Veteran-led small businesses are about to find the door to international trade rather easier to push open.

UK Export Finance (UKEF), the government’s export credit agency, has today unveiled a partnership with specialist broker Finance for Forces designed to plug an awkward gap that has long frustrated former service personnel turning their hand to enterprise: getting the right finance, at the right moment, to chase orders overseas.

For the thousands of veterans who have built businesses since leaving uniform, the appetite to export is rarely in doubt. The cash flow to underwrite that ambition, however, has been another matter. Under the new arrangement, Finance for Forces, founded by Russell Lewis MC and Paul Goodman, will be able to introduce qualifying clients to UKEF’s suite of short-term products for smaller exporters, including working capital guarantees, bond support guarantees and export insurance policies. UKEF, in turn, will refer veteran-led firms back the other way where the fit is right.

It is a neat piece of joined-up government, and one that comes with a clear strategic backdrop. The collaboration is explicitly designed to support the Government’s Veterans Strategy, launched in November 2025, which framed the ex-service community as a national economic asset rather than a welfare line item, citing the leadership, discipline and operational nous that translate, with surprising frequency, into commercially robust SMEs.

Beyond the referrals plumbing, the two organisations will run information sessions and networking events aimed at demystifying export finance, an area that even seasoned founders can find labyrinthine. For veteran entrepreneurs, many of whom are scaling for the first time, that hand-holding is likely to matter as much as the products themselves.

Chris Bryant, Minister of State for Trade, said the partnership was about converting service into commercial reward. “Our veterans have shown extraordinary bravery and dedication in service to the nation, and their skills should be matched by real commercial opportunity,” he said. “This partnership will help turn entrepreneurial ambition into export success, helping veteran-led businesses reach international markets with the backing and confidence they deserve.”

Tim Reid, chief executive of UKEF, said the agency’s small business remit was central to the move. “Supporting small businesses to export and grow is central to UKEF’s mission. By partnering with Finance for Forces, we can reach more veteran-led businesses and help them access the finance they need to win international contracts, enter new markets and scale up with confidence.”

Paul Goodman, co-founder of Finance for Forces, was perhaps the bluntest on the practical problem the deal is meant to solve. “Veterans bring leadership, resilience and a mission focus to business, but navigating commercial finance can be challenging,” he said. “This partnership with UKEF will help veteran-led firms understand their options and access the backing they need to develop exports and accelerate growth.”

For UKEF, the announcement sits within a broader push to shed any lingering reputation as a facility primarily for the corporate heavyweights. The agency has spent recent years recalibrating towards SMEs in every corner of the country, promising faster response times and more targeted support irrespective of location, size or ownership. Bolting on a dedicated channel for the veteran business community, a constituency with a particularly strong record on resilience and follow-through, looks, on the face of it, like a sensible bet.

Whether the partnership translates into a meaningful uplift in veteran-led export volumes will depend, as ever, on awareness and execution. But for founders who have spent years wondering whether the export financing system was really built for businesses like theirs, the answer just got a little more encouraging.

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NEW YORK — NVIDIA and IREN Limited announced a landmark strategic partnership May 7, 2026, to accelerate deployment of up to 5 gigawatts of next-generation AI infrastructure, sending ripples through the market and sparking intense debate among investors: which stock offers the bigger upside, the AI chip giant or the ambitious data center operator?

The collaboration combines NVIDIA’s cutting-edge accelerated computing platforms and DSX AI factory architecture with IREN’s expertise in power procurement, land development and large-scale data center operations. The partnership aims to build massive AI factories across IREN’s global pipeline, with a flagship focus on the company’s 2-gigawatt Sweetwater campus in Texas.

Under the agreement, IREN will provide NVIDIA with a five-year managed GPU cloud services contract valued at approximately $3.4 billion for the chipmaker’s internal AI and research workloads. In return, NVIDIA received a five-year warrant to purchase up to 30 million IREN shares at $70 each, representing a potential $2.1 billion equity investment subject to regulatory approvals and performance milestones.

The scale is staggering. Five gigawatts represents one of the largest single infrastructure commitments in the AI sector to date, enough to power millions of advanced GPUs and support surging demand from hyperscalers, AI-native startups and enterprise customers. NVIDIA’s DSX architecture, designed for highly efficient, liquid-cooled AI factories, will serve as the blueprint for deployments.

For NVIDIA, the deal extends its reach beyond chip sales into deeper ecosystem control. By securing dedicated capacity and taking an equity stake, the company ensures reliable infrastructure for its own workloads while accelerating adoption of its full-stack solutions — including networking, software and reference designs. This vertical integration strategy helps address the chronic power and data center constraints slowing AI growth.

