Nvidia's Most Serious Rival Is About to Go Public 🧠

Welcome back to the Day Trading newsletter 📈

What a week we just had.

The S&P 500 ripped to three straight record closes and the Nasdaq strung together its longest winning streak since 1992. Then Iran closed the Strait of Hormuz again on Saturday and the whole peace trade went into reverse.

Let’s get into it 👇️ 

📆 Tue 4/21 — March Retail Sales (8:30 AM ET): Rescheduled from April 16. Street watching for signs consumers are still spending through higher gas and grocery prices. A strong print keeps the soft-landing trade alive; a soft one hands the doves more ammo.

📆 Tue 4/21 — Warsh Fed Chair Confirmation Hearing (10:00 AM ET): Senate Banking Committee questions Kevin Warsh, Trump's pick to replace Jerome Powell. Expect sharp questioning on rate policy, Fed independence, and his $130M+ personal balance sheet. The hearing alone can move 2-year yields.

📆 Wed 4/22 — Tesla Q1 Earnings (~5:30 PM ET): The first look at the P&L since Tesla's Q1 delivery miss (358,000 vehicles, ~50,000 excess built). Margins, guidance, and any Robotaxi/Optimus timelines will dominate the tape.

📆 Thu 4/23 — American Express Q1 (pre-market): A clean read on higher-end consumer spending, and a key sentiment gauge after the bank-earnings wave.

📆 Thu 4/23 — Intel Q1 Earnings (~5:00 PM ET): INTC is up 76% YTD on the Terafab deal and 18A ramp. Now it has to deliver the numbers to back it up.

‼️ The S&P 500 closed at a record 7,126.06 on Friday, up 1.2%, its third straight all-time high. The Nasdaq gained 1.5% to 24,468.48, extending its winning streak to 13 sessions — the longest since 1992 — and the Dow surged 869 points (+1.79%) to 49,447. (TheStreet)

🇮🇷 One day after declaring Hormuz "completely open" and triggering a massive oil drop, Iran reversed course Saturday and closed the strait again, citing the U.S. refusal to lift its naval blockade of Iranian ports. The flip guts the peace-trade premium that powered Friday's records and resets the geopolitical risk clock heading into the week. (NPR)

🛢️ WTI crude plunged roughly 11% Friday to settle near $83.85 a barrel — its lowest level since March 10 — on the Hormuz opening, before Sunday-evening futures rebounded nearly 7% on the re-closure. It's the second-largest single-day drop of the war, followed immediately by one of the sharpest bounces. Expect more of this. (CNBC)

🎥 Netflix posted Q1 revenue of $12.25 billion (+16% YoY) and $1.23 diluted EPS, both ahead of estimates, and reiterated it's on track for $3 billion in 2026 ad revenue. Shares still fell about 9% after-hours on a Q2 revenue guide that implied just 13% growth, and the company disclosed that co-founder Reed Hastings will leave the board in June. (CNBC)

🏦 Morgan Stanley reported $20.58 billion in Q1 net revenue and $5.6 billion in net income — up roughly 30% year over year — driven by $118.4 billion in net new wealth-management assets, a record for the franchise. Shares jumped 5.4% on the print, capping a blockbuster earnings week for the big U.S. banks. (Financial Planning)

🇨🇳 China's National Bureau of Statistics said GDP expanded 5.0% year over year in Q1, beating the ~4.8% consensus and accelerating from 4.5% in Q4 2025. Industrial output was the standout, up 6.1%, while retail sales lagged at +2.4%. Not bad for an economy supposedly on the ropes from the Iran war and U.S. export controls. (CNN)

🥈 Silver climbed about 5% on Friday to around $82 an ounce, its fourth consecutive weekly gain and roughly 30% above March lows. The metal is being pulled up by a combination of geopolitical hedging, cooling real yields after the soft PPI print, and surging industrial demand. Gold held above $4,700 but was the quieter sibling this week. (Fortune)

AI chipmaker Cerebras Systems filed publicly on Friday for a Nasdaq IPO under the ticker CBRS, targeting up to $2 billion in what would be the biggest AI-infrastructure listing since the IPO freeze thawed — and the first pure-play public challenger to Nvidia's data-center dominance.

The numbers are striking. Cerebras reported $510 million in 2025 revenue, up roughly 76% from $290.3 million in 2024, and swung to a profit of $1.38 per share from a $9.90-per-share loss the year prior. Morgan Stanley, Citigroup, Barclays and UBS are lead book-runners.

A spokesperson told Reuters the offering is planned for mid-May.

CNBC reported that the filing is Cerebras's second attempt to list — the company withdrew its original S-1 in October 2025 after a drawn-out CFIUS review of UAE-based G42's stake and a $1 billion-plus private round that valued it near $8 billion.

Why it matters: Cerebras builds wafer-scale inference chips (a fundamentally different architecture from Nvidia's GPU-plus-HBM stack) and it has a customer willing to bet $20 billion on the approach.

In January, OpenAI signed a multi-year deal to deploy 750 megawatts of Cerebras compute through 2028, followed by a $1 billion loan from OpenAI to help fund data-center build-out. That's a real dent in the "no one can touch Nvidia" narrative that has propped up the entire AI trade.

What to watch: Keep an eye on the roadshow pricing range (the last private round pegged Cerebras near $8 billion), whether OpenAI dependence becomes a red-flag concentration risk in the S-1 amendments, and how Nvidia stock reacts when the ticker actually starts trading.

If Cerebras prices hot and trades well, the "AI infrastructure" basket suddenly has a second name (and Nvidia's pricing power gets tested for the first time in three years).

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⚠️ Disclaimer: Not financial advice. Do your research before making any trades.