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Key Earnings Announcements:
Alibaba, AST SpaceMobile, Cisco, Hims and Hers, Nebius, Nu Holdings and Oklo are among the many reporting.
Monday (5/11): AST SpaceMobile, Barrick Gold, Carlyle, Circle, GoPro, Hims & Hers, Marathon Digital, Mosaic, Rigetti Computing
Tuesday (5/12): D-Wave, JD.com, Kopin, Oklo, QuantumScape, Sea Limited, Venture Global
Wednesday (5/13): Alibaba, Cisco, Doximity, Dynatrace, Enovix, Grab, Nebius, Wix.com
Thursday (5/14): Applied Materials, Brookfield, Figma, Intuitive Machines, Klarna, Nu Holdings, Rumble, Yeti
Friday (5/15): Alaska Air, Cronos Group, Super League, Village Farms International
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What We’re Watching:
Alibaba (BABA)
Alibaba Group (-4.4% YTD) reports fiscal Q4 earnings Wednesday before the open, with investors focused on whether the company can balance its aggressive AI/cloud ambitions with softer Chinese consumer demand and rising competitive pressure across e-commerce.
Last quarter, Alibaba posted roughly $40.7 billion in revenue, with overall growth modest but cloud remaining the key bright spot. Alibaba Cloud revenue grew 36% YoY to RMB 43.3 billion (~$6.2B), driven by rising AI demand, while the company outlined a major push to scale its AI and cloud business toward $100B in revenue over the next five years. Management has also committed more than $50B over three years toward AI and cloud infrastructure, underscoring how central the segment has become to Alibaba’s long-term strategy.
Heading into this print, I’ll be watching whether cloud growth continues accelerating, how Taobao/Tmall trends reflect the health of Chinese consumers, and whether heavy AI spending pressures margins. Commentary on Qwen, agentic AI tools, international commerce growth, and China’s broader macro backdrop will be key for sentiment.
“AI plus cloud computing is the largest opportunity of our generation, and Alibaba is investing aggressively to capture it.”
Alibaba (BABA) Stock Performance, 5-Year Chart, Seeking Alpha
Hims & Hers (HIMS)
Hims & Hers Health (-12.9% YTD) reports Q1 FY2026 earnings this week, with investors focused on whether the telehealth platform can sustain growth in personalized healthcare while navigating ongoing volatility around its weight-loss offerings.
Last quarter, Hims & Hers delivered $617.8 million in revenue (+28% YoY) and $0.08 in EPS, while full-year 2025 revenue rose 59% to $2.35 billion. Adjusted EBITDA for the year climbed to $318 million, but gross margin declined as the company invested heavily in weight-loss, lab testing, and broader personalized care offerings.
Heading into this print, I’ll be watching subscriber growth, monthly revenue per user, and margin trends, especially as the company continues expanding beyond its core sexual health, hair loss, and dermatology categories into weight loss, hormone health, and diagnostics. Commentary around GLP-1 access, branded partnerships, and long-term profitability will be key as investors debate whether Hims can scale into a broader consumer-health platform.
“We believe personalized care is the future of healthcare, and we are building the infrastructure to deliver it at scale.”
Hims & Hers Health, Inc. (HIMS) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
AI chipmaker Cerebras Systems IPOS and Iran’s counterproposal keeps Hormuz and oil markets in focus.
AI Chipmaker Cerebras Systems IPO’s
AI chipmaker Cerebras Systems (CBRS) is expected to price its IPO and begin trading this week, in what could become one of the largest AI-related listings of the year. The company initially aimed to raise up to $3.5 billion at a valuation near $26.6 billion, though strong demand has reportedly pushed Cerebras to consider a higher price range and larger offering. The company will likely raise the price range to $125 to $135 a share, according to a report from Bloomberg. The IPO has accumulated orders more than 20 times the number of shares available.
Cerebras designs specialized AI chips focused on accelerating training and inference workloads, positioning itself as a potential alternative to Nvidia in parts of the AI infrastructure stack. The company has also drawn attention for major customer relationships, including OpenAI and Amazon Web Services, giving investors another public-market vehicle tied directly to the AI compute boom.
“At the top of the new range, Cerebras would raise roughly $4.8 billion, up from $3.5 billion under its original terms, though the figures remain subject to change before pricing, the people said. The increase follows a broader surge in AI adoption that has driven sharp demand for high-performance chips and turned semiconductors into a key bottleneck in the technology supply chain.