IREN, formerly a Bitcoin mining company rebranded as a renewable-powered data center operator, gains validation from the AI leader. The partnership bolsters its transition into high-performance computing and provides a clear path to scaling its AI Cloud business. IREN has already secured significant power capacity — more than 4.5 gigawatts in North America — and is deploying tens of thousands of NVIDIA GPUs across sites in Texas and Canada.

Market reaction was immediate and telling. IREN shares surged more than 20% in after-hours trading following the announcement before settling with strong gains in subsequent sessions, reflecting excitement over the revenue visibility and strategic backing. NVIDIA stock traded modestly higher, buoyed by continued demand for its hardware but tempered by its already massive market capitalization.

Analysts see complementary strengths. NVIDIA dominates the GPU market with its Blackwell and upcoming Rubin platforms, but faces bottlenecks in physical infrastructure. IREN brings renewable energy expertise, rapid deployment capabilities and a willingness to co-invest in gigawatt-scale projects. The $3.4 billion cloud contract alone could contribute hundreds of millions in annual recurring revenue for IREN as capacity comes online.

The deal also includes IREN’s recent acquisition of Mirantis to enhance its AI Cloud orchestration capabilities, further strengthening its service offerings. Combined with existing hyperscaler contracts, IREN is targeting ambitious annualized revenue run rates in the billions by the end of 2026.

Investors weighing NVIDIA versus IREN must consider risk-reward profiles. NVIDIA offers proven execution, massive scale and leadership in a secular AI boom, but its valuation leaves less room for explosive multiple expansion. IREN, while higher risk as a former crypto miner executing a major pivot, presents asymmetric upside if it successfully delivers on the 5GW roadmap and captures a meaningful share of the AI infrastructure market.

Challenges remain for both. Power availability, grid connections and construction timelines pose hurdles for gigawatt-scale builds. Regulatory scrutiny over energy consumption and potential dilution from IREN’s financing plans — including recent convertible debt offerings — have caused short-term stock volatility. NVIDIA must manage supply chain dynamics and competition from custom silicon efforts by hyperscalers.

Broader industry context underscores the deal’s significance. Global AI infrastructure spending is projected to reach trillions over the coming decade as companies race to train and deploy ever-larger models. Partnerships like this signal a shift toward tighter collaboration between chip designers and infrastructure providers to overcome bottlenecks.

For NVIDIA shareholders, the move reinforces the company’s platform dominance and creates new revenue streams through ecosystem participation. For IREN investors, it provides a credible partner to de-risk expansion and attract additional capital. Many market watchers view the collaboration as a blueprint for future deals in the sector.

As of mid-May 2026, both stocks reflect optimism around AI’s long-term trajectory. NVIDIA continues trading near all-time highs with strong institutional support, while IREN’s volatility offers opportunities for growth-oriented investors comfortable with execution risk. Analysts maintain varied targets, with some highlighting IREN’s potential to rerate higher as milestones are achieved.

The partnership highlights evolving dynamics in the AI supply chain. No longer content with selling chips, NVIDIA is actively shaping the physical infrastructure layer. For IREN, the alliance accelerates its metamorphosis into a major AI cloud player backed by renewable energy advantages.

Looking ahead, execution will determine winners. Successful deployment at Sweetwater and other sites could trigger further upside for both companies. Additional partnerships or expansions may follow as demand for AI compute shows no signs of slowing.

In the immediate term, investors must balance NVIDIA’s relative stability against IREN’s higher-beta potential. The 5GW vision represents more than a single deal — it signals confidence in scalable, sustainable AI infrastructure as foundational to the next technological era. Whether through the chipmaker’s steady compounding or the data center operator’s growth acceleration, the announcement underscores profound opportunities in the AI value chain.

PayPal agreed to forgo approximately $30 million in transaction fees to end a Justice Department probe into allegations that the financial services company had adopted unlawful preferences for minority-owned businesses.

Justice Department officials had been investigating whether the company violated a federal civil rights law that prohibits creditors from discriminating against applicants based on race. The department’s probe targeted PayPal’s $530 million plan to support Black and minority-owned businesses, which the company created in 2020, shortly after the killing of George Floyd by a police officer prompted a nationwide conversation about racial inequality.

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The S&P 500 and the Nasdaq gained ground on Wednesday with a ​boost from artificial intelligence-related tech shares, which helped markets look past hotter-than-expected inflation data and the growing probability that the Federal Reserve will hold to its restrictive monetary policy for the foreseeable future.

