Tech Giants Report Strong AI Earnings While New Model Released
Major technology companies delivered solid earnings reports driven by AI demand, with AMD, Uber, and Disney all beating expectations. OpenAI also released GPT-5.5 Instant as the new default ChatGPT model, featuring improved accuracy and context management.
Earnings Highlights
Advanced Micro Devices (AMD) surged 16% in early trading after a strong first-quarter earnings report driven by demand for AI data center chips. Uber Technologies (UBER) rose 6% after beating first-quarter earnings expectations. Disney (DIS) gained nearly 8% after topping second-quarter earnings and revenue estimates on strength in streaming and parks.
Market Performance
U.S. large cap indexes are setting new records again today as they advance on hopes for an Iran deal. At last look, the Nasdaq Composite was up 1.36% to 25,670, the Dow was up 1.14% to 49,854, and the S&P 500 was up 1.10% to 7,338.89. For the Nasdaq and S&P 500, that's more intraday records.
OpenAI's Latest Release
OpenAI released GPT-5.5 Instant on May 5 as the new default model for ChatGPT, replacing GPT-5.3 Instant. The update focuses on reducing hallucinations in high-stakes domains such as law, medicine, and finance while maintaining low latency. The model adds advanced context management, using a search tool to reference past conversations, files, and Gmail for more personalized responses. It rolls out first to Plus and Pro users on the web, with mobile support coming soon and expansion to the free, business, and enterprise tiers in the coming weeks.
Quantum Computing Progress
IBM, Riken, and the Cleveland Clinic simulated a biologically meaningful protein complex with more than 12,000 atoms by linking quantum systems with Japanese supercomputers. The team did not claim a quantum advantage, but the work points to future use in drug discovery.