Market Signals

Alphabet Inc. filed a Form 8-K on May 21, 2026, reporting the closing of its underwritten public offerings of Japanese yen-denominated senior notes. The aggregate principal amount is ¥576.9 billion, issued under Alphabet's shelf registration statement (Form S-3, File No. 333-286752) and an indenture dated February 12, 2016 with The Bank of New York Mellon Trust Company, N.A. as trustee. The offering comprises seven tranches with varying maturities and fixed interest rates: ¥135.5 billion of 1.965% notes due 2029, ¥200.5 billion of 2.412% notes due 2031, ¥123.2 billion of 2.822% notes due 2033, ¥64.9 billion of 3.189% notes due 2036, ¥19.1 billion of 3.713% notes due 2041, ¥9.3 billion of 4.395% notes due 2056, and ¥24.0 billion of 4.599% notes due 2066. The notes are listed on the Nasdaq Stock Market LLC. This capital markets transaction does not involve any changes to Alphabet's business operations, management, or financial guidance. The filing is solely to disclose the completion of the debt offering. The exhibits include the forms of global notes and a legal opinion from Cleary Gottlieb Steen & Hamilton LLP. This event provides Alphabet with long-term yen-denominated funding, likely for general corporate purposes or to hedge yen-based operations. No other material events were reported in this filing.

NVIDIA filed its 10-Q for the fiscal first quarter ended April 26, 2026. The report, covering the period January 26 to April 26, 2026, shows the company operates through two segments: Compute and Networking, and Graphics. Customer concentration is notable in the Compute and Networking segment, with three major customers (Customer A, B, C) accounting for significant revenue. The company maintains a range of debt instruments, including notes payable maturing from 2026 to 2060, and an active commercial paper program. A subsequent event on May 18, 2026, is identified, though its nature is not detailed in the provided excerpt. Revenue from non-U.S. markets is significant, with Taiwan and China (including Hong Kong) as key geographies. The filing does not disclose specific revenue or EPS figures in the excerpt. Management's outlook and detailed financial statements are not included in the available text.

NVIDIA Corporation filed a Current Report on Form 8-K on May 20, 2026, announcing its financial results for the first quarter of fiscal 2027, ended April 26, 2026. The filing is triggered by the issuance of a press release (Exhibit 99.1) and accompanying CFO Commentary (Exhibit 99.2) prepared by Executive Vice President and Chief Financial Officer Colette M. Kress. The press release and CFO Commentary are furnished to the SEC and are not considered filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor are they incorporated by reference into any prior or future SEC filings. The CFO Commentary will be posted on NVIDIA's investor relations website immediately following the filing. This 8-K does not contain specific financial figures; those are detailed in the attached exhibits.

On May 14, 2026, Microsoft Corporation filed a Form 8-K with the Securities and Exchange Commission to report the appointment of Carmine Di Sibio to its Board of Directors. The appointment was effective May 13, 2026. Mr. Di Sibio will serve on the Board's Audit Committee and Compensation Committee. He qualifies as a non-employee director and will receive the standard compensation package for non-employee directors, as detailed in the company's 2025 Proxy Statement under the section titled Director Compensation. The filing states there is no arrangement or understanding between Mr. Di Sibio and any other person regarding his selection as a director. Additionally, Mr. Di Sibio has no direct or indirect material interest in any transaction that would require disclosure under Item 404(a) of Regulation S-K. In connection with his appointment, Mr. Di Sibio and Microsoft will enter into the company's standard indemnification agreement for directors, which provides for indemnification, defense, and holding harmless against losses and expenses incurred through board service, subject to the agreement's terms and conditions. The 8-K filing was signed by Brian B. DeFoe, Corporate Secretary, and includes a press release dated May 14, 2026, as an exhibit.

On May 7, 2026, NVIDIA Corporation filed a Current Report on Form 8-K disclosing the appointment of Suzanne Nora Johnson to its Board of Directors. The appointment, made under Item 5.02 of the form, will take effect on July 13, 2026, due to a prior professional commitment of Ms. Nora Johnson. Concurrently, the Board increased its size from ten to eleven directors. Ms. Nora Johnson will also serve on the Audit Committee of the Board. In connection with her appointment, the Board approved compensatory arrangements under the Amended and Restated 2007 Equity Incentive Plan. Ms. Nora Johnson will receive an initial equity grant of restricted stock units (RSUs) with a target value of $255,000, vesting approximately semi-annually over three years. Additionally, she will receive a pro-rated annual equity grant of RSUs with an annualized target value of $255,000; approximately 50% of these RSUs will vest on May 19, 2027, and the remaining balance will vest on November 18, 2026. A pro-rated annual cash retainer with an annualized value of $85,000 will be paid quarterly, commencing on July 13, 2026. The company will also enter into an indemnity agreement with Ms. Nora Johnson, consistent with the form of indemnity agreement previously filed as Exhibit 10.1 to NVIDIA's Current Report on Form 8-K dated March 7, 2006. The filing was signed by Rebecca Peters, Vice President, Deputy General Counsel and Assistant Secretary, on May 8, 2026. No other material events were reported in this filing. The appointment reflects a routine expansion of the board and does not indicate any departures or other changes in executive leadership. The disclosed compensation terms are standard for non-employee director appointments at NVIDIA, combining equity and cash retainers with phased vesting schedules.

On May 7, 2026, Berkshire Hathaway filed a current report on Form 8-K disclosing several material events. The company issued its first quarter 2026 earnings press release on May 2, 2026, attached as Exhibit 99.1. No financial figures were included in the 8-K filing itself. In a leadership transition, Charles C. Chang will succeed Marc D. Hamburg as Chief Financial Officer effective June 1, 2026. Chang will receive an annual cash salary of $8,000,000. In recognition of Hamburg's decades of service, Berkshire will provide him or his spouse up to 30 flight hours per year on a mid-sized NetJets aircraft from June 1, 2026 through May 31, 2037, along with tax gross-up payments for imputed tax expenses. The estimated annual cost of this benefit is approximately $490,000. The Board of Directors voted on May 3, 2026 to amend and restate the company's By-Laws, effective immediately, to update officer roles and responsibilities to align with the current operating structure. Changes were made to Sections 4, 6, and 10. The full amended By-Laws are filed as Exhibit 3(ii). At the annual shareholder meeting held May 2, 2026, all 13 director nominees were elected. Shareholders approved the advisory resolution on executive compensation, with 403,351 votes for, 30,251 against, and 1,703 abstaining. On the advisory vote regarding the frequency of future say-on-pay votes, a plurality of shareholders favored a three-year interval (288,858 votes), compared to 143,050 for one year and 1,715 for two years. A shareholder proposal requesting a report on the Board's oversight framework for workforce and human-capital management was rejected, with 65,023 votes for, 367,387 against, and 2,895 abstentions.