SpaceX's IPO, Nvidia earnings, Bezos on the AI bubble and more in Morning Squawk

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. The Memorial Day travel period got off to a bumpy start yesterday: Flyers at New York's LaGuardia Airport faced delays after a sinkhole — yes, a sinkhole — shut down a runway. Stock futures are ticking lower this morning following a winning day on Wall Street. Here are five key things investors need to know to start the trading day 1. Tough crowd Nvidia founder and CEO, Jensen Huang, speaks during the 29th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 4, 2026. Patrick T. Fallon | AFP | Getty Images Nvidia once again beat quarterly earnings and revenue expectations yesterday, reporting an 85% revenue increase driven by surging sales in its data center unit. But shares of the chipmaker are slightly lower before the bell, putting the stock on track for its fourth straight post-earnings pullback. Here's what to know: Revenue from Nvidia's data center business nearly doubled from the same period a year ago, coming in at $75.2 billion for the first quarter. The chipmaker also announced an $80 billion buyback and increased its quarterly dividend to 25 cents per share. In a filing, Nvidia said the Iran war has yet to cause significant business impacts, but the company cautioned that continuation or escalation of the conflict could "create business uncertainty." CEO Jensen Huang called the quarter "extraordinary" on the earnings call last night. He told analysts that "demand has gone parabolic" thanks to the arrival of agentic artificial intelligence. Huang sat down with CNBC's Sara Eisen following the report, telling her that Nvidia has "largely conceded" China's artificial intelligence chip market to Huawei amid U.S. export restrictions. Catch CNBC's full interview with Huang on "Squawk on the Street" at 10 a.m. ET. Follow live markets updates here. 2. Small step, giant leap A SpaceX Falcon 9 reusable rocket booster on display outside the company's facilities in Hawthorne, California, US, on Monday, April 13, 2026. Ethan Swope | Bloomberg | Getty Images SpaceX filed its prospectus with regulators Wednesday afternoon, putting the Elon Musk-run company one step closer to what's expected to be a record-setting IPO. SpaceX said it would list on the Nasdaq under the ticker SPCX. In the filing, SpaceX said it foresees a total addressable market of $28.5 trillion, most of which is outside of its existing business. The prospectus also showed Musk controls 85% of voting power, and that most of SpaceX's capital expenditures in the first quarter were for AI. Meanwhile, a source told CNBC that OpenAI could confidentially file for its IPO as early as tomorrow. A representative for the AI company said its focus "remains on execution." 3. If the price isn't right Customers shop at a Walmart store on May 13, 2026 in Chicago, Illinois. Scott Olson | Getty Images Shares of Walmart are 2% lower in premarket trading after the retailer issued a weaker-than-expected outlook for the year. CFO John David Rainey told CNBC that consumers could feel more pressure as the offsetting effect of high tax returns fades, and gas prices stay high. Elsewhere in retail, E.l.f Beauty shares jumped 9% in extended trading after the cosmetics company beat expectations for the fourth quarter. E.l.f. also said it plans to roll back some tariff-related price hikes as shoppers grapple with spiking gas prices. Get Morning Squawk directly in your inbox CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning. Subscribe here to get access today. 4. Going rate Construction work continues at the Marriner S. Eccles Federal Reserve building in Washington, DC, on Dec. 30, 2025. Brendan Smialowski | AFP | Getty Images The Federal Reserve had some unwelcome news for anyone hoping for interest rate cuts. Minutes from the central bank's last meeting released yesterday showed that most officials believe higher rates could be necessary if the Iran war keeps inflation high. Still, some participants said lower rates could be in the cards if the labor market or inflation cools. The Fed held interest rates steady at its April meeting, which saw the highest level of dissent since 1992. The 30-year U.S. Treasury yield pulled back from its nearly 19-year high yesterday. The yield followed oil prices lower after President Donald Trump told reporters that the White House was in the "final stages" of negotiations with Iran, per a pool report. Jeff Bezos speaks with CNBC's "Squawk Box" from Merritt Island, Florida, May 20, 2026. CNBC The Daily Dividend