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Good morning investors!

If this is your first time reading, welcome to The Investor’s Edge — a thriving community of over 23,000 subscribers striving to be better investors with an edge in the market.

Every weekend we publish “The Weekly Wrap-Up” — your ticket to being well informed and staying ahead in the investment game!

This report is designed to help investors of all skill levels break down important stories/topics within the stock market. And best of all, we cut through all of the BS and give you exactly what you need to know in easy to digest, bite sized pieces of content.

Grab your coffee and let’s dive in.

Market Talk

All three major indexes finished the week lower despite relatively positive trade news.

3 Stories Moving the Market

These are some of the biggest stories from the second half of the week that had an influence on market action.

The U.S. and China are set for icebreaker trade talks. Here’s everything you need to know:

Top U.S. and Chinese officials meet in Switzerland this weekend in a high-stakes attempt to ease trade tensions. While a broad deal is unlikely, both sides may agree to partially roll back tariffs that have strained their economies. China enters with leverage, strong export data and control over key minerals, while the U.S. faces recession fears and inflation pressure.

🔑 Key Points

• Tariff Relief Possible: Analysts project U.S. tariffs on Chinese goods could fall from 107% to 45% by year-end if talks go well

• Mineral Leverage: China cracked down on rare earth smuggling, reminding markets of its supply chain dominance

• Mixed Signals: Trump hinted at “80% tariffs,” while China is demanding full removal of “unilateral tariffs”

• Economic Strain: U.S. GDP shrank -0.3% in Q1; China’s 5.4% growth beat expectations, but forecasts are falling

• Comprehensive Deal Unlikely: While exemptions on select goods may expand, analysts doubt a return to a Phase One-style agreement is feasible

👀 What You Need to Know

This meeting could set the tone for global trade into the election cycle. Any rollback on tariffs or easing of mineral restrictions could benefit sectors like semis, EVs, and defense. But risks remain if talks stall or Trump escalates further. Watch for headlines, markets will move on tone as much as substance.

U.S. to overhaul curbs on AI chip exports after industry backlash

In a surprise reversal, the Trump administration has scrapped the Biden-era “AI Diffusion Rule,” halting chip export restrictions set to take effect May 15. The move is a win for U.S. chipmakers like Nvidia $NVDA ( ▼ 0.61% ) and AMD $AMD ( ▲ 1.12% ) , who argued the tiered system would stifle innovation and erode global competitiveness. Nvidia rallied on the news, with executives praising the decision as a pivotal shift for American AI leadership.

🔑 Key Points

• AI Rule Revoked: The Biden-era regulation would’ve restricted chip exports to dozens of countries, including allies like India and Israel

• Trump’s Strategy Shift: The administration plans to replace it with simpler rules or bilateral agreements, aiming to balance national security with commercial flexibility

• Industry Relief: Nvidia, AMD, and Microsoft all opposed the original rule; Nvidia called the decision a "once-in-a-generation opportunity" to lead in AI

• Export Workaround: Nvidia is developing a downgraded version of its H20 chip to preserve access to the Chinese market, which made up 13% of its FY revenue

• Geopolitical Layer: The timing precedes Trump’s Middle East trip, where chip access is reportedly part of the agenda, following a $1.4T UAE investment pledge

👀 What You Need to Know

This rollback is a short-term win for U.S. chipmakers, but uncertainty lingers. Export controls aren’t going away, they’re evolving. Expect tighter enforcement against re-routing chips to China, new licensing rules, and closer alignment between trade and national security. The industry has avoided a May 15 cliff, but it’s still navigating a shifting geopolitical minefield.

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Earnings Roundup: tariff talk and guidance continues to drive stock moves

This earnings batch delivered plenty of beats—but the market reaction was anything but consistent. Several companies that topped expectations still saw sharp declines, while others rallied on mixed results and favorable metrics like user growth. The divergence highlights how guidance, macro context (including tariffs), and investor expectations are driving post-earnings moves more than headline beats or misses.

