Here are five things you need to know this morning:

Stock markets hit all-time highs: The week started with the general sense that Nvidia was either going to save the stock market or mark the start of a turn toward the negative. And ever since the chipmaker posted those blowout results late Wednesday, the bulls have been on parade. The S&P500, the Dow Jones and the Nasdaq 100 closed at all-time highs on Thursday, and while premarket trading suggests a slight pullback on Friday, the run-up has been impressive to watch. The TSX is still about three per cent away from joining the all-time-high party, and while it’s entirely possible there could be many more gains to come, the dominance of big tech names like Nvidia is giving us some pause. After adding US$277 billion to its market cap on Thursday, Nvidia is now worth just shy of $2 trillion. That’s more than the S&P 500’s entire energy sector is worth. “Be a little cautious on concentration risk,” Brianne Gardner, senior wealth advisors at Velocity Investment Partners, Raymond James told BNNBloomberg’s The Street on Friday morning. The five biggest tech names on the S&P currently make up 26 per cent of the index’s market cap right now. In the dotcom bubble, the ratio was 18 per cent. “I’m not saying we are in the exact same situation but I would say caution is warranted,” she said.

Another Canadian airline bites the dust: In the tradition of Canada 3000, Jetsgo and frankly too many more to count, another Canadian airline has gone bust and left travelers in the lurch as Calgary based discount flyer Lynx Air has announced it is halting operations as of Monday. The company said in a release late Thursday that it had obtained court protection from its creditors, and is advising customers who have booked tickets to seek refunds from their credit card companies. The company says no flights will happen after Monday morning. It’s unknown how many travellers might be impacted — or what the status of flights between Friday and Sunday might be — but the saga is yet another black eye for Canada’s airline business. After less than two years in operation, they’re done.

Reddit makes IPO plans official: The company that calls itself “The Front Page Of The Internet” is poised to write a new chapter in its story as Reddit announced on Thursday that it plans to go public in an IPO sometime soon. The plans have been an open secret for more than a year now, but seeing confirmation from the company on Thursday was still a momentous development. Financial terms won’t be revealed until paperwork later this year, but Bloomberg says the IPO could happen as soon as next month and value the company at US$5 billion. That’s down from the $10 billion the company was worth in 2021 when it raised more than $1 billion in a financing round. The San Francisco-based company average 73 million daily active users in the fourth quarter, according to a regulatory filing, but lost $90 million on revenue of $800 million last year. Despite that, Reddit’s IPO is on track to be one of the biggest of the year and certainly one of the most significant.

Lunar lander makes history: It may have taken a half century, but mankind made another giant leap into space exploration on Thursday thanks to a small step by Intuitive Machines Inc. The company’s unmanned lunar lander, the Odysseus, successfully touched down on the surface of the moon on Thursday evening, becoming the first U.S. craft to do so since 1972 and the first privately owned firm to do so ever.  Two previous attempts by Israeli and Japanese firms either crashed or lost contact, so the development is a coup for Intuitive Machines, and the Houston-based company’s stock responded the way you’d think: by mooning. Shares were up by about 48 per cent at one point in premarket trading on Friday, although they’re giving up some gains headed into the open. The stock — ticker symbols LUNR of course — has tripled in value since the start of 2024.

Carvana’s a comeback kid: Hat tip to Amber Kanwar for this one, who excitedly noted this morning that shares of used-car retailer Carvana are surging in the pre-market after giving a very robust profit forecast. While the 28 per cent pre-market rally is impressive, you have to take a step back to fully appreciate this story. Carvana rode the used-car frenzy during the pandemic, embarked on a bold expansion plan and piled on debt. That all came crashing down as used-car prices came back down to earth. Carvana is down more than 80 per cent since its pandemic peak. Just 18 months ago the word bankruptcy was being tossed around, and might have happened, except this isn’t a company run by any old CEO. It is run and controlled by a father-son duo who founded the company and clearly weren’t going to go away without a fight. While this latest quarter still shows the company is struggling, its forecast of current quarter profit “significantly above US$100 million” has the shorts running scared. Nearly 33 per cent of shares outstanding are short. To be sure, troubles still linger. It has $5 billion of net debt and its interest payments are expected to exceed profitability this year. But the stock is up more than 1,000 per cent since it bottomed in 2022 and I wouldn’t count the founders out just yet!