Tobias

Joby Aviation successfully completed the first test flight of its hybrid-electric defense aircraft, developed in collaboration with L3Harris. This milestone, achieved rapidly after the partnership announcement, highlights Joby’s agility in addressing evolving military needs amid shifting geopolitical priorities. While primarily focused on commercial eVTOLs, this venture showcases the versatility of Joby’s technology. The company is also pursuing FAA certification for commercial operations and expanding internationally, reflecting significant momentum in the broader advanced air mobility sector. Joby envisions future commercial applications for its hybrid technology.

Key topics include the end of the U.S. government shutdown with a short-term funding bill, but setting up future budget clashes. Disney’s Q4 results missed revenue estimates amidst streaming competition. The Supreme Court will hear arguments on Trump’s attempt to fire a Federal Reserve Governor. Concerns are rising about the legality and safety of alternative funding programs for prescription drugs. Anthropic plans a $50 billion investment in AI infrastructure, facing political backlash over energy costs. New Epstein documents referencing Trump were released.

Tencent’s Q3 2025 earnings exceeded expectations with a 15% revenue increase, driven by AI advancements in advertising and gaming. Revenue reached 192.9 billion yuan, with operating profit at 63.6 billion yuan. Domestic gaming grew 15%, boosted by successful game launches, while international gaming surged 43%. Tencent is investing heavily in AI, including its HunYuan model, and expanding into European cloud computing, aiming to compete with industry leaders. Year-to-date, Tencent’s stock has increased 56.7%.

The Dow Jones Industrial Average hit a record high, driven by traditional sectors like Goldman Sachs and Caterpillar, while the tech-heavy Nasdaq faltered due to valuation concerns despite gains in some AI-related stocks. Analysts view this divergence as a healthy market rebalancing, not necessarily excessive AI exuberance. Separately, private equity firms face challenges with “zombie companies” – stagnant portfolio companies difficult to sell, hindering fund performance. The market is watching to see if the “AI market” and the “everything else” market can move in tandem.

Firefly Aerospace (FLY) shares rose 15% after Q3 results surpassed expectations. Revenue jumped 38% year-over-year to $30.8 million, prompting an upward revision of full-year revenue guidance to $150-$158 million. Despite a $140.4 million net loss, attributed to IPO and other one-off costs, the report signals potential recovery. Since its August IPO, FLY has faced volatility and a rocket test failure, but secured a $177 million NASA contract and acquired SciTec. Investors should monitor cost management, operational efficiency, and contract execution for long-term success.

The U.S. equity market shows a divergence, with the Dow reaching a record high driven by established industries like banking and healthcare, while the Nasdaq declined due to tech sector sensitivity. Anthropic plans a $50 billion U.S. AI infrastructure investment. Uncertainty surrounds the potential absence of U.S. jobs and inflation data. Private equity firms face challenges with underperforming “zombie companies” difficult to sell.

Cisco (CSCO) shares jumped after reporting strong Q1 2026 results, exceeding revenue and EPS expectations. Revenue grew 8% year-over-year to $14.88 billion, driven by double-digit order growth fueled by AI-related demand. Cisco highlighted a “deepening” relationship with clients and a campus networking refresh cycle. While security revenue declined, the company projects strong Q2 2026 revenue of $15-$15.2 billion. Cisco is benefiting from the AI infrastructure boom with significant orders from hyperscalers, positioning itself as an AI play with improving subscription revenue.

Code Metal, a startup specializing in AI-powered coding tools, has secured $36.5 million in funding led by Accel Partners. Code Metal’s innovation allows engineers to write code once and automatically translate it into multiple programming languages, addressing the challenge of fragmented hardware architectures in industries like automotive and embedded systems. Unlike generative AI “vibe coding” platforms, Code Metal focuses on deploying production-ready code using formal methods to ensure accuracy and compliance. The company’s technology is in demand from the U.S. Air Force to automotive suppliers.

Wall Street saw mixed trading amid optimism about avoiding a government shutdown. The Dow hit a record high, while tech stocks pressured the S&P 500 and Nasdaq. Anthropic announced a $50 billion AI infrastructure investment, including data centers in New York and Texas. JPMorgan Chase forecasts $5 trillion in global AI infrastructure investment by 2030. TD Cowen raised Broadcom’s price target, citing increased AI spending, but acknowledges high expectations are already priced in. The focus shifts to future revenue expectations after the earnings call.

Govini founder and chairman Eric Gillespie was arrested and charged with multiple felonies, including attempting to solicit a minor, according to the Pennsylvania Attorney General’s Office. Gillespie has been placed on administrative leave from Govini, a defense tech startup with a $900 million U.S. government contract and a key role in the U.S. Army’s NGC2 program. The Pentagon is scrutinizing the arrest and its potential security implications. Govini confirmed the charges and stated they will cooperate with the investigation and uphold high ethical standards. The situation raises questions about Govini’s future and government contracts.