🔑 Key Points

• The Trade Desk $TTD ( ▲ 18.6% ) soared after delivering a clean beat and strong guidance, a welcome shift after months of underperformance

• Shopify $SHOP ( ▼ 2.37% ) missed on EPS and issued cautious guidance as growth expectations reset

• Affirm $AFRM ( ▼ 14.47% ) beat top and bottom lines but fell as investors focused on tepid guidance and consumer credit concerns

• Crocs $CROX ( ▼ 0.8% ) beat across the board but pulled its full-year guidance due to tariff uncertainty

• Coinbase $COIN ( ▼ 3.48% ) missed revenue but offered steady guidance; the stock slipped -1.4% as it continues to trade in sync with crypto sentiment

• Fortinet $FTNT ( ▼ 0.33% ) posted in-line results and guidance, but the stock sank amid muted enterprise spending trends

• ARM Holdings $ARM ( ▼ 0.62% ) delivered a beat but guided weakly, sending shares lower on margin and demand concerns

👀 What You Need to Know

Earnings season is no longer about the headline beat, it’s about what comes next. Strong guidance and user growth are getting rewarded, while companies with even slight uncertainty are punished. Tariff-related risk is creeping in, especially for consumer-facing names. For investors, the edge lies in digging beyond the EPS line and anticipating the market’s reaction function, not just the results.

*Note - our full breakdown and Edge takeaway of these reports, as well as all of the companies we follow that reported this week, was sent out in Friday’s Earnings Recap.

In Other News

In this section, we'll be curating a selection of news headlines we think you'll find interesting. If a topic catches your eye, click the provided links to read more about it.

• U.S. and U.K. Unveil Framework for Trade Deal

• Nvidia modifies H20 chip for China to overcome US export controls

• TSMC April Revenue Jumps 48% as AI Orders Offset Smartphone Weakness

• Palantir now among 10 most valuable U.S. tech companies

• First Chinese freight ship goods hit with Trump’s 145%-plus tariffs arriving at U.S. ports

• Coinbase quarterly profit falls as expenses climb, shares down

• Shopify Q1 Gross Margin Contracts, Misses Profit Estimate

• Lyft shares pop 25% after buyback; CEO says there are no signs of worry with the consumer

• Why The Trade Desk Stock Soared After Earnings

• Bill Gates to give away $200 billion by 2045

• Newark air traffic controllers lost contact with planes again in overnight outage

Edge+ Posts of the Week

We continue to push out more and more content every week to give investors that edge. Here are the posts Investor’s Edge+ subscribers received this week.

The Edge Report

Mondays are for the investors. Every Monday morning we share exactly what we’re watching in the week ahead, how we’re positioning, and even share a sneak peek into our systems and models. This week we discussed the huge week of earnings reports ahead and the upcoming Fed decision. See the latest full report here:

Earnings Recap

Every week during earnings season is extremely busy for us here at the Edge as we dive into over 100 reports and provide our members with top tier breakdowns and insights. This week we saw earnings from Palantir, Disney, Uber, AMD and several other names we cover. See this week’s recap:

The Week Ahead

In a year that has had nonstop action, it’s yet another big week on the calendar. Earnings season rolls on, while key inflation reports are guaranteed to move markets.

Earnings Reports

Next week is a bit quieter on the earnings front but there are still 4 names we cover here at Edge on the calendar. Here is the list of names we will be covering:

• Monday 5/5: Simon Property

• Tuesday 5/6: --

• Wednesday 5/7: --

• Thursday 5/8: Walmart, Alibaba, and John Deere

• Friday 5/9: --

Here is the full calendar of scheduled earnings releases:

Economic Reports

Next week’s main focus will be inflation as both the CPI and PPI reports are scheduled to be released.

We also get initial jobless claims, retail sales, building permits, housing starts and consumer sentiment. Adding to the busy week, Jerome Powell is set to speak on Thursday, and his words often have the ability to move markets.

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Thank you for reading this edition of the Weekly Wrap-Up. Have a great weekend!

Until next time investors!

Mark & Chris

The Investor’s Edge

Disclosure

This is not investing advice. It is very important that you do your own research and make investments based on your own personal circumstances, preferences, goals and risk tolerance.