Markets
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Luke Kawa

Goldman Sachs is nearly half the bank it used to be

“I’m half the man I used to be,” lamented Scott Weiland of the Stone Temple Pilots in the band’s 1992 song “Creep.”

Well, in one way, Goldman Sachs is nearly half the bank it used to be. The bank is up nearly 2% midday after reporting blockbuster earnings of $14.12 for the first quarter (estimates were for $12.26). What’s more, management announced a multiyear plan to buy back up to $40 billion of its own shares.

In an interview on Bloomberg following the release of earnings, RBC analyst Gerard Cassidy flagged just how much the bank has shrunk its share count over the past 15 years.

“If you go back to the peak level of shares outstanding for Goldman Sachs, which was back in the first quarter of 2010 — so this is post financial crisis, banks had to issue equities to get through the crisis — their share count has fallen over 45% since that time,” he said. “This is one of their active strategies and they do it very well.”

Cassidy has a sector perform rating and $610 price target on the stock.

As Bloomberg TV’s Jon Ferro observed, a $40 billion buyback plan into a market cap of about $161 billion is a truly colossal figure.

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Helena Cheng

Nvidia jumps after entering laptop market with new PC “superchip”

Nvidia shares are rising after the company announced its push into the PC processor market, unveiling the company’s highly anticipated RTX Spark “superchip,” a new processor designed to bring advanced AI capabilities directly to Windows laptops.

“There is no question this reinvention of the computer is as big of a deal as the reinvention of the phone into what we now know as the smartphone,” Nvidia CEO Jensen Huang said at the Computex trade show in Taipei.

Nvidia said the company is reimagining the PC “for the first time in 40 years” and the new platform is built for “agentic AI,” allowing AI models and assistants to run locally on laptops rather than relying entirely on cloud computing. Microsoft simultaneously unveiled its Surface Laptop Ultra powered by RTX Spark, while Dell, HP, and Lenovo are expected to launch systems based on the chip later this year.

RTX Spark combines an Arm-based CPU, Nvidia’s Blackwell graphics architecture, and dedicated AI hardware into a single chip designed for AI-heavy workloads.

This move put the company into more direct competition with Intel, AMD, Qualcomm, and Apple in the personal computing industry. Shares of Intel, Qualcomm, and AMD are all sinking right now after the Nvidia announcement. The move also positions the RTX Spark on a collision course with the M5 from Apple, which is also trading lower. Meanwhile, Arm Holdings, on whose architecture RTX Spark is built, surging in premarket trading along with Microsoft and HP Enterprise.

For investors, the announcement serves as another reminder that the AI trade is increasingly expanding beyond data centers and into consumer hardware.

Max Knoblauch

Chinese EV makers’ sales mostly rebound in May, with Nio deliveries surging 62%

Several Chinese EV makers saw deliveries rebound in May, with Nio logging its best month of 2026.

Nio delivered 37,705 vehicles in May, up more than 28% from April and more than 62% from the same month last year. It launched its Onvo L80 electric SUV on May 15 and its ES9 SUV last week. Its US-listed ADRs were up about 3% in premarket trading on Monday.

XPeng ADRs climbed more than 4% premarket as it reported 3.7% month-over-month delivery growth from April. Its deliveries are expected to grow in June as it ramps up production of a new SUV.

BYD logged a 19% month-over-month sales hike from April. The company is rapidly boosting its overseas business to make up for flailing domestic sales, and that was reflected in its sales figures: overseas sales grew 80% from last year, while domestic sales fell 24%. Its ADRs were flat in premarket trading.

Li Auto dipped in premarket trading — its May sales were down 18% from last year and about 2% from April.

Tasha Matsumoto
5/29/26
Stocks close week with new records powered by tech gains and ceasefire optimism

The S&P 500 gained for the ninth straight week, its longest winning run since 2023.

Michael Jordan #23, Shooting Guard and Small Forward for the Chicago Bulls wearing a warm up jacket looks on during player introductions before the NBA Midwest Division basketball game against the Denver Nuggets
markets
Luke Kawa

BlackBerry is on one of its hottest rallies of all time

History suggests that BlackBerry does extremely well when 1) it’s considered to be pioneering a transformative technology, or 2) there’s widespread retail enthusiasm for stocks.

If you squint (or dream), you could argue that both are going on right now.

Shares of the once-upon-a-time smartphone giant are up more than 160% over the past three months. The only times the shares have had a hotter run of form than this are at the tail end of the dot-com bubble, and in early 2021 when was it part of the meme stock craze headlined by GameStop.

Let’s start with the easy part first — here’s Scott Rubner, head of equity and equity derivatives strategy at Citadel, on retail’s significant footprint in the shares’ rally:

“Retail traders are the new price setters in the market. May volumes across our retail cash equities and options platforms are currently tracking at record levels. Daily volumes on our cash platform are setting new highs and are on pace to finish nearly ~10% above the previous record established during the January 2021 meme-stock era.”

And then there’s the harder part, part of the story that the traders bidding up BlackBerry now are dreaming about: the QNX division, which offers software that the company is positioning as an operating system for robots.

QNX’s software has early uptake in the field of autonomous driving, with BlackBerry eyeing a much more widespread role: in April, it announced a partnership to deploy this technology on Nvidia’s robotics platform. Nvidia’s Jensen Huang, for his part, has long been calling for agentic AI adoption to be followed by physical AI (i.e., robots).

In a QNX press release unveiling a report this week, the company argued that software, not hardware, is the real problem in terms of making sure robotics works.

I supposed it would be poetic, in a way, if the company at the leading edge of the smartphone revolution also plays a big role in the proliferation of robotics.

markets
Luke Kawa

Micron and Sandisk rally on new Street-high price targets from Susquehanna

Micron and Sandisk both hit fresh all-time highs in early trading after Susquehanna bestowed new Wall Street-high price targets on the two memory stocks.

Analyst Mehdi Hosseini upped his view on the former to $1,750 from $600, and to $3,250 from $2,000 for the latter.

“Supply is now expected to remain tight through 2027, sustaining elevated margins and thus warranting valuation re-rating,” he wrote, per Bloomberg.

It’s the fifth time in the past year that the average price target on Micron has gone up by more than 10% in a week. UBS’s Tim Arcuri more than tripled his price target on Micron earlier this week, and has already lost the title of “most bullish.”

But even as analysts are tripping over themselves to raise their price targets on these stocks, the ferocity of the rally in Micron has outpaced their best efforts.

The high-bandwidth memory specialist traded at a record premium to the consensus Wall Street price target this week, based on data going back to 2008.

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