Tesla (TSLA) reports earnings momentarily, but CEO Elon Musk’s attention may be elsewhere. His xAI is busy playing matchmaker with coding darling Cursor and French AI upstart Mistral, hoping a three-way partnership can close the gap on Anthropic and OpenAI.

SpaceX already locked in an option to buy Cursor for $60B. When you can't beat 'em, buy ‘em, right?

— Brooks & Cas

Tesla reports after the close, but Wall Street isn't sweating the numbers. Analysts care more about robotaxi expansion, the new AI5 chip, and Optimus updates. Meanwhile, over at Kalshi, the market movers are even less technical. Traders are pricing which buzzwords Musk actually drops on the call. When earnings become a drinking game, the stock might not be trading on fundamentals…

📈 | Adobe (ADBE) approved a $25B stock repurchase program running through April 2030. (We covered the bull case in our most recent monthly Research report. Subscribe to read it here.)

📉 | United Airlines (UAL) slashed full-year guidance as rising fuel prices hit its outlook.

📈 | GE Vernova (GEV) topped Q1 revenue estimates at $9.34B.

📉 | TE Connectivity (TEL) underwhelmed with Q3 guidance that merely met consensus.

📈 | Healthcare Services Group (HCSG) crushed Q1 with $0.37 per share on $462.8M in revenue.

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Barclays analyst Tom O'Malley has turned bullish on chipmaker Qorvo, citing a catalyst he thinks Wall Street is sleeping on: Apple's (AAPL) rumored foldable iPhone, reportedly set to debut in September.

O'Malley views the timing of Apple's lower-end device launches as a buying opportunity, pointing to foldables and a likely iPhone 20 anniversary cycle as positive catalysts ahead.

Newer smartphones pack more advanced features, which means more sophisticated structural and power management chips. That's Qorvo's bread and butter.

Apple is also reportedly prepping a premium iPhone Pro with a glass design and a pair of $599 budget iPhone and MacBook models. Barclays warns those launches could dampen typically strong September and December sales. But O'Malley figures once the news drops, staying negative on the chip names will be tough.

Wall Street isn't there yet. Of the 23 analysts covering Qorvo, 20 rate it a Hold. Solutions (SWKS), also rated Overweight by Barclays due to related catalysts, gets similar skepticism from the Street.

But when it comes to Qorvo, O’Malley believes he knows when to hold ‘em, and when to fold ‘em.

✈️ | The Trump administration is in advanced talks to extend Spirit Airlines (SAVE) a $500M rescue financing package that could give the government an equity stake.

🏠 | Fannie Mae (FNMA) and Freddie Mac (FMCC) will now accept VantageScore-based mortgages, opening competition with FICO (FICO) in US home lending.

💱 | Treasury Secretary Scott Bessent told the Senate that many Gulf and Asian allies have requested US dollar swap lines amid Iran war turbulence.

🧸 | The Iran war is pushing up costs for thousands of petroleum-based consumer goods, with shoe prices projected to rise 1.5-3% by fall.

🤖 | Google (GOOGL) unified its AI products under Gemini Enterprise and unveiled two new TPU chips as it pushes AI agents to the core of its cloud strategy.

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