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TENCENT Q1 NET PROFIT rose 14% YoY to ¥47.82B ($6.64B), missing analyst expectations of ¥52.1B. Revenue came in strong at ¥180.02B, up 13%, beating forecasts. Domestic gaming jumped 24%, international up 23%. Capex nearly doubled YoY as Tencent ramps up AI investment across ads, games, and cloud.
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ETORO RAISES $620M IN UPSIZED IPO, PRICED AT $52/SHARE

Trading platform eToro priced its IPO above range, raising ~$620M. Valued at ~$4.3B ($5B fully diluted). 2024 net income: $192M on $787M net contribution. Shares to trade as $ETOR starting Wed, May 14.
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$BIDU PLANS ROBOTAXI LAUNCH IN EUROPE, TURKEY

China’s Baidu is set to expand its Apollo Go robotaxi service beyond Asia, starting tests in Switzerland by year-end via a deal with PostAuto. Apollo Go already runs in major Chinese cities like Beijing and Wuhan. https://t.co/Z8MNBX6I2L
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FED'S GOOLSBEE: RIGHT NOW IS A TIME FOR THE FED TO WAIT FOR MORE INFORMATION, TRY TO GET PAST THE NOISE IN THE DATA
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$GSK just agreed to acquire efimosfermin, an experimental drug for MASH, for up to $2B—$1.2B upfront and up to $800M in milestones. The drug, originally licensed from Novartis, is set to enter Phase 3 and could launch by 2029.
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⁠Wall St Engine
$PONY AI has confidentially filed for a Hong Kong listing, Bloomberg reports. The move comes less than a year after its $413M U.S. IPO & aims to support growth plans. Pony AI recently expanded with $UBER in the Middle East & is prepping new robotaxi models with Toyota, GAC & BAIC
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$GOOGL Waymo is recalling over 1,200 self-driving vehicles after collisions with roadway barriers due to a software fault in object detection. The issue has been resolved via a software update, per the NHTSA filing.
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CITI, JPMORGAN SEE SHORT-TERM UPSIDE IN 2025 LAGGARDS

Citi’s Stuart Kaiser says “they’re under-positioned and have a lot of money to use to buy some of these laggards.” JPMorgan’s Andrew Tyler adds, “any short squeeze will likely push small- and mid-cap companies to outperform.”
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TRUMP: DOESN'T KNOW IF PUTIN WILL SHOW UP FOR TALKS ON UKRAINE
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UBS Raises $FSLR PT to $255 from $235, Maintains Buy Rating

Analyst comments: "First Solar remains our top pick, and we increase our price target to $255 to reflect increasing conviction that the 45X domestic tax credits will survive in the Republican budget. On May 12, 2025, the House Ways & Means Committee introduced a budget proposal that included relatively minor changes to utility-scale solar tax policy support compared to market concerns, in our view.

Notably, the proposal includes only a one-year pull forward of the Advanced Manufacturing Production (45X) tax credit phase-out and the elimination of tax credit transferability. We view this proposal as a win for utility-scale solar, given it represents a better-than-worst-case outcome for renewable tax policy. However, the proposal is not final until the bill is passed."

Analyst: Jon Windham
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TRUMP: IM A BIG CRYPTO FAN
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⁠Wall St Engine
$AEO posted a $68M EBIT loss in Q1, missing both Street ($24M) and internal guidance ($20–25M), driven by deeper markdowns and a $75M inventory write-down. Aerie comps fell 4%. FY25 guide pulled on macro/tariff uncertainty.
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TRUMP: I BELIEVE IN ARTIFICIAL INTELLIGENCE; WE'RE LEADING CHINA IN CRYPTO
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$NVO SIGNS $2.2B DEAL WITH SEPTERNA FOR ORAL OBESITY DRUGS

Novo Nordisk is partnering with Septerna $SEPN to co-develop next-gen oral GLP-1 weight loss pills. The biotech could earn over $200M upfront plus milestones, with total deal value up to $2.2B.
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$GLBE | Global-e Online Q1 2025 Earnings Highlights

🔹 EPS: -$0.11 (Est. -$0.13) 🟢
🔹 Revenue: $189.9M (Est. $187.75M) 🟢; +30% YoY
🔹 GMV: $1.24B; +34% YoY
🔹 Adj. Gross Margin: 45.4%
🔹 Adj EBITDA: $31.6M

Q2'25 Guidance
🔹 Revenue: $204M–$211M (Est. $212.3M) 🔴
🔹 GMV: $1.39B–$1.43B
🔹 Adjusted EBITDA: $35M–$39M

FY25 Guidance
🔹 Revenue: $917M–$967M (Est. $938.8M) 🟡
🔹 GMV: $6.19B–$6.49B
🔹 Adjusted EBITDA: $179M–$199M

Strategic & Operational Updates
🔸 Extended multi-year strategic partnership with Shopify for both 1P and 3P solutions
🔸 Launched “3B2C” solution to mitigate pricing issues without full multi-local setup
🔸 Revamped Merchant Portal with real-time BI dashboards
🔸 Expanded across regions with new merchants like Atletico Madrid, Adidas HK, Bandai-Namco, and VIBAe
🔸 CEO: “Strong Q1 in volatile macro backdrop. Duty/tariff dynamics remain uncertain, but pipeline activity remains high.”
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PERPLEXITY PARTNERS WITH PAYPAL TO LAUNCH CHAT-POWERED COMMERCE

Perplexity users in the U.S. will soon be able to book travel, shop, and buy tickets directly in-chat, paying with PayPal or Venmo. PayPal handles payments, shipping, and support. The deal comes as Perplexity closes a $500M raise at a $14B valuation — CNBC
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KRAFT HEINZ $KHC INVESTING $3 BILLION UPGRADING ITS 30 US FACTORIES
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EIGHT SLEEP EXPANDS TO CHINA AHEAD OF IPO

The smart mattress startup just launched its $2,849 Pod 5, using AI to track heart rate and breathing without wearables. Revenue has grown 10x since 2020, with $500M in sales to date. Now pushing into China, Saudi, & more ahead of a IPO https://t.co/DcfrhM0z0D
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