami, as he plans on expanding his planned Miami HQ. Griffin address Zohran’s targeting of him, but saying the building expansion in NYC may still occur, but Griffin admitted that the Mayor singling him out has made NY-based Citadel partners start to question things. Griffin vocalizing this sends the message that many finance leaders are starting to think about diversifying away from NYC.

  • “What the mayor of New York has made clear to my partners, and principally my New York partners, is that we need to double down on our bet in Miami" - Ken Griffin at Milken on Tuesday

• OpenAI trial spotlights $30B insider stake: OpenAI co-founder Greg Brockman disclosed a $30B equity position while defending the firm’s for-profit pivot, as Elon Musk presses a lawsuit that could unwind the structure and derail IPO ambitions. Brockman’s revelation of his $30B stake, as well as investments in Cerebras and Altman’s family office, might give Musk ammo to show how Brockman and Ackman enriched themselves during a nonprofit-to-for-profit conversion.

• James Murdoch bids $300M for Vox assets: Murdoch is in advanced talks for New York Magazine and its podcast portfolio, highlighting rising demand for scaled audio platforms as consolidation picks up across digital media.

• Ryan Cohen pressed on with his bid for eBay: After a bizarre interview with CNBC over the “half cash, cash stock” deal, Cohen pressed eBay on their high marketing expenses, large employee base of 11,500 folks, and high board member compensation levels.

• Anthropic unveils $1.5B joint venture: Blackstone and Hellman & Friedman plan to invest $300mm each while Goldman Sachs adds $150mm to the venture. The group aims to sell AI tools to businesses, starting with the firms’ portfolio companies, and drive AI adoption across their operations. This comes in conjunction with OpenAI rolling out a similar JV.

• Carlyle seeds next buyout fund: The firm arranged financing that will commit $5B to its next flagship buyout fund while also repaying investors in some of its older vintages. The structured credit deal will total $8.5B, with half in bank debt and the rest in preferred and common equity.

• Apple’s iOS 27 will bring a range of AI: The update will let users choose from multiple third-party AI models to power features across its software, including Siri.

• The SEC is prepping a move to biannual reporting: The agency’s plan passed an initial White House review and is now set to be formally unveiled to the public.

• Retail will “clearly” stop fueling private credit growth, according to PJT CEO Paul Taubman, who says the market’s issues are now a public relations challenge as investors begin to realize that many of the products aren’t fully liquid.

• BlackRock CEO Larry Fink predicts a futures market for compute power as global demand for the limited resource continues to grow.

M&A Transactions💭 

United Homes Group, designs, builds, and sells homes, was acquired for $216.979M by Stanley Martin Homes. EV/EBITDA was 80.36x and EV/Revenue was 0.53x. Vestra Advisors advised on the sale.

Sierra Platform, provider of repair, replacement, maintenance, and installation services, was acquired for $220.0M by Redwood Services. EV/EBITDA was 11.0x and EV/Revenue was 2.2x.

Pinago Utama (IDX: PNGO), engaged in the oil palm and rubber plantation business, was acquired for $162.0M by Sawit Graha Manunggal. EV/EBITDA was 6.11x and EV/Revenue was 1.27x.

NSI Industries, manufacturer of a comprehensive product portfolio intended to service electrical distributors, has reached a definitive agreement to be acquired for $3.0B by Hubbell (NYS: HUBB). Lincoln International advised on the sale.

Modiv Industrial (NYS: MDV), a pioneer in the direct-to-consumer commercial real estate product industry, has reached a definitive agreement to be acquired for $535.0M by Global Net Lease (NYS: GLN). EV/EBITDA was 17.24x and EV/Revenue was 11.53x. Truist Securities advised on the sale.

MB Petroleum Services, provider of cost-effective drilling, was acquired for $204.0M by Abu Dhabi National Oil Company (ADS: ADNOCDRILL). EV/EBITDA was 4.25x and EV/Revenue was 1.27x.

Hermes Transportes Blindados (LIM: HERMESC1), engaged in providing services of transfer, custody & processing of money, has reached a definitive agreement to be acquired for SEK 4.0B by Loomis (STO: LOOMIS).

Electrical Power Products, manufacturer of power management systems, was acquired for $1.1B by Flex (NAS: FLEX). EV/Revenue was 3.41x. RA Capital advised on the sale.

American Megatrends International, provider of UEFI and remote management firmware, has reached a definitive agreement to be acquired for $1.65B by Lattice Semiconductor (NAS: LSCC).

American Express Global Business Travel (NYS: GBTG), operates as a business-to-business travel platform, has reached a definitive agreement to be acquired for $6.3B by Long Lake Management Holdings. EV/EBITDA was 17.26x and EV/Revenue was 2.15x. Rothschild & Co advised on the sale.

