TLDR

MARKET RECAP → The Dow (DIA) edged lower Friday as investors looked ahead to high-stakes U.S.-China trade talks set for the weekend.

LYFT SURGES ON BUYBACK BUZZ → 📈 Lyft stock jumped 28% after upping its buyback to $750M and posting strong ride and booking growth, while the CEO assured Wall Street there's no consumer slowdown in sight.

CHIP EARNINGS MISS HITS SMIC → SMIC shares tumbled after missing Q1 estimates, but strong local demand kept the lights on—even as U.S. restrictions keep the chipmaker stuck in the slow lane. 💥

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TODAY’S TOP NEWS

Lyft Surges On Buyback Buzz

Lyft shares jumped 28% after the company expanded its buyback plan to $750 million and delivered better-than-expected gross bookings, marking 16 straight quarters of growth.

Rides rose 16% to 218.4 million, while revenue grew 14% to $1.45 billion—slightly under estimates, but a clear improvement from last year’s loss.

CEO David Risher said consumer demand remains strong, noting “nothing to worry about,” as Lyft posted a rare quarterly profit of $2.57 million.

TODAY’S TOP NEWS

Chip Earnings Miss Hits SMIC

🔻 Earnings Disappointed: SMIC’s Q1 revenue rose 28% to $2.24B and profit surged 162% to $188M, but both missed analyst forecasts. The company cited production hiccups and lower average selling prices, with revenue expected to drop again in Q2.

🔌 Domestic Demand Strong: Despite the miss, SMIC’s utilization rate hit 89.6%, driven by surging demand for legacy chips used in smartphones and consumer electronics—largely from Chinese customers.

⚠️ Geopolitics Loom Large: U.S. export controls continue to limit SMIC’s ability to produce cutting-edge chips, but China’s backing is helping the company expand capacity. Most revenue remains domestic, shielding it—somewhat—from global trade tensions.

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