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Inflection Point Acquisition Corp. II (IPXXU) has announced the pricing of its upsized initial public offering of 22,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Global Market and trade under the ticker symbol “IPXXU” beginning May 25, 2023. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. The offering is expected to close on May 30, 2023, subject to customary closing conditions.

The Company is led by Executive Chairman and Chief Executive Officer Michael Blitzer, Chief Financial Officer Peter Ondishin and Directors Nicholas Shekerdemian, Elliot Richmond, Paula Sutter, Erica Dorfman, and Samuel Sayegh. It intends to pursue a business combination with a North American or European business in disruptive growth sectors.

Cantor Fitzgerald & Co. is serving as the representative of the underwriters for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units to cover over-allotments, if any. A registration statement relating to the securities was declared effective by the Securities and Exchange Commission (“SEC”) on May 24, 2023.

This offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cantor Fitzgerald & Co.

Nvidia Corp is leading the charge in the AI revolution, with its stock soaring 25% after a stellar forecast. The chip designer’s shares extended their rally this year, hitting an all-time high in premarket trading and swelling its market valuation by about $189 billion to $945 billion. Analysts rushed to raise their price targets on Nvidia stock, with 21 lifting their view on the idea that all roads in AI lead to the company.

CEO Jensen Huang said a $1 trillion worth of current equipment in data centers would have to be replaced with AI chips, as generative AI is applied into every product and service. The results bode well for Big Tech companies, which have shifted focus to AI in hopes the technology would help attract demand at a time their profit engines of digital advertising and cloud computing are under pressure from a weak economy. Nvidia is leading the way in the AI revolution, and its success is a sign of what is to come.

NetEase (NASDAQ: NTES) reported first quarter earnings of ¥2.32, missing analyst estimates of ¥8.68 by ¥6.36. Revenue for the quarter came in at ¥25B, topping the consensus estimate of ¥24.97B. The stock price closed at ¥83.49, up 6.17% in the last 3 months and down -17.74% in the last 12 months.

NetEase’s Financial Health score is “great performance” according to InvestingPro. The company saw 1 positive EPS revisions and 2 negative EPS revisions in the last 90 days.

Investors can stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar. They can also check out NetEase’s recent earnings performance and financials here.

Australian stocks closed lower on Thursday, with the S&P/ASX 200 index hitting a 1-month low. Losses in the Gold, Metals & Mining and Financials sectors led the decline. Adbri Ltd was the best performer of the session, rising 21.88%, while Treasury Wine Estates Ltd was the worst, falling 7.84%. Gold Futures for June delivery was down 0.22%, while Crude oil for delivery in July fell 0.78%. The AUD/USD was unchanged 0.21%, while the AUD/JPY fell 0.28%. The US Dollar Index Futures was up 0.22%.

Japan stocks closed higher on Thursday, with gains in the Mining, Chemical, Petroleum & Plastic and Power sectors leading shares higher. The Nikkei 225 rose 0.39%, with Advantest Corp. (TYO:6857) and Nippon Electric Glass Co., Ltd. (TYO:5214) among the best performers, rising 16.22% and 4.45%, respectively. Meanwhile, Daiichi Sankyo Co., Ltd. (TYO:4568) and Kawasaki Kisen Kaisha, Ltd. (TYO:9107) were the worst performers, falling 4.38% and 4.08%, respectively.

Crude oil for July delivery was down 0.67% to $73.84 a barrel, while Brent oil for delivery in July fell 0.51% to $77.96 a barrel. The June Gold Futures contract also fell 0.15% to $1,961.60 a troy ounce. The US Dollar Index Futures was up 0.20% at 104.00.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 3.60% to 19.00. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2044 to 1513 and 286 ended unchanged.

Central European companies are looking to the future of Ukraine, with plans to invest hundreds of billions of dollars in reconstruction projects once the war ends. The Czech government has pledged to spend 500 million crowns ($23.5 million) each year through 2025 to support firms seeking to work in the country, while Poland is in discussions with representatives from countries including South Korea, Japan and Great Britain to partner with Polish companies more familiar with Ukraine.

The cost of recovery is likely to be $411 billion, or 2.6 times Ukraine’s estimated 2022 GDP, according to a joint assessment by Ukraine and the World Bank. Polish bank Pekao SA has estimated that reconstruction could boost neighbouring Poland’s economy by up to 189 billion zlotys ($45.6 billion).

However, progress will depend on the ability of Ukraine’s authorities to demonstrate transparency, as corruption remains a major concern. Transparency International’s Corruption Perceptions Index puts Ukraine in 116th place, far below its European Union neighbours.

