Hello.
The Trump-Xi summit is underway in Beijing, and it's already producing headlines faster than we can write them. Xi told the room China's door will "only open wider." He asked Trump whether the US and China can avoid the "Thucydides Trap" (the theory that a rising power and an established one almost always end up at war). And the US just cleared Nvidia's H200 chip for sale to 10 Chinese firms, including Alibaba and Tencent.
Oh, and Trump brought 17 CEOs with him. We mapped the tickers and their potential goals below.
In today’s edition:
🇨🇳 Every company at the Beijing summit (and what they want)
📈 S&P 500 hit another record high
🤖 Cerebras starts trading today at a $56 billion valuation
📡 Cisco crushed earnings, cut 4,000 jobs, stock jumped 15%
💼 LinkedIn is cutting 5% of its workforce
🔬 Applied Materials reports after the close
Let's get into it.
This is not financial advice. Always do your own research. Past performance doesn’t guarantee future results.
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Every Company at the Beijing Summit (and What They Might Want)
Trump landed in Beijing with the largest CEO delegation for a presidential China visit in recent memory. Xi told them China will "open wider." Musk called the meeting "wonderful." Huang said the two presidents "were incredible."
But not every company at the table wants the same thing. Some are trying to sell. Some are trying to buy. Some just need Beijing to stop blocking them. Here's the breakdown:
Tesla (TSLA): Musk wants Chinese regulatory approval for Full Self-Driving and is reportedly in talks to buy $2.9 billion in solar panel equipment from Chinese suppliers.
Apple (AAPL): Cook needs to protect Apple's massive manufacturing base and consumer market in China. Apple's supply chain runs through Chinese factories, and any tariff escalation hits margins directly.
Nvidia (NVDA): Huang's market share in China went from majority share to 0% thanks to export controls. The US just cleared 10 Chinese firms to buy H200 chips, but Beijing has stalled progress.
Boeing (BA): CEO Kelly Ortberg is chasing what could be Boeing's biggest order in history: 500+ 737 MAX jets and roughly 100 787s.
Qualcomm (QCOM): China is one of Qualcomm's biggest markets for mobile chips. Staying on good terms matters.
Micron (MU): China banned Micron chips from critical infrastructure in 2023. Reversing that ban would reopen a massive market.
Cisco (CSCO): Makes networking and AI infrastructure equipment. China is a natural customer for data center buildout.
BlackRock (BLK): CEO Larry Fink. BlackRock already operates in China's asset management space but may want deeper market access for its $14 trillion in AUM.
Blackstone (BX): CEO Stephen Schwarzman. He's been one of the most connected US executives in Beijing for decades and likely sees opportunity in Chinese infrastructure and real estate.
Citi (C): CEO Jane Fraser. Citi has limited banking operations in mainland China compared to its global footprint.
Meta (META): Sent a senior executive (not Zuckerberg). Meta's apps are banned in China, but the company sells billions in ad revenue to Chinese companies advertising to the rest of the world. Unclear what a "win" looks like here beyond keeping that ad pipeline open.
Cargill: The agricultural play. China buying more US soybeans, corn, and pork is always one of the first bargaining chips in trade talks.
Others in attendance include Coherent (COHR), GE Aerospace (GE), Visa (V), Mastercard (MA), and Illumina (ILMN).
The summit runs through Friday. Watch for Boeing order confirmations, tariff language, and any progress on Iran. The deal announcements are expected tomorrow.
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📰 Market Headlines
US stocks rallied to record highs on Wednesday as investors shrugged off hotter-than-expected wholesale inflation data and cheered the Senate's confirmation of Kevin Warsh as the new Fed chair.
The S&P 500 rose 0.6%, and the Nasdaq climbed 1.2% to fresh records, lifted by semiconductors and the Magnificent Seven. The Dow dipped just below flat.
S&P 500 hit another record high. The benchmark closed at 7,481 on Wednesday, up 0.6%, shrugging off the hot PPI print and riding the AI rally higher. The Nasdaq gained 1.2%. Semis and AI names led the way. Markets are now pricing in the summit optimism and Cisco's blowout earnings. The Dow is flirting with 50,000.
Anatomy of an AltIndex Call: they flagged Nebius (NBIS) at $37. It just hit an all-time high of $217.34. Read the breakdown here.
Cerebras starts trading today. The AI chipmaker priced its IPO at $185 per share (above the $150 to $160 range), raising $5.55 billion at a $56.4 billion valuation. Orders were 20x oversubscribed. Cerebras competes directly with Nvidia in AI training chips and has an OpenAI deal worth over $20 billion. How this stock trades on day one will tell you a lot about whether AI appetite is peaking or still accelerating.
Cisco crushed earnings and cut 4,000 jobs. Revenue came in at $15.84 billion (up 12% year over year, beating the $15.56 billion estimate). EPS was $1.06 vs. $1.04 expected. The stock jumped 15% after hours. The 4,000 job cuts (less than 5% of the workforce) are part of an AI-focused restructuring, and Cisco raised its full-year AI infrastructure order target to $9 billion. They also raised annual revenue guidance to $62.8 to $63 billion. Classic "cut the old, fund the new" playbook.
The US cleared Nvidia's H200 chip for sale to 10 Chinese firms. The Commerce Department approved Alibaba, Tencent, ByteDance, JD.com, and others to buy up to 75,000 H200 chips each. But here's the catch: not a single chip has actually been delivered. Beijing has quietly pressured Chinese firms to hold off on purchases. That's partly why Huang is in Beijing right now.
Applied Materials reports after the close today. The semiconductor equipment giant is expected to post $7.69 billion in revenue (up 8.4% year over year). AMAT is one of the best reads on chip equipment demand and AI capex spending. Last quarter they beat with $7.01 billion and announced a $5 billion investment program. Watch the guidance.
Apple hit a fresh record high, touching $300 intraday before closing just below $299. The stock has gained more than 20% since the March lows as the AI trade resurges. CEO Tim Cook is in China with President Trump's delegation for the summit with Xi Jinping, where trade, AI, and the Strait of Hormuz are all on the table.
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🎙 Make Your Voice Heard
Who was the richest person in the world in 1950?
🎤️ What you said last time
🧠 The Missing (Market) Links
A former urban planner's ice cream brand pulled in $2.8 million last year selling cardamom, rose, and saffron flavors across four locations.
Moody's Analytics puts US recession odds at 49% within the next year, and the next model update will likely push that above 50%.
Zero-added sugar cereals are forecast to hit $4.4 billion by 2033, growing 6.6% annually as consumers ditch sweetened options.
US yogurt sales hit $33.1 billion in 2025 and are forecast to reach $49.9 billion by 2034, driven by high-protein and plant-based options.
US wholesale prices jumped 6.0% year-over-year in April, the highest since 2022, driven by Iran war energy costs.
US frozen mahi imports rose 43% year-to-date but supply remains historically tight after last season's weak pace.
📜 Quote of the Day
"The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market."
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Brandon & Blake of Invested Inc
Thumbnail image: The White House, Flickr
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