AI Summary
5 min readThe latest Rundown episode covers a strong April jobs report amid cooling stock indexes, mixed earnings from AI-focused cloud providers CoreWeave and Iron, updates on Rocket Lab, Cloudflare, and Lime's IPO plans, plus unintended consequences of the AI boom on gaming hardware costs.
Labor Market Holds Firm Amid Macro Caution
Stocks dipped Thursday, with the S&P 500 down 0.4%, Nasdaq off 0.1%, and Dow losing 0.6%. The Dow's underperformance this year stems from its 30-stock composition lacking exposure to leading AI and chip sectors, leaving its investors trailing broader indexes.
April's jobs report exceeded expectations, adding 115,000 jobs versus the forecasted 55,000, with unemployment steady at 4.3%. This resilience counters concerns over AI job displacement and slowdown risks, potentially supporting Federal Reserve rate cuts later in 2025. However, markets price only a 12% chance of cuts this year, matched by a 12% hike probability, reflecting worries about elevated oil prices stoking inflation. Upcoming CPI data next week will provide further clarity.
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What you'll learn
- 1 (00:00) **Intro and Episode Tease** - Host outlines strong jobs report, earnings recaps, and AI's impact on gaming
- 2 (00:33) **Market Recap** - Stocks dip; S&P 500 -0.4%, Nasdaq -0.1%, Dow -0.6% due to lack of AI exposure
- 3 (01:04) **April Jobs Report** - 115k jobs added (double expectations), unemployment steady at 4.3%
- 4 (02:07) **CoreWeave Earnings** - Revenue doubles to $2B (beat), but $700M loss, weak Q2 guide, CapEx to $31-35B
- 5 (03:33) **Iron Earnings and Nvidia Deal** - Revenue $145M (miss), $248M loss, but Nvidia partnership for 5GW AI infra
- 6 (05:01) **AI Cloud Takeaway** - Strong demand (e.g., CoreWeave's $100B backlog) but massive losses and CapEx challenges
- 7 (05:19) **Lime IPO Plans** - E-bike/scooter firm eyes $250M raise at $2B valuation amid open IPO window
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Show Notes
Market update for Friday May 8, 2026
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In today’s episode, Zaid covers:
- The April jobs report: 115,000 jobs added, unemployment steady at 4.3%
- CoreWeave sinking after earnings as AI infrastructure costs keep climbing
- IREN jumping on a major Nvidia-backed AI infrastructure deal
- Lime filing for IPO at a potential $2 billion valuation
- Rocket Lab rising after strong revenue, backlog growth, and progress on Neutron
- Cloudflare cutting 20% of its workforce as it shifts toward agentic AI
- Nintendo raising Switch 2 prices as AI-driven chip demand makes gaming more expensive
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