Nvidia topped earnings expectations for the quarter as AI chip demand continues to fuel growth for the company despite concerns about mounting U.S.-to-China export restrictions.

• 💵 The company posted revenue of $44.1 billion for its first quarter, up 69% from a year ago and beating S&P Global Market Intelligence expectations of $43.2 billion.
• Adjusted earnings per share of 96 cents topped Bloomberg consensus estimates of 88 cents.
• The performance included a 73% year-over-year boost in first-quarter revenue in the company's data center segment to $39.1 billion.

🇺🇸→🇨🇳 Threat level: Nvidia warned that it expects to lose about $8 billion in second-quarter revenue from the loss of sales of H20 chips due to U.S. export control restrictions.

• The number was being closely watched after company CEO Jensen Huang argued last week that U.S. chip export controls have been "a failure," with their biggest impact being the erosion of Nvidia's competitive position.
• The company incurred a $4.5 billion charge in the first quarter from excess H20 inventory due to the restrictions, Nvidia reported today.

The impact: Nvidia shares rose over 4% in after-hours trading at the start of the company's earnings call at 5pm ET.

Go deeper

Some Fed officials warned about "vulnerabilities to the financial system" as President Trump's trade war caused sharp swings in stock and bond prices, minutes from the central bank's May 6-7 policy meeting show.

👀 Read the full story by Axios' Courtenay Brown

A handful of retailers delivered a mixed message on tariff impacts when reporting earnings today.

• 🛍️ Macy's: The department store chain reduced its earnings outlook, though tariffs were only part of the reason. CEO Tony Spring told CNBC the company would raise prices on a "surgical" basis to offset them. But its strategy of focusing on its best locations is starting to yield results. The company's comparable sales at its owned stores fell 2%, and revenue beat expectations. The stock closed down 0.3%.
• 🏸 Dick's Sporting Goods: The sports retailer maintained its full-year guidance for comparable sales and earnings based on "the expected impact from all tariffs currently in effect." Q1 comp sales rose 4.5%, fueled by an uptick in average ticket spend and total transactions. Shares closed up 1.7%.
• 👕 Abercrombie & Fitch: The fashion retailer reduced its full-year outlook for profit and operating margin while noting an expected $50 million hit from tariffs. But the company said it wasn't planning any "broad-based" price increases. It also upped its full-year revenue forecast and beat expectations on Q1 revenue and profit, sending its stock soaring almost 15%.

🏝️ Hawai'i Gov. Josh Green signed legislation increasing the state's tax on hotels and vacation rentals by 0.75 percentage points. The funds will be used to mitigate climate change. (AP)

🚗 Stellantis named Antonio Filosa CEO, as the Jeep, Dodge and Ram owner aims for a turnaround. The Italian executive has served in a variety of roles for the automaker, including chief operating officer of the Americas and CEO of the Jeep brand. (Detroit Free Press)

🎮 GameStop is buying more than $500 million in bitcoin. The retailer's fortunes have long been tied more closely to its meme-stock status than to the fundamentals of its retail business. (CNBC)

United Airlines flyers will need to check in at least 45 minutes before departure.

• The new rule, which takes effect June 3, applies to both customers who are not checking a bag and customers who are checking one.
• ⏰ Previously, flyers who weren't checking a bag could check in as late as 30 minutes before departure.

What they're saying: A United spokesperson told AP the change "brings greater consistency for our customers" and brings the airline into line with many of its competitors.