Idox, supplier of software, was acquired for GBP 339.5M by Long Path Partners. EV/EBITDA was 17.45x and EV/Revenue was 4.44x. Peel Hunt and Rothschild & Co advised on the sale.

Equiniti, provider of outsourced finance and administration services, has reached a definitive agreement to be acquired for $4.2B by Bullish (NYS: BLSH). The transaction comprises $1.85B of assumed debt and approximately $2.35BB in Bullish stock consideration. Evercore Group, LionTree, and Wells Fargo advised on the sale.

Enhanced Drilling, manufacturer of specialist drilling technology, has reached a definitive agreement t o be acquired for NOK 2.0B by Expro Group Holdings (NYS: XPRO).

Autronica Fire and Security, manufacturer of fire and gas detection and prevention equipment, has reached a definitive agreement to be acquired for $555.0M by MSA Safety (NYS: MSA).

Anhui Rongcheng Hi-Tech Group, provider of integrated urban and industrial development services, has reached a definitive agreement to acquire GalaxyEdge Acquisition (NYS: GLED) for $350.0M.

Oldcastle APG, manufacturer of building materials, was acquired for $1.1B Pacific Avenue Capital Partners. Bank of America advised on the sale.

Astrix Security, developer of a cloud-based security platform, was acquired for $400.0M by Cisco Investments.

Eigen AI, developer of an AI optimization system, has reached a definitive agreement to be acquired for $643.0M by Nebius Group (NAS: NBIS).

Bitnomial, developer of a bitcoin derivatives exchange, was acquired for $550.0M by Kraken. EV/Revenue was 110.0x. PJT Partners advised on the sale.

Best Egg, developer of an online lending platform, was acquired for $800.0M by Barclays (LON: BARC).

Bachan’s, producer if traditional bbq sauce, was acquired for $400.0M by The Marzetti (NAS: MZTI). EV/Revenue was 4.6x. Centerview Partners advised on the sale.

Atlantic House Investments, operator of an investment company, was acquired for $200.0M by WisdomTree (NYS: WT). Piper Sandler advised on the sale.

Arium Network, operator of a small cell business, was acquired for $4.25B by EQT.

Ambatovy Minerals, operator of a mining and refining company, was acquired for JPY 70.0B by Sumitomo (TKS: 8053).

Facet Filtration Group, manufacturer of fuel and fluid filtration systems, was acquired for $820.0M by Donaldson Company (NYS: DCI). EV/Revenue was 7.59x. Lincoln International advised on the sale.

La Regina, manufacturer of tomato-based food products, a 49% stake in the company was acquired by Campbell’s (NAS: CPBB) for $286.0M. The acquisition solidifies Campbell’s long-term strategic partnership with the company.

Candid Therapeutics, operator of a biotechnology research company, has reached a definitive agreement to be acquired for $2.2B by UCB (BRU: UCB). Bank of America and Jefferies advised on the sale.

Terns Pharmaceuticals (NAS: TERN), a clinical-stage biopharmaceutical company, was acquired for $6.7B by Merck & Co. (NYS: MRK). EV/Cash Flow was 20.09x. Centerview Partners and Jefferies advised on the sale.

Precision Aviation Group, manufacturer of aircraft parts, was acquired for $2.05B by VSE (NAS: VSEC). EV/EBITDA was 135.0x and EV/Revenue was 3.29x. Jefferies and J.P. Morgan advised on the sale.

Enhanced Drilling, manufacturer of specialist drilling technology, has reached a definitive agreement to be acquired for NOK 2.0B by Expro Group Holdings (NYS: XPRO).

Arctos Partners, operator of a private investment platform, was acquired for $1.4B by Kohlberg Kravis Roberts (NYS: KKR). Bank of America advised on the sale.

Private Placement Transactions💭 

Windward Bio, operator of a drug development company, raised $165.0M of venture funding led by OrbiMed.

Reserv, developer of a digital claims, raised $125.0M of Series C venture funding led by Kohlberg Kravis Roberts.

Panthalassa, manufacturer of an ocean-based energy platform, raised $140.0M of Series B venture funding led by Peter Thiel.

Deep Infra, developer of an inference platform, raised $107.0M of Series B venture funding led by 500 Global and Georges Harik at a pre-money valuation of $205.0M.

Blitzy, developer of an AI-powered platform, raised $200.0M of venture funding led by Northzone Ventures at a pre-money valuation of $1.2B.

Odds of the Day 🍒 

Polymarket traders are pricing in a 41% chance of Michael Saylor selling Bitcoin by year-end.

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