Good morning, you're tuned in to Markets Desk, where we're tracking the stories moving money and policy right now.
The Trump-Xi summit in Beijing is shaping up to be one of the most consequential diplomatic meetings in years, and the backdrop just got considerably more complicated. With the Strait of Hormuz still closed following the collapse of the US-Iran ceasefire, energy security has moved to the center of the agenda. Trump arrives in Beijing with less leverage than the White House had anticipated, and markets are watching closely for any signal on oil flows, trade terms, or currency posture that could ripple across Asian sessions through the week.
Shifting to semiconductors, Navitas posted a meaningful rally today after announcing a comprehensive product partnership with an Indian chipmaker targeting the fast-growing Indian chip market. The deal puts Navitas squarely in the middle of India's push to build domestic semiconductor capacity, a theme that has been gathering institutional momentum. Investors read the partnership as a credible path to revenue diversification away from the company's traditional markets.
And on the earnings front, Harmonic Incorporated reported first-quarter profit climbing year over year, offering a clean beat against a quarter when many hardware names have struggled with demand visibility. The result adds to a modest but growing list of tech earnings that suggest enterprise infrastructure spending is holding up better than feared.
That's the tape. Markets Desk, signing off the floor.
