BUSINESS HEADLINES

Nvidia Q1 results surpass Wall Street expectations thanks to massive AI chip demand

Artificial intelligence chipmaker Nvidia’s quarterly results blew past Wall Street’s expectations once again, fueled by massive demand for its high-end AI chips. The company said Wednesday it earned $58.32 billion, or $2.39 per share, in the February-April period. That is up from $18.78 billion, or 76 cents per share, in the same period a year earlier. Excluding one-time items, Nvidia earned $1.76 per share. Revenue jumped 85% to $81.62 billion from $44.01 billion. Analysts, on average, were expecting earnings of $1.75 per share and revenue of $78.91 billion, according to a poll by FactSet.

US stocks rally after pressure eases from the bond market and oil prices fall

NEW YORK (AP) — The U.S. stock market bounced back after pressure eased on Wall Street from the bond market and oil prices gave back some of their big gains. The S&P 500 climbed 1.1% Wednesday for its first rise in four days and neared its all-time high set last week. The Dow Jones Industrial Average added 1.3%, and the Nasdaq composite rallied 1.5%. Stocks got a lift from easing yields in the bond market, which halted their sharp recent climbs on worries about inflation. The yield on the 10-year Treasury fell back below 4.60% as the price of Brent crude oil dropped more than 5%.

SpaceX reveals plans for what could be the biggest-ever initial public offering

NEW YORK (AP) — Elon Musk announced plans Wednesday for one of the biggest sales of stock to the public ever for his space company that is currently losing billions of dollars year. A filing Wednesday shows his SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too. Still, the initial public offering is expected to rank among the largest ever, possibly surpassing the current title holder, Saudi Aramco, the oil giant that went public seven years ago. The stock sale could also make Musk, a major owner who founded SpaceX in 2002, the world’s first trillionaire. Forbes currently puts his net worth at $839 billion.

James Murdoch, media scion, strikes deal for New York Magazine and Vox

NEW YORK (AP) — Media scion James Murdoch has struck a deal with the Vox Media digital company to acquire New York magazine, the Vox Media Podcast Network and the Vox editorial brand. The deal with liberal-leaning Vox represents a major move toward his own media empire for the 53-year-old younger son of Rupert Murdoch, who himself owned New York Magazine from 1976 until 1991. It comes less than a year after the Murdoch family reached a deal on control of the 95-year-old mogul’s media empire after his death. Financial terms of the deal, expected to close within weeks, have not been disclosed.

Single Gen Z women outpace Gen Z men to homeownership despite overall decline in first-time buyers

LOS ANGELES (AP) — Single Gen Z women are outpacing the men of their generation when it comes to buying a home. They accounted for 35% of all homebuyers in their generation, while single Gen Z men represented 18%, according to survey data from the National Association of Realtors. The survey covered homebuyers from July 2024 to June 2025. Single women across all generations made up a quarter of homebuyers, while single men accounted for 11%. The trend is the latest sign that single women are choosing to become homeowners — and overcoming affordability challenges many aspiring homeowners face — at greater rates than single men. Even so, older generations and married couples represent the largest share overall of homebuyers.

Sherritt agrees to sell stake in Cuba mining business to company linked to former Trump adviser

TORONTO (AP) — Canadian miner Sherritt International Corp. has signed a non-binding agreement with Gillon Capital LLC. Gillon is a family office linked to a former adviser of U.S. President Donald Trump. The deal would allow Gillon to buy a majority stake in Sherritt as it navigates sanctions on its operations in Cuba. The announcement comes a day after Sherritt said is no longer pursuing a plan to dissolve its Cuban joint venture, reversing a decision it announced last week amid expanded U.S. sanctions on the country. Gillon is the family office for the Washburne family. Ray Washburne was appointed by Trump as head of the U.S. development bank from 2017 to 2019. He later served as a member of the president’s intelligence advisory board.

Target books strongest sales growth in 4 years with customers buying into refreshed lineup

NEW YORK (AP) — Target, which embarked on a turnaround plan under its new CEO earlier this year, reported the biggest increase for a widely watched measure of quarterly sales in four years. The retail chain embarked earlier this year on a $6 billion plan to reverse three consecutive years of declining sales. CEO Michael Fiddelke says that he is cautiously optimistic. Fiddelke took over as chief executive in February. The company is remodeling stores and trying to reclaim its reputation for stocking stylish affordable clothing. Target is one of the first major retailers to report financial results for February through April. Analysts will be listening for executives to comment on whether consumer behavior has changed due to surging gasoline prices.

House committee discusses modernizing the TSA as Trump seeks to privatize airport screening

NEW YORK (AP) — A House committee has discussed the future of the Transportation Security Administration as the Trump administration lobbies to replace TSA officers with private contractors. Members of the House Committee on Homeland Security held a hearing on ways to modernize the TSA nearly 25 years after it was created in the wake of the Sept. 11 attacks. They expressed bipartisan support for ensuring TSA workers get paid during future government shutdowns and are equipped with the latest technology. But the morale of TSA officers who went without paychecks during recent shutdowns and Trump wants to replace at 250 small airports overshadowed the talk about better machines and reliable funding.