Weekend Update #232
Thank you for your continued support and engagement. Each week, we're sharing what companies we're researching and the what, the who and the how that we think makes the companies interesting and unique. This roundup is brought to you weekly by a group of interns, creative minds, artists and investors who believe that through best in class investing along with the democratization of financial education we can do great things together. Enjoy, Explore and Share.
Stocks closed at their highest since February and bond yields rose as a flurry of jobs data showed mixed trends but overall eased fears of an imminent economic slowdown. Investors appeared optimistic that the Federal Reserve may hold off on further rate hikes, interpreting the data as supportive of a soft-landing scenario. Equities also gained amid hopes US-China trade tensions are easing, with President Donald Trump saying negotiators will talk Monday.
The April 2025 JOLTS indicated a resilient U.S. labor market, with job openings rising by 191,000 to 7.4 million, and the hiring rate edging up to 3.5%. However, the quits rate declined to 2.0%, suggesting that workers are becoming more cautious about changing jobs amid economic uncertainties. Meanwhile, the May 2025 ADP report showed U.S. private employers added just 37,000 jobs—well below expectations and the lowest gain in over two years—signaling a sharp slowdown in hiring momentum.
Initial jobless claims rose to 247,000 last week—the highest since October—signaling a softening labor market and exceeding expectations of 235,000. Meanwhile, continuing claims edged down slightly to 1.904 million, suggesting some laid-off workers are still finding jobs, though the pace of re-employment may be slowing.
The May 2025 U.S. nonfarm payrolls report showed a gain of 139,000 jobs—slightly above expectations but below the 12-month average—while downward revisions of 95,000 over the prior two months signaled softening momentum. The unemployment rate held steady at 4.2%, but labor force participation fell to 62.4% as over 600,000 people exited the workforce, and wage growth remained firm at 3.9% year-over-year.
In other economic news, the U.S. trade deficit narrowed sharply in April by 55.5% to $61.6 billion—the smallest since 2023—driven by a record 16.3% drop in imports as companies abruptly cut back on goods purchases following new tariff hikes. Exports rose 3%, and the steep import decline is expected to boost second-quarter GDP after trade weighed on first-quarter growth. However, the net impact remains uncertain as the Trump administration has adjusted tariffs and continues to negotiate trade deals with other countries.
On Thursday, a public feud between President Donald Trump and Elon Musk escalated sharply as Musk criticized Trump’s "One Big Beautiful Bill," highlighting concerns over its impact on the deficit and national debt. The conflict intensified with a series of social media exchanges, during which Trump threatened to terminate Musk’s government contracts. The dispute triggered notable market reactions, including a 14% drop in Tesla’s stock and a 53-basis-point decline in the S&P 500.
Circle Internet Financial debuted on Thursday at $31 per share under the CRCL ticker, experiencing a 168% surge to $83.23 by day's end. The stock continued its ascent on Friday, climbing another 29% and concluding the week with an overall gain of 247%. In a related development, the crypto exchange Gemini confidentially filed for an IPO on Friday, suggesting a potential trend of crypto companies pursuing public listings in the wake of a more favorable regulatory landscape.
Friday’s Close (Weekly Performance)
S&P 500 6,003.36 (+1.50%)
Nasdaq 19,529.95 (+2.18%)
Dow Jones 42,762.87 (+1.17%)
Thank you Blue Room Senior Analyst NICK PEART.
Vilnius, Lithuania June 2, 2025
North Atlantic Treaty Organization (Organisation du traité de l’Atlantique nord, OTAN
Established April 4, 1949 after World War II. NATO is a collective security organization where each member state pledges to defend each other against attack.
As of 2025, there are 32 member states.
The Bucharest Nine (B9) is an organization founded on November 4, 2015 in Bucharest, Romania, following the Russian annexation of Crimea from Ukraine. The B9 was formed at the initiative of Klaus Iohannis, President of Romania and Andrzej Duda, President of Poland. All of the member countries were formerly part of the Union Soviet Socialist Republics (USSR) or the Warsaw Pact, constituting an “Iron Curtain” which served as a territorial buffer between the Soviet Union and the United States and its European allies during the Cold War. All members of the Bucharest Nine are members of NATO.
Company Participants
Toshiya Hari — Investor Relations Colette Kress — Executive Vice President & Chief Financial Officer Jensen Huang — President & Chief Executive Officer Conference Call
Participants
Joe Moore — Morgan Stanley Vivek Arya — Bank of America Securities CJ Muse — Cantor Fitzgerald Ben Reitzes — Melius Timothy Arcuri — UBS
Operator
Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's First Quarter Fiscal 2026 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. Toshiya Hari, you may begin your conference.
Toshiya Hari
Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the first quarter of fiscal 2026. With me today from NVIDIA are Jensen Huang, President and Chief Executive Officer, and Colette Kress, Executive Vice President and Chief Financial Officer. I'd like to remind you that our call is being webcast live on NVIDIA's Investor Relations website. The webcast will be available for replay until the conference call to discuss our financial results for the second quarter of fiscal 2026. The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without our prior written consent. During this call, we may make forward-looking statements based on current expectations. These are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent Forms 10-K and 10-Q, and the reports that we may file on Form 8-K with the Securities and Exchange Commission.
All our statements are made as of today, May 28, 2025, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During this call, we will discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our CFO commentary, which is posted on our website.
Management Team of the new combined company
Srinivas Rao, M.D., Ph.D., Co-founder of Atai Life Sciences and Chief Executive Officer Cosmo Feilding Mellen, Co-founder of Beckley Psytech and Chief Strategy Officer Rob Conley, M.D., Chief Research & Development Officer
Dr. Srini Rao We are really excited today to announce the business combination between Atai Life Sciences and Beckley Psytech. We believe this combination is going to be very synergistic and unlock a lot of value for both patients and shareholders. Before stepping into some of the details, I do want to hand it over to Cosmo, to give a little bit of context around Beckley and his views on the combination as well.
Cosmo Feilding Mellen Hi everyone. This is a very, very exciting time for me, personally, and for Beckley Psytech. The backstory of Beckley is that it was co-founded by my mother and I. My mother, Amanda Feilding, sadly passed away very recently. She had devoted her entire life to the scientific research of psychedelics: how they work in the brain and how they can be used to help patients in need. Beckley Psytech was the latest chapter in that mission, and the aim was to really take the next step of developing these compounds into approved, licensed and acceptable pharmaceutical medicines for patients with mental health conditions, and we've been doing that since 2019.
We're about to read out a large Phase 2b, and if that goes well, we think this is the perfect time to join forces with Atai Life Sciences for the kind of later stage development as a combined company. We've already been working together with Atai for about a year and a half. They were early backers and shared our vision. So we know each other already, and we're very excited to take the next step. I’ll toss it back over to Srini.
Dr. Srini Rao Thank you Cosmo. As you can tell, we're really excited about this combination of Atai Life Sciences and Beckley Psytech. The resulting company is going to have a really focused pipeline of differentiated psychedelic products. We have a management team that's incredibly experienced. This is a wholly owned pipeline, which is a major point of differentiation from Atai in days past. We have many near term milestones, important inflection points for the company, strong IP portfolio and the consolidated company is in a much better position to raise funds for subsequent clinical development. So let's go to the next slide.
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