Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Wednesday, May 8th. I'm Julie Morgan.

Qualcomm and Intel are in focus for the May 8th, I'm Julie Morgan.

Qualcomm and Intel are in focus for their relationship with Huawei.

Apparently investors liked what they heard from Reddit,

and business is booming at Royal Caribbean.

The Biden administration has reportedly put a limit on Qualcomm and Intel's export licenses.

The Financial Times reported citing people familiar with the situation that the Commerce Department revoked the licenses that allowed the firms to supply Huawei with chips for its laptops and mobile phones.

Qualcomm did not immediately respond. for its laptops and mobile phones.

Qualcomm did not immediately respond to her request for comment from seeking

Alpha and Intel declined to comment.

Huawei is already under tough sanctions from lawmakers in Washington, some of which date back to the Trump administration.

However, Republican lawmakers have reportedly asked the Biden administration to go even further amid allegations that Huawei helps the Chinese

government engage in cyber espionage. Huawei and Beijing have denied those claims.

Reddit is up 14% pre-market after the social media company announced its first profitable

quarter on an adjusted Eibara basis and added more than 20 million daily active users to its platform

from a year ago. Class A shares of RDDT jumped as much as 22.2% after hours on Tuesday.

Reporting his first result since its market debut in late March,

Reddit's Q1 report showed a wider loss driven

by initial public offering expenses with its loss per share ballooning to $8.19 from $1.05 a year ago.

However, its revenue surge 48% year over year to $243 million.

Analysts had been expecting the company to lose $6.32 per share

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