Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Monday, May 4th, and I'm your host, Kim Khan. Our top story so far,

artificial intelligence chipmaker's Cerebra Systems is seeking to raise up to $3.5 billion

in its upcoming initial public offering.

The company plans to sell up to 28 million shares priced between $150 and $125 per share,

according to an amended S-1 filing with the SEC. At the midpoint, Cerebrose would be valued at roughly

$26.5 billion. The company competes with Nvidia and AMD, which is also a backer.

Cerebra signed significant agreements with OpenAI and Amazon Web Services ahead of the

offering, underscoring its push into AI infrastructure.

Revenue rose 76% year-over year to $510 million in 2025, according to the filing.

The company posted net income of $237.8 million in 25, compared with the net loss of 481.6 million

in 2024.

Cerebe versus chips are focused on inference workloads, an increasingly important segment

as AI models shift from training to real-world deployment.

The company initially filed for an IPO in September 24, but the process stalled

amid a federal review of its ties to Abu Dhabi-based AI firm G-42. Cerebrus withdrew its plans on

October 2025 and said last month that the issue had been resolved. G-42 is no longer listed

as a commercial partner or a minority investor. Among active stocks, Churchill Downs reported that all sources handle for Derby Week climbed

to a record $487 million, up 3% from last year's high.

Norwegian cruise line holdings is under pressure after posting mixed Q1 results.

Looking ahead, the cruise operator said it is facing headwinds tied to Middle East disruptions,

including higher fuel costs and signs of softer demand as consumers reassess travel plans,

...