Nvidia Delivered. Walmart Warned. SpaceX Needs Everything to Work. Bitcoin Is Competing With AI for Capital.

The Dow closed above 50,000 for the first time, gaining 276 points. The S&P 500 rose 0.17%. The Nasdaq added 0.09%. Brent crude fell toward $102.58 while WTI dropped below $97. The 10-year Treasury yield eased to 4.56%.

Nvidia (NVDA) delivered another historic quarter and the stock still fell 1.8%.

The company posted $81.62 billion in revenue, up 85% year over year, with data center revenue reaching $75.2 billion. Guidance came in at $91 billion. Gross margins held at 75%. Nvidia also announced an $80 billion buyback.

The market is no longer questioning AI demand.

It is questioning whether the global economy can finance the AI infrastructure buildout while oil remains above $100 and long bonds stay near 5%.

Management repeatedly framed AI as infrastructure, not a semiconductor cycle. Jensen Huang said more than 80 AI factories above 10 megawatts are deploying globally. Networking revenue surged 199% year over year, reinforcing Nvidia’s push to own the entire AI stack.

The Signal 

Nvidia proved demand remains massive. The question now is whether the economy can sustain the spending cycle at current rates and energy prices.

Gold prices are soaring. 

Central banks around the world are buying hand-over-fist.

But the real reason gold is soaring should worry Americans of all stripes.

Click here to discover what’s really happening to gold – and the best gold investment you can make right now.

Three tankers crossing Hormuz Wednesday helped ease immediate panic. Iran is now effectively operating a selective access regime inside Hormuz rather than reopening free transit.

Ships are being vetted individually and routed through negotiated passage arrangements.

This is not a reopened Strait.

It is a regulated Strait.

That distinction matters because roughly one-fifth of global oil trade normally moves through Hormuz.

The pressure is already spreading globally.

Mortgage rates climbed to 6.51%, the highest since August. India is reportedly spending nearly $1 billion per day defending its currency against the energy shock. Insurance premiums for Gulf shipping continue rising.

Energy Signal 

Oil fell on diplomacy headlines. The underlying system remains constrained.

The 10-year eased Thursday but remains near the highest levels since early 2025. Markets broadly expect rates to stay higher for longer after this week’s Fed minutes confirmed inflation concerns are persisting.

Walmart (WMT) showed the consumer side of the same story.

The company beat revenue expectations with $177.8 billion in sales and 4.1% same-store growth. E-commerce revenue rose 26%.

Then the stock fell roughly 7%.

Management warned lower-income consumers are beginning to crack under fuel costs and inflation pressure. Walmart said average fuel purchases at its gas stations fell below 10 gallons for the first time since 2022.

Mortgage affordability is deteriorating as well. A buyer with a fixed $2,500 monthly housing budget can now afford roughly $16,000 less home than at 6% mortgage rates earlier this year.

Macro Signal 

The bond market is now moving directly into housing, fuel consumption, and consumer behavior.

"I was too dumb to realize it. I did not think Bezos could succeed on the scale he has."

By the time most people saw what Amazon was doing to retail, it was too late to get in early.

History is offering a second chance.

Mode Mobile is doing to the $1T+ smartphone industry what Amazon did to retail — turning everyday phones into money-making machines.

The traction is already there:

People spend 30+ hours a week on their phones. Mode figured out how to monetize that time and pay users directly.

They've secured the $MODE ticker from Nasdaq — signaling plans to go public soon.

Unlike Amazon, you can still get in early…

⏰ Invest before the share price moves on 05/29.

Disclaimer:  Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A+ Offering. Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur. The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.

Starlink generated $3.26 billion in quarterly revenue, up nearly one-third year over year.

But the losses were enormous.

SpaceX posted a $4.28 billion quarterly loss and disclosed an accumulated deficit above $41 billion. AI operations alone lost $2.47 billion while capex tripled to $7.72 billion.

The company is not being valued as a rocket company.

It is being valued as a chain of assumptions.

Starlink must fund Starship. Starship must reduce launch costs enough to expand satellite and AI infrastructure markets. That larger infrastructure network must eventually support xAI ambitions and orbital compute systems.

Reuters also reported that xAI’s Grok has barely penetrated U.S. government usage despite SpaceX increasingly leaning on AI as part of its IPO narrative.

Meanwhile, Anthropic is reportedly discussing use of Microsoft’s Maia chips, reinforcing that the AI race is shifting from models toward compute access, chips, power, and infrastructure scale.

Capital Signal 

The AI race is becoming a competition for compute, financing, power, and infrastructure dominance.

That may be the biggest crypto signal of the week.

Bitcoin has remained unusually quiet despite one of the largest macro and AI news cycles of the year. Nvidia, SpaceX, OpenAI, and Anthropic are increasingly absorbing institutional capital attention that previously flowed into crypto.

SpaceX alone disclosed holdings of 18,712 BTC worth roughly $1.3 billion.

At the same time, crypto infrastructure consolidation is accelerating. Copper, the institutional crypto settlement firm handling more than $50 billion in monthly volume, is exploring a sale near $500 million.

Ethereum faces a different problem: identity. Leadership departures and strategic confusion are deepening concerns about Ethereum’s long-term positioning.

The Verdict 

Bitcoin is stable near $77,600. The infrastructure keeps building underneath crypto. But institutional attention is increasingly rotating toward AI infrastructure and public listings instead.

Companies are already delaying IPOs as SpaceX’s expected offering pulls capital toward what could be the biggest deal in market history. Bloomberg reported the shift, and Citigroup just joined the underwriting team.

But smart money isn’t only chasing the IPO. They’re positioning in the one chokepoint supplier SpaceX depends on to stay online.

Most investors may notice after the move.

See what insiders are buying before the IPO hits >>

Thursday clarified the shape of the next market cycle.

Nvidia proved AI demand is still accelerating. SpaceX proved the infrastructure buildout is becoming massively capital intensive. Walmart showed inflation pressure is moving back into the consumer. Mortgage rates above 6.5% confirmed the bond market is now transmitting the oil shock directly into the real economy.

The market spent most of 2026 treating AI and macro as separate stories.

They are now the same story.

AI requires chips, power, networking, cooling, data centers, satellites, and financing. Every one of those inputs becomes more expensive in a world with $100 oil and 5% long bonds.

That is why Nvidia can report $81.6 billion in revenue and still see the stock fall.

Bitcoin stayed near $77,600 while SpaceX, OpenAI, and Anthropic absorbed the market’s attention. Institutional capital bandwidth is finite.

Warsh gets sworn in Friday.

He inherits a market where the Fed, oil, AI infrastructure, and capital formation are no longer separate conversations.