The S&P 500 and the Nasdaq reversed earlier declines to notch fresh record closing highs, as chip stocks rebounded from Tuesday’s decline.

Six of the Magnificent Seven ‌group of AI-related megacaps posted ⁠solid gains.

“In ⁠the face of continued hot inflation data, technology remains resilient,” said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. “And after some weakness yesterday, the chip stocks came ​soaring back today.” A report from the Labor Department showed producer prices jumped by 1.4% last month, the largest monthly increase in four years. While the surge was ​largely driven by crude supply disruption due to the closure of the Strait of Hormuz, the report showed soaring oil prices are beginning to seep into other segments of the economy, and suggested that rising inflation is becoming pervasive. Recent inflation data is dousing any remaining hopes for a near-term ​rate cut from the Federal Reserve. In fact, Boston Fed President Susan Collins said on ⁠Wednesday that a ‌rate hike could be in the cards if inflation pressures fail to subside. Kevin Warsh, President Donald Trump’s nominee ​to succeed Fed Chair Jerome ​Powell, was confirmed by the Senate in a vote along party lines.

“I would just be careful to ⁠not overlook the risk of a more prolonged period of inflation and elevated interest rates,” ​said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Southfield, Michigan. He added that ​the PPI report “reinforces the inflation risk narrative and at least makes the case for a longer pause at the Fed.”

TRUMP, MUSK, HUANG AND XI Trump arrived in Beijing, along with an entourage that included Nvidia Chief Executive Officer Jensen Huang and Elon Musk, ahead of a two-day summit with his Chinese counterpart Xi Jinping. Topics on the agenda include urging Xi to “open up” to U.S. businesses and maintaining a fragile trade truce. Trump will also seek to bolster his approval rating, which has been battered by the Iran war and resulting surge in energy prices.
Nvidia and Tesla ‌shares advanced on the day. The meeting occurs amid China’s warnings regarding U.S. arms sales to Taiwan and criticism over proposed legislation that would make it harder for Chinese chipmakers to produce AI semiconductors.”President Trump took almost a small army ​with him to meet with ​the Chinese leaders and President Xi,” ⁠Detrick said. “With all the negative news about Iran, he wants to walk away from this meeting in China with potentially some significant deals.”

According to preliminary data, the S&P 500 gained 43.18 points, or 0.58%, to end at 7,444.14 points, while the Nasdaq Composite gained 316.54 points, or 1.21%, ​to 26,404.74. The Dow Jones Industrial Average fell 66.93 points, or 0.13%, to 49,693.63.

Morgan Stanley raised its annual target for the S&P 500 index to 8,000 from 7,800, saying U.S. stocks have enough room to rally as companies continue to post strong earnings. Nebius Group jumped after the AI cloud firm reported a nearly eightfold rise in quarterly revenue.

EchoStar climbed the day after the Federal Communications Commission’s approval of the $40 billion sale of wireless spectrum to SpaceX and AT&T.

Cryptocurrency firms Coinbase and Strategy were dragged down by weakness in bitcoin and ethereum .

Operator

Hello, and welcome to the pre-recorded discussion of Nomad Foods First Quarter 2026 Earnings Results. We have posted the accompanying press release and investor presentation on Nomad Foods website at noomadfoods.com. I’m Jason English, Head of Investor Relations and Corporate Strategy, and I’m joined by Dominic Brisby, our CEO; and Ruben Baldew, our CFO.

In addition to these remarks, we’ll host an analyst Q&A session today at 8:30 a.m. Eastern. A replay of this webcast and our subsequent Q&A session will be available on the Investor Relations section of our website. These prepared remarks will include forward-looking statements that are based on our view of the company’s prospects, expectations and intentions at this time. Actual results may differ due to risks and uncertainties which are discussed in our press release, our filings with the SEC, and in our investor presentation which includes cautionary language.

We’ll also discuss non-IFRS financial measures during the call today. These non-IFRS financial measures should not be considered a replacement for and should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and in the appendices at the end of the slide presentation available on our website.

Please note that certain financial information within this presentation represents adjusted figures. All adjusted figures have been adjusted primarily for, when applicable, share-based payment expenses and related employer payroll taxes, exceptional items, foreign currency translation charges or gains and hedge ineffectiveness. Unless otherwise noted, comments from here will refer to those adjusted numbers.

With that, I’ll hand it over to Dominic.

Dominic Brisby
CEO & Director

Thank you, Jason, and hello, everyone. I’m happy