Central European companies are taking the lead in the reconstruction of Ukraine, with strong military and political support from the Czech Republic and Poland, countries dominated by Moscow during four decades of Communist rule. With the stakes high, these companies are looking to the future of Ukraine and the potential for a lucrative market.

Vietnamese electric vehicle maker VinFast is recalling all of its first batch of vehicles shipped to the United States following a security warning issued by the U.S. National Highway Traffic Safety Administration (NHTS). The recall affects 999 VF8 models due to a software error in the cars’ display, which prevents critical safety information from being shown.

VinFast, which was founded in 2017 and began selling EVs in California this year, has so far shipped 2,907 electric cars to the United States. The company is now seeking to list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co.

VinFast first became aware of the issue on April 27 while reading customer comments and concerns. The company has issued a statement confirming the recall and said it will issue a response later.

The recall is a setback for VinFast, which is seeking to become a major player in the global electric vehicle market. However, the company is taking the necessary steps to ensure the safety of its customers and is committed to providing a safe and reliable product.

British electric van startup Arrival has hit many road bumps in its quest to become the next Tesla. With the $283 million it should receive from a merger with special-purpose acquisition company (SPAC) Kensington Capital Acquisition Corp V, Arrival will focus on just one U.S.-produced vehicle for now – a larger Class 4, or medium-duty, delivery van. This vehicle will bring customers a $40,000 IRA subsidy, far above the $7,500 for smaller electric vans.

Crucially, Arrival says early investor UPS is still an anchor customer – it has ordered up to 10,000 vans. The IRA, which took effect last August, has provided enough of a lifeline to Arrival to attract new investors. It includes customer tax credits for purchases of certain EVs.

Arrival now aims to begin producing its medium-duty XL Van at a “microfactory” in Charlotte, North Carolina, by late 2024. The company has so far made three prototypes of its smaller L Van at its Bicester plant in the United Kingdom.

Class 4 vans are more appealing than smaller models “because the prices and margins are so much higher,” said Michael Abelson, head of Arrival’s North American unit. With price tags for medium-duty electric vans targeted to start from around $175,000, the segment represents a potential market worth $5 billion or more.

The rare double SPAC is being watched by others in the industry to see if it is worth replicating. An executive with experience running SPACs said Kensington’s deal was an “an absolute lifeline” for a startup in Arrival’s situation. With the IRA providing a lifeline, Arrival now has a chance to make it happen.

Investors are keeping a close eye on European markets as they open Thursday, with German growth and consumer sentiment data in focus as well as the ongoing U.S. debt ceiling negotiations. Data released Wednesday showed that Germany’s business outlook deteriorated for the first time since October, with an expectations gauge by the Ifo institute slipping to 88.6 in May from 91.7 the previous month. Ratings agency Fitch flagged the possibility of a downgrade to the United States’ ‘AAA’ rating late Wednesday, saying while it still expected lawmakers to reach a deal before the early-June deadline, the ongoing uncertainty had brought up risks of a potential U.S. default.

Corporate earnings are scheduled from the likes of food giant Tate & Lyle, specialty chemicals company Johnson Matthey and water supply firm United Utilities, while the chipmaking sector is likely to be in focus after a robust outlook from Nvidia. Oil prices edged lower Thursday, retreating from three-week highs amid growing pressure from a strong dollar as uncertainty surrounding the U.S. debt ceiling negotiations mounted. Gold futures also fell 0.5% to $1,955.60/oz, while EUR/USD traded 0.2% lower at 1.0732.

Shares of major Asian Nvidia Corp (NASDAQ:NVDA) suppliers rose sharply on Thursday, tracking an overnight rally in the graphics card maker on strong first-quarter results and a positive outlook on chip demand. Japan’s Advantest Corp (TYO:6857) and Taiwan Semiconductor Manufacturing Corp (TW:2330) both jumped over 3%, while South Korea’s SK Hynix Inc (KS:000660) surged nearly 5%. Optimism over Nvidia spilled over into other Asian chipmaking stocks, helping the benchmark Nikkei 225 rise back towards 33-year highs.

Nvidia logged a better-than-expected first-quarter profit and posited a stronger-than-expected second-quarter revenue forecast, citing increased demand from AI development. The firm is seeing increased demand for its data center chips, which play a key role in powering the AI technology that saw a significant jump in popularity this year. Increasing demand from AI offers a respite to chipmakers, which were otherwise facing a slowdown in demand this year amid worsening global economic conditions.