The Cerebras IPO made an explosive debut, underscoring the market’s insatiable appetite for AI-related investments. Shares opened at $385 — a stunning $200 above the IPO price of $185 — before volatility set in. The stock eventually fell back to a low of $300 and settled at $311.07, but despite the pullback, it still marked a hugely successful first day for the AI chip designer.

The strong debut did little to slow enthusiasm for Nvidia. Shares of the AI heavyweight surged another $9.91, or 4.39%, to a fresh record high of $235.44 as investors continued to pile into the sector leader. The success of the Cerebras offering also helps pave the way for future high-profile AI and technology IPOs, including the potential debuts of SpaceX and OpenAI down the road.

The broader US stock market also pushed higher, with both the S&P 500 and NASDAQ closing at new record levels. The S&P rose 0.77%, while the NASDAQ gained 0.88%. The Dow Jones Industrial Average climbed back above the 50,000 milestone for the first time since February 11 and closed at 50,068.02 — just shy of the all-time closing high of 50,188.14.

In the US debt market, yields were mixed but generally higher following another round of firm economic data and lingering inflation concerns:

• 2-year yield: 4.017%, +2.7 basis points
• 5-year yield: 4.150%, +2.1 basis points
• 10-year yield: 4.482%, +0.4 basis points
• 30-year yield: 5.028%, -1.6 basis points

Economic data reinforced the inflation narrative. Import prices surged 1.9%, while export prices jumped 3.3%, highlighting persistent pipeline price pressures. Retail sales also came in solid, rising 0.5%, with the control group — which feeds directly into GDP calculations — also increasing 0.5%. The caveat is that retail sales are reported in nominal terms and are not adjusted for inflation. With inflation still running hot, the real, inflation-adjusted growth impact will be more subdued.

Meanwhile, weekly jobless claims rose to 211K versus expectations of 205K. Although claims remain historically low, the recent trend has started to tilt modestly higher, suggesting the labor market may be slowly cooling at the margin.

In the FX market, the US dollar strengthened broadly. The biggest loser was the GBPUSD, which fell sharply amid growing political uncertainty in the UK. Health Secretary Wes Streeting resigned from his cabinet post, fueling speculation about a potential challenge to Prime Minister Starmer. At the same time, Andy Burnham confirmed plans to pursue a return to Parliament after Labour MP Simon announced he would step aside to make room for Burnham to run for the seat. Political betting markets have reacted aggressively, with Kalshi reportedly pricing in elevated odds of Starmer leaving office by the summer.

Ironically, the political turmoil overshadowed surprisingly solid UK economic data, with monthly GDP rising 0.3% versus expectations for a -0.1% decline.

The dollar gained against all the major currencies today:

• GBP: -0.94%
• AUD: -0.56%
• NZD: -0.44%
• EUR: -0.38%
• JPY: -0.35%
• CHF: -0.28%
• CAD: -0.14%

In other markets:

• Gold: -$35 to $4,651
• Silver: -$4.50, or -5.12%, to $83.47
• Bitcoin: +$1,650 to $81,318