Cerebras' IPO has drawn orders for more than 20 times the number of shares available, the people said, as the chipmaker looks to manage surging interest ahead of its May 13 pricing.”
Iran Counterproposal Keeps Hormuz and Oil Markets in Focus
Iran has responded to the latest U.S. peace proposal with a plan that would allow the gradual reopening of the Strait of Hormuz to commercial traffic, contingent on the U.S. lifting its blockade on Iranian ships and ports. President Trump quickly rejected the offer on social media, calling it “totally unacceptable,” keeping negotiations fragile as both sides remain far apart.
The U.S. proposal reportedly centers on a 14-point framework and a month-long negotiation window, but Iran’s internal decision-making remains complicated by the absence of Supreme Leader Mojtaba Khamenei, who has not appeared publicly since being injured earlier in the war. At the same time, regional tensions continue to widen, with reported Israeli activity in Iraq and new drone incidents involving the UAE, Kuwait, and Qatar.
Adding another layer, President Trump is expected to meet with President Xi Jinping on Thursday, with Iran, trade, AI, and rare earths likely on the agenda. China’s relationship with Iran – particularly around energy purchases –gives the meeting added significance as Washington looks for pressure points to move Tehran toward a deal. Any signal of U.S.–China coordination, or renewed friction, could quickly ripple through oil, shipping, semiconductors, and broader risk assets. Washington is also expected to facilitate new Israel-Lebanon talks next week, adding another diplomatic track for investors to monitor.
“Meanwhile, an Israeli soldier was killed in a Hezbollah drone attack near the Lebanon border yesterday as fighting continued, putting the shaky ceasefire between the countries under increased pressure.”
Major Economic Events:
The consumer price index, producer price index and retail sales highlight this week.
Monday (5/11): Existing home sales
Tuesday (5/12): NFIB optimism index, CPI, Core CPI, CPI year over year, Core CPI year over year, Monthly U.S. federal budget, NY Fed President Williams speaks, Chicago Fed President Goolsbee speaks
Wednesday (5/13): PPI, Core PPI, PPI year over year, Core PPI year over year, Boston Fed President Collins speaks
Thursday (5/14): U.S. retail sales, Retail sales minus autos, Initial jobless claims, Import price index, Import price index minus fuel, Business inventories, Cleveland Fed President Hammack speaks, NY Fed President Williams speaks, Fed Governor Barr speaks
Friday (5/15): Empire State manufacturing survey, Industrial production, Capacity utilization
What We’re Watching:
Consumer Price Index
Core consumer prices in the U.S. rose 0.2% in March, matching February’s pace and coming in slightly below expectations for a 0.3% increase, offering some relief amid renewed geopolitical and energy-driven inflation concerns.
While headline energy costs remain volatile due to the conflict in the Middle East, the impact is increasingly filtering into broader services categories. Transportation services prices climbed 0.6%, reflecting higher fuel and shipping costs tied to disruptions near the Strait of Hormuz.
Shelter inflation also remained firm, rising 0.3%, while apparel prices posted a notable increase. On the other hand, vehicle-related inflation showed signs of easing, with only modest gains in new vehicle prices and a sharp decline in used car prices.
On an annual basis, core CPI rose 2.6% YoY, continuing a gradual moderation trend but remaining above the Federal Reserve’s long-term target.
Economists expect the following this week:
Core CPI (MoM): +0.2% vs. +0.2% prior
Core CPI (YoY): 2.6% vs. 2.6% prior
“The last mile of disinflation is likely to be uneven, especially when geopolitical shocks feed into services inflation.”
U.S. Retail Sales
U.S. retail sales jumped 1.7% in March, well above expectations of 1.4% and marking the strongest monthly increase in a year, signaling that consumer demand remained resilient even as geopolitical tensions pushed fuel prices sharply higher.
A major driver of the surge was a record 15.5% spike in gasoline station receipts, reflecting rising prices at the pump amid the escalating conflict involving Iran. Outside of energy, spending remained broadly solid across most categories, including furniture, electronics, general merchandise, and online retail.
Importantly, core retail sales – which feed directly into GDP calculations – rose 0.7%, comfortably ahead of expectations and reinforcing the view that underlying consumer activity remains healthy. Analysts also noted that stronger-than-normal tax refunds likely helped support discretionary spending during the month.
Economists expect the following this week:
Retail Sales (MoM): +1.7% vs. +0.7% prior
Core Retail Sales: +0.7% vs. +0.2% expected
“Consumers are still spending, even in the face of higher fuel costs and rising uncertainty.”
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