Here are five things you need to know this morning
Nvidia tops expectations: The investing world was waiting anxiously for the latest results and outlook from Nvidia – and the most highly valued company on the planet did not disappoint. Nvidia beat expectations for first quarter profit and revenue, and boosted its sales forecast for the second quarter. The tech giant also authorized a US$80 billion share buyback and raised its quarterly dividend. The results indicate an attempt to diversify away from giant data centres, with CEO Jensen Huang emphasizing the significance of physical AI, including robots and automated vehicles.
Walmart disappoints: Shares of Walmart traded lower in the premarket. The world’s largest retailer missed its profit guidance for 2027. Operating income for the first quarter also came in slightly below expectations. Walmart says benefits from favourable merchandise and business mix were offset by higher fuel costs. On the upside, same store sales and revenue in the quarter saw growth, with global e-commerce sales also rising significantly.
CPP results below benchmark: The Canada Pension Plan Investment Board ended its fiscal year with a net return of 7.8 per cent. The returns were helped by holdings in public equities and real assets. The results fell short of CPP’s benchmark portfolio which returned 13.2 per cent for the same period, boosted by heavier exposure to large tech companies. We’ll find out more when Amanda Lang speaks with John Graham, President and CEO of CPP Investments. You can watch that interview on Taking Stock, Friday at 3 P.M. E.T.
IBM getting boost from government investment: Shares of IBM traded higher in the premarket. The Wall Street Journal is reporting the venerable tech company will receive US$1 billion as part of the Trump administration’s investment in quantum computing. According to the report, the government is pledging a total of US$2 billion, with a grant also going to Global Foundries, which is developing specialized chips for quantum computing. The funding will give the government a stake in the companies.
Strategic reset for Stellantis: Stellantis has unveiled a major strategic reset. The automaker’s US$70 billion turnaround plan includes focusing about 70 per cent of its investments in key Jeep, Ram, Peugeot and Fiat brands, and sidelining Chrysler, Alfa Romeo and Opel. The plan also includes a new savings goal and aims at boosting profit and raising returns in North America and Europe by